Biodegradable Packaging Market Revenues to Reach USD 132.74 billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intell
Hyderabad, August 14, 2023 (GLOBE NEWSWIRE) -- A recent study on the biodegradable packaging industry reveals that the market is projected to reach a value of USD 99.33 billion by 2023. The industry is anticipated to experience a compound annual growth rate (CAGR) of 5.97% over the forecast period.
The need for eco-friendly packaging has surged in the last ten years as people have become more conscious about preserving the environment, particularly in the aftermath of the pandemic. The market is being propelled by greater consumer inclination towards sustainable packaging substances and the growing request for recyclable and biodegradable goods in different sectors.
Changes in the market, predictions of income, dividing into different sections, a view of who the competitors are and what they're doing recently, how the market is expanding, potential opportunities in the future, and current trends.
Consumer choice in favor of eco-friendly packaging materials.
Increasing need for reusable and environmentally-friendly items.
Which companies are leading the way in the biodegradable packaging industry?
The biodegradable packaging market worldwide is divided into numerous individual players.
The notable individuals leading the worldwide biodegradable packaging industry are:
Tetra Pak, a global packaging company, is making strides towards sustainable development. They are committed to creating packaging solutions that minimize environmental impact and promote a circular economy. By using renewable materials, such as FSC-certified paperboard, they aim to reduce their carbon footprint and ensure responsible sourcing. Additionally, Tetra Pak is investing in research and development to find innovative recycling techniques and improve the recyclability of their products. They are dedicated to collaborating with stakeholders across the value chain to enhance recycling infrastructure and promote the use of recycled materials in creating new packaging. In doing so, Tetra Pak is taking significant steps towards a more sustainable future, where packaging waste is minimized, resources are conserved, and the environment is protected.
Biopak PTY LTD, part of the Duni Group,
operates as an integrated paper and packaging company. The company produces, distributes, and sells packaging products made from paper, corrugated board, and other materials. Smurfit Kappa Group serves various industries such as food and beverage, personal care, healthcare, and e-commerce, among others. The company operates in North America, Europe, and Latin America. It provides sustainable packaging solutions and is committed to reducing its environmental impact through innovative initiatives. Smurfit Kappa Group is dedicated to driving growth and delivering value to its customers and shareholders.
Berkley Global Packaging Inc.
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The analysis of the paperboard packaging market reveals that it is projected to witness significant growth in the coming years. With an estimated value of USD 357.20 million in 2023, the market is expected to surge to USD 445.99 million by 2028. This growth can be attributed to a steady compound annual growth rate (CAGR) of 4.54% during the forecast period from 2023 to 2028.
The size of the market for liquid packaging cartons is projected to be valued at around $11.95 billion in 2023 and is predicted to grow to approximately $15.18 billion by the year 2028, with a compound annual growth rate of 4.90% between the forecast period of 2023 to 2028.
Important Points from the Report on Biodegradable Packaging:
The personal/homecare packaging industry is anticipated to experience substantial growth in the near future.
The popularity of utilizing and searching for natural substances and supplements in personal or beauty products is increasing as the negative impacts of artificial materials on well-being and the planet become evident. Currently, marketing trends are shifting towards organic remedies for beauty products, encouraging a wholesome way of living.
According to the CDF Corporation, the beauty and self-care sector is actively involved in promoting and advancing a sustainable packaging movement. They prioritize the utilization of eco-friendly materials that can be reused, recycled, or minimized in order to minimize their environmental footprint.
Rising interest from the United Kingdom
The UK is the top nation in Europe when it comes to the rising need for environmentally-friendly packaging. The massive recognition of the sustainability aspects of packaging items, combined with recent efforts from the government, are setting the stage for a promising market outlook for the expansion of this specific sector in the country.
The prohibition of disposable plastics is the main element affecting the desire for environmentally friendly packaging items. In the year 2021, the government of the United Kingdom disclosed intentions to restrict the usage of throwaway plastic utensils, plates, and polystyrene cups in England, aiming to combat the issue of plastic contamination.
What are the Most Recent Advances in the Eco-friendly Packaging Industry?
Amcor Rigid Packaging (ARP) recently announced the development and introduction of PowerPostTM in May 2022. This innovative solution allows for the production of bottles that weigh approximately one-third less and consume 30% less energy and carbon dioxide compared to typical 20 oz. bottles. This is achieved by effectively releasing the vacuum within the container after it is filled.
Amcor PLC unveiled AmFiberTM, a fresh system for paper-related packaging items, in January 2022. This innovation aims to revolutionize the conventional paper packaging's functionality by providing a broader spectrum of advantageous features to cater to the evolving desires of customers.
Mordor Intelligence has divided the biodegradable packaging industry into different categories, including the type of material used, the specific purpose or use of the packaging, and the geographical location where it is being implemented.
The remainder of Latin America
The region encompassing the Middle East and Africa
The remaining countries in the Middle East and Africa
Essentially, the Mordor Intelligence market research report is essential reading for entrepreneurs, individuals in the industry, financial backers, scholars, advisors, business planners, and anyone eager to comprehend this sector. Take a quick look at the Biodegradable Packaging Market Report (2023-2028).
Mordor Intelligence keeps a close eye on the latest developments in various industries. Here are a few noteworthy reports prepared by our analysts that could catch your attention:
The report on the market for packaging made from paper and paperboard states that its size is valued at around USD 380.83 billion in 2023, and it is projected to grow to approximately USD 478.68 billion by 2028, experiencing a compound annual growth rate of 4.68% throughout the forecast period from 2023 to 2028.
The size of the e-commerce packaging market is projected to increase from $60.50 billion in 2023 to $115.62 billion by 2028, with a compound annual growth rate of 13.83% from 2023 to 2028.
The size of the market for packaging of personal care products is projected to be around $30.53 billion in 2023, and is predicted to increase to approximately $39.85 billion by 2028, with a compound annual growth rate (CAGR) of 5.47% during the forecast period from 2023 to 2028.
Mordor Intelligence operates as a company specialized in market intelligence and advisory services. Within our organization, we place value in foreseeing the ripple effects that hold the power to alter or greatly influence market behavior.
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The Market for Packaging that Can Break Down Naturally - Mordor Intelligence
