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Biodegradable Packaging Market Analysis and Opportunity and Forecast 2019 To 2024

Press Release

Latest Report Available at Arcognizance.com Global “Biodegradable Packaging Market” Report provides pin-point analysis for changing competitive dynamics and a forward looking perspective on different factors driving or restraining industry growth.

Market Overview
The biodegradable packaging market was valued at USD 85.11 billion in 2018 and is expected to reach a value of USD 119.3 billion by 2024 at a CAGR of 5.9% over the forecast period (2019-2024). Biodegradable packaging solutions are increasingly finding applications in a wide variety of industries due to their low environmental impact and high demand. Biodegradable packaging made from renewable resources decreases dependence on petroleum and reduces the amount of waste material, while still yielding a product that provides benefits similar to traditional plastics.

Rising consumer awareness regarding the environmental impact of packaging products and a willingness to replace packaging materials by alternatives with a lower carbon footprint (or made from renewable resources) are the main drivers for the development and the use of these materials.

Recyclability is expected to be the greatest challenge, as more and more companies, which use packaging products, are focusing on recyclable and reusable packaging.
The US-based Kroger Co. (which orders about 6 billion bags each year and is one of the largest grocery chains in the country) announced in 2018 that it will go plastic-bag free at all of its nearly 2,800 stores by 2025. The company serves almost 9 million people daily through two dozen different grocery chains. This is expected to drive the demand for biodegradable packaging (non-plastic).

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Scope of the Report
Biodegradable refers to the ability of materials to break down and return to nature. In order for packaging products or materials to qualify as biodegradable, they must completely break down and decompose into natural elements within a short time after disposal, typically in a year or less.

Key Market Trends
Beverage Packaging to be One of the Most Significant Applications

An estimated number of 700,000 bottles are being littered every day in the United Kingdom alone, according to the Environmental Audit Committee. Such statistics indicate the serious need for biodegradable packaging solutions for beverages.

Companies in the beverages market, like PepsiCo, have been using recyclable PET bottles for their beverages. PepsiCo’s recyclable PET bottles account for 30% of packaging volume in North America, and 7% globally. However, high manufacturing costs are likely to restrain the practice of using recyclable PET for beverage packaging across developing regions, like India.

Due to the emerging demand for eco-friendly packaging in the beverage industry across Europe, US-based Crown Holdings Inc. has opened a new facility in Jakarta, Indonesia. Considering the country’s robust economic growth and sizable population, such eco-friendly initiatives offer significant potential for biodegradable beverage packaging.

United States to Account for the Largest Share in North America

In the United States, the rising awareness among consumers and favorable regulations from the government are expected to drive the demand for biodegradable packaging over the forecast period.

Notably, food wastage in the country is one of the primary reasons for increasing customer awareness. For instance, The New York Times stated that approximately 60 million metric ton of food is wasted in the United States every year, which not only has negative impact on the environment but also contributes to the economic burden. Due to the aforementioned factors, the consumers are being aware of the food wastage, owing to which they are moving toward non-perishable food, which stay fresh for a long time.
With increasing demand for biodegradable packaging from food chains, such as McDonald’s, who are planning to use 100% sustainable packaging by 2025, manufacturers are choosing to use these opportunities to build consumer trust by proactively addressing the environmental issues than resisting to change. Furthermore, it also creates an immense opportunity for the biodegradable packaging manufacturers to penetrate the market and garner a higher market share.

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Competitive Landscape
The biodegradable packaging market is highly fragmented. The market studied comprises of Amcor Limited, Sealed Air Corporation, Mondi Group PLC, and Tetra Pak International SA, among others.
Several regional firms in countries, such as India, are also trying to gain market share. Barriers to entry are low, which is resulting in the advent of smaller players, further increasing competitive rivalry.
Some of the key players in the market are Tetra Pak International SA and Plastic Suppliers Inc. Some of the key recent developments in this market include:
Tetra Pak launched a suite of new packaging materials, known as Tetra Pak Artistry, to help food and beverage producers revitalize the look and feel of its products.
Amcor announced the launch of two sustainable packaging innovations that boost efficiency and improve consumer convenience. While Polylnert laminates deliver a huge saving in material use and energy consumption, AluFix Retort Extra’s easy-to-peel can-end has a low environmental impact. Amcor is planning to acquire Bemis Co. Inc. to have a global flexible packaging footprint across geographies. It will also increase exposure to attractive end market segments, including protein and healthcare packaging and technologies in barrier films and foils.

Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support

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Major Point of TOC:

Chapter One: INTRODUCTION

Chapter Two: RESEARCH METHODOLOGY

Chapter Three: EXECUTIVE SUMMARY

Chapter Four: MARKET DYNAMICS

Chapter Five: MARKET SEGMENTATION

Chapter Six: COMPETITIVE LANDSCAPE

Chapter Seven: INVESTMENT ANALYSIS

Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS

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