The global biodegradable plastic packaging market growth is anticipated to register a ~19.2% CAGR between 2021 and 2028 and reach an approximate value of USD 13.02 billion in 2028.
The global market for biodegradable plastic packaging market growth has been segmented on the basis of type, application, and region. Based on type, the biodegradable plastic packaging market growth is segmented into starch-based plastic, cellulose-based plastics, polylactic acid (PLA), polyhydroxyalkanoates (PHA), and others. Polylactic acid (PLA) continues to capture a leading share in the global biodegradable plastic packaging market growth. Polylactic acid (PLA) is broadly used in different applications such as healthcare, pharma, packaging, and automobile. Polylactides break down into non-toxic products while degrading and biodegradable and biocompatible, reducing plastic waste.
Based on application, the biodegradable plastic packaging market growth is divided into food and beverage, pharmaceutical, personal/homecare, and others. The food and beverage segment continues to hold the leading share in terms of revenue. Growing concern about the environment has led to increased biodegradable plastics in food and beverages. Biodegradable plastic packaging is being used for everything from bottles and cups to chip bags and coffee pods. Plant-based plastics and other biodegradable polymers are used in food and beverage packaging because they are more environmentally friendly than traditional plastic.
Based on region, the biodegradable plastic packaging market growth is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific accounts for the largest market for biodegradable plastic packaging worldwide, followed by Europe, given these regions' flourishing food beverage and healthcare industries.
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Key industry participants in the biodegradable plastic packaging market growth include Tetra Pak International SA (Switzerland), Plastic Suppliers Inc. (US), Kruger Inc. (Canada), Amcor PLC (Switzerland), Mondi PLC (UK), International Paper Company (US), Smurfit Kappa Group PLC (US), DS Smith PLC (UK), Klabin SA (Brazil), Rengo Co. Ltd (Japan), Rengo Co. Ltd (Japan), Stora Enso (Sweden), Toray Industries Inc. (Japan), Bemis Company Inc. (US) and Rengo Co. Ltd (Japan).
- In July 2021, Tetra Pak partnered with Stora Enso to launch the large-scale carton repulping line in Poland. The facility will more than triple Poland's annual recycling capacity of used beverage cartons from 25,000 to 75,000 tonnes. This facility will allow the recycling of the entire volume of beverage cartons sold in the country and neighboring countries, including Hungary, Slovakia, the Czech Republic, and others.
- In December 2021, Amcor, one of the leading players in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home, and personal-care industries, opened its greenfield packaging facility in Singapore. The facility will provide a solution to the increasing demand for healthcare packaging across the region. The new Singapore facility produces cleanroom manufacturing environments, co-extruded three-, seven- or nine-layer blown film, and flexographic printing.
- In June 2021, Mondi, one of the prominent leaders in packaging and paper launched a new range of MailerBAG. MailerBAG is a new range of biodegradable, compostable mailer bags that replaces plastic packaging in eCommerce with a recyclable solution made of responsibly sourced renewable materials.
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global biodegradable plastic packaging market growth, including high-growth regions and/or countries and political and economic environments. The project report further provides both – historical market values and pricing and cost analysis.
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