Growing demand for eco-friendly packaging solutions from consumers across the world has led to stakeholders in the packaging industry to invest in development of greener products. Products in the global compostable packaging market are completely biodegradable. They disintegrate into various kinds of natural elements, including soil, water, and biomass. Some of the key types of materials used for their production include paper, paperboard, and biodegradable plastics, such as PBAT, PLA, PBS, PHA, and various starch blends.
Plastic materials used for manufacture of products in the global compostable packaging market offer the same kind of qualities as conventional plastic polymers, such as durability, flexibility, non-permeability, and shelf stability. Unlike conventional plastics, they can be completely broken down in the soil, without harming its nutrient content. On the contrary, the solutions in the global compostable packaging market aid in enriching the soil by providing essential nutrients after they have been completely broken down. Rising demand from developing economies is positively affecting the growth of global compostable packaging market.
Growing demand for responsible and sustainable packaging solutions from the food industry is driving the growth of the global compostable packaging market. Furthermore, rising demand for non-alcoholic beverages, as well as bottled water, and increasing use of compostable packaging in beverages industry, is also supplementing the expansion of global compostable packaging market. Other notable growth drivers for the market include increasing demand for environmentally friendly packaging solutions from a wide range of end-use industries, as well as growing awareness amongst the public about harms of using plastic wastes that fill the landfills as well as oceans.
Increasing efforts by several governments across the world to promote maximum use of compostable and biodegradable packaging solutions is stimulating the market’s growth. However, dearth of sufficient technology, as well as high cost associated with their production, may slow down the growth of global compostable packaging market in coming years. On the other hand, rising investments by market players to develop and acquire new production technologies that can help them in saving time and cost for production, is most likely to boost the growth of global compostable packaging market.
Leading companies operating in the global compostable packaging market include SmartSolve Industries, Ultra Green Sustainable Packaging, Eurocell S.R.L., Kruger, Inc., Mondi, Smurfit Kappa, Klabin SA, WestRock Company, Bemis Manufacturing Company, BASF SE, TIPA Ltd., Ozsoy Plastik, Tetra Pak International S.A., International Paper Company, Amcor PLC, and Clearwater Paper Corporation, among others. Players in the global compostable packaging market are focused on offering unique and specific solutions for end users from various industries, such as medical, electrical and electronics, textile goods, chemical, food and beverages, automotive, agriculture, and personal and home care, among others.
Players in the global compostable packaging market are also engaged in strategic collaborations in order to come up with new types of products and enhance their geographical presence. Additionally, market players are also spreading awareness about the environmental benefits of using compostable packaging solutions. This trend is anticipated to foster the growth of global compostable packaging market in coming years.
North America is most likely to lead the global compostable packaging market in coming years in terms of share, as well as revenue. This trend can be attributed to the rising demand for compostable packaging solutions from young and ecologically responsible populations. However, the Asia Pacific region is estimated to expand at the highest rate in the global compostable packaging market in near future. Presence of favorable government regulations pertaining to production of compostable packaging solutions, as well as rising awareness amongst customers from the region, are supplementing the development of the Asia Pacific market.
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Compostable Packaging Materials Market
