DUBLIN--(BUSINESS WIRE)--The "Global Biodegradable Plastic Packaging Market - Segmented by Type, End User, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The biodegradable plastic packaging market was valued at USD 3.37 billion in 2017 and is expected to reach a market value of USD 8.81 billion by 2023, registering a CAGR of 16.93% during the forecast period (2018-2023).
The report is segmented on the basis of biodegradable plastics into starch-based plastic, cellulose-based plastics, polylactic acid (PLA), poly-3-hydroxybutyrate (PHB), polyhydroxyalkanoates (PHA), polyamide 11 (PA11), bio-derived polyethylene, and genetically modified bio-plastics. The report also consists of biodegradable plastics used by different end users and in different regions.
Growing Consumer Awareness - a Major Market Driver
The world population exceeded 7.2 billion, out of which more than 2.5 billion are millennials (of the age 15-35), and unlike the other generations they actually share a deep concern about the environmental issues. A majority of these consumers are skeptical about the corporate responsibility claims made and have brought an ethical consumer revolution demanding ethically produced goods.
Advanced manufacturing processes, technological innovation, and increased integration has helped people to adopt biodegradable packaging rapidly. The government and federal agencies of all the major economies have made stringent regulations in order to reduce the wastage and promote use the biodegradable materials for packaging.
- FMCG Expected to Hold Significant Market Share
- Europe Expected to Dominate the Market
Key Developments in the Market
- February 2018: Supermarket chain Iceland and fast food giant McDonalds have said they will eliminate plastic packaging of all its own label products by the end of 2025. McDonalds also aims to get all items like bags, straws, wrappers, and cups from recycled or renewable materials.
- January 2018: Amcor has pledged to develop all its packaging to be recyclable or reusable by 2025. It has also planned to focus on significantly increasing its use of recycled materials and driving consistently more recycling of packaging around the world. This commitment is aimed at establishing the company as a leader in recyclable packaging.
- Amcor Limited
- Mondi Group
- Berry Global Inc.
- Sonoco Products Company
- BIOPAC Systems Inc.
- Smurfit Kappa Group
- Berkley International Packaging
- EarthFirst Brand Films
- International Paper
Key Topics Covered
2. Research Approach and Methodology
3. Executive Summary
4. Market Analysis
5. Market Dynamics
6. Global Biodegradable Plastic Packaging Market Segmentation
7. Competitive Intelligence - Company Profiles
8. Investment Analysis
9. Future Outlook of the Biodegradable Plastic Packaging Market
For more information about this report visit https://www.researchandmarkets.com/research/5vll33/biodegradable?w=4