The global compostable packaging market size should be 84.70 billion USD in 2021 and reach 137.04 billion USD in 2027, recording a CAGR of 8.35% over the forecast period (2021-2027). Compostable packaging is an environmentally friendly and sustainable packaging method. Growing consumer awareness of biodegradable and compostable packaging is leading to high adoption of eco-friendly solutions in their offerings. Various packaging attributes, such as product appearance, are other factors that vary depending on the material used in compostable packaging. The food and beverage industry plays a vital role in the development of the compostable packaging market.
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Factors affecting the compostable packaging market over the forecast period
The growing awareness of eco-friendly packaging in developed economies is increasing the adoption rate of compostable packaging in large corporations, such as the Unilever Group, The Coca-Cola Company and Danone. These companies are adopting sustainable or compostable packaging to retain their customer base, which is driving the market for compostable packaging across the globe.
Due to advancements in technology, companies such as Smurfit Kappa Group, Amcor Limited have increased their investments in eco-friendly packaging, providing growth opportunities for the compostable packaging market.
Following the increase in the management and generation of plastic waste, many governments have banned plastic packaging materials. Thus, market players are gradually turning to eco-responsible packaging, which accompanies the growth of the compostable packaging market.
The high cost of packaging and the competition among market players for the development of sustainable packaging is affecting the market growth across the globe.
Impact of COVID-19 on the compostable packaging market
Due to the COVID-19 pandemic, the demand for compostable packaging has increased dramatically due to the growing consumer awareness of eco-friendly packaging. Many companies, such as The Coca-Cola Company, have started using compostable packaging and declared the eco-friendly packaging strategies that do not harm food and the environment. Therefore, considerable growth in market value can be projected in 2020, after the outbreak of the COVID-19 pandemic.
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The report describes the study of the structure based on the type of packaging, the process and the end user.
The compostable packaging market has been segmented on the basis of materials –
- Starch-based packaging
- Compostable plastics
- compostable paper
The Compostable Packaging Market has been segmented on the basis of Application –
The compostable packaging market has been segmented on the basis of end-use industry –
- Food and drinks
Regional Outlook for the Compostable Packaging Market
The compostable packaging market has been segmented into five geographical regions: North America, Asia-Pacific, South America, Europe, Middle East & Africa. In 2020, North America held the largest compostable packaging market share, followed by Europe and Asia-Pacific. It is further estimated that North America will dominate the compostable packaging market over the forecast period. Moreover, Asia-Pacific is expected to project the highest CAGR in the global market during the forecast period.
Key competitors in the global compostable packaging market include
The compostable packaging market is highly fragmented, with the presence of a large number of smaller players across the globe. Major Compostable Packaging players operating in the global market include-
- BASF SE
- Biome Bioplastics Limited
- Braskem (Brazil)
- Innovia Films Limited
- Mitsubishi Chemical Corporation
- Plant technologies
- tipa-corp ltd.
- Toray Industries
- Total Corbion PLA.
The Compostable Packaging Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes the entries.
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Compostable Packaging Market report covers comprehensive analysis on
- Market Segmentation and Regional Analysis
- 10 year market size
- Price analysis
- Supply and demand analysis
- Product life cycle analysis
- Porter’s Five Forces and Value Chain Analysis
- Analysis of developed and emerging economies
- PEST analysis
- Factor analysis of the market and forecasts
- Opportunities, risks and market trends
- Conclusion and recommendation
- Regulatory landscape
- Patent Analysis
- Competition landscape
- More than 15 company profiles
Regional analysis of the Compostable Packaging Market includes
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA
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Target Audience of the Compostable Packaging Market
- Manufacturers and producers of compostable packaging
- Traders and distributors of compostable packaging
- Nationalized laboratories
- Research and development organizations