LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global biodegradable paper packaging materials market to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global biodegradable paper packaging materials market for 2017-2021. The report also lists bioplastic packaging materials and paper packaging materials as the two major application segments, of which the bioplastic packaging materials dominated the global market, accounting for 54% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global biodegradable paper packaging materials market:
- Support for bio-based and biodegradable packaging materials
- Rising consumer demand for sustainable packaging materials
- Government initiatives for promoting biodegradable materials
Support for bio-based and biodegradable packaging materials
Conventional plastics do not degrade within a short span and are a cause of landfilling. On the contrary, bioplastics and paper are degraded rapidly by microbes. Retailers play a leading role in encouraging consumers to adopt bio-based packaging materials. In recent years, retailers are actively adapting bags made of biological materials and biodegradable packaging.
The increased adoption of sustainable packaging products by retailers will increase the replacement of non-renewable packaging materials with renewable ones. Manufacturers and retailers that adopt biodegradable packaging materials benefit through cost cuts and tax reductions.
“Increasing concerns regarding global warming, carbon emissions, environmental hazards and the need for reducing waste are leading to the rise in adoption of environment-friendly packaging materials,” says Ajay Adikhari, a lead analyst at Technavio for bio-chemicals and bio-materials research.
Rising consumer demand for sustainable packaging materials
Growing consumer awareness and the increasing adoption of biodegradable packaging materials in retail outlets have a favorable impact on the global biodegradable packaging materials market.
Increased consumer spending and rising consumer demand for fresh and minimally processed food and beverages are also boosting the demand for biodegradable packaging materials such as bioplastics and paper.
“Initiatives by governments of many countries, promoting the use of sustainable packaging materials are encouraging retailers and intermediaries to adopt biodegradable materials for packaging purposes,” says Ajay.
Government initiatives for promoting biodegradable materials
Regulatory bodies are encouraging the use of environment-friendly and sustainable materials for packaging. Rising environmental threats due to the piling of plastic waste and health hazards posed by their disposal have led to the implementation of stringent regulations regarding the use of plastics. In addition, the rising threat from global warming and ozone layer depletion fuel the adoption of new regulatory policies that promote the use of sustainable packaging materials.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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