Plastic and paper bags create are of major concern as they are hazardous to the environment. Many countries have banned the use of plastic or have imposed the tax on it in order to protect the environment. In addition, people also have become more conscious about plastic and paper use. The government is also taking some strict actions to protect the environment. Some of the plastics are derived from the plant so that they easily get degraded by the microorganisms. In addition, biodegradable plastic is majorly preferred by the conscious population. However, the government is focusing on reducing the percentage of waste material and increasing the use of biodegradable packaging materials.
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Companies focus is on providing innovative and biodegradable packaging, which is expected to boost global biodegradable paper and plastics packaging market in the coming years. Consumer preference has shifted from synthetic products to cleaner and eco-friendly products; this, in turn, is one of the major driving factors of the biodegradable paper and plastics packaging market. Many manufacturers invest huge amount on R&D in reducing industrial waste, boosting the global market growth. Government steps to protect environment via innovative advertisements and campaign is expected to fuel the global market growth in future. Moreover, people prefer more eco-friendly options having the less hazardous impact on the environment is anticipated to augment the growth of the global market. Easy availability of raw material and companies offering better options to fit consumers use such as easy handling, weather protection, low weight, and new designs further positively impacts the global market growth. Conversely, higher cost of the material and unavailability of bioplastics may restrain the market growth in the future.
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On the basis of product type, the global market is segmented as biodegradable paper packaging and biodegradable plastic packaging. Of which, the biodegradable paper packaging is a dominating product-type segment. Based on applications, the global market is segmented as personal care, home care packaging, food & beverage packaging, pharmaceuticals packaging, and others. Of which, food packaging is the leading application segment.
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Europe is the leading consumer for biodegradable paper and plastics packaging owing to growing population. Furthermore, North America is showing considerable growth in the global market. The U.S. accounted for the largest market share mainly due to increasing concerns regarding the environment in people, which is anticipated to fuel the global market in future. In addition, Canada and Mexico are anticipated to show average growth owing to increasing disposable income. Furthermore, Latin America is also anticipated to propel the market in future due to economic development and gaining financial stability.
Some of the key players in the biodegradable paper and plastics packaging market are Mondi Group, BASF, Stora Enso, Smurfit Kappa Group, and Rocktenn.
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