Biodegradable Packaging Market Overview
Awareness about Environmental Impact of Packaging Triggers Manufacturers to Strive Customer Satisfaction
End users’ knowledge about the harmful impacts on non-degradable packaging materials on the environment and ecosystem is spreading across the world, which is among the primary drivers of the global market for biodegradable packaging. A mounting number of manufacturers in the packaging industry are making a move towards the use of unique biodegradable materials in their packaging solutions. As a result, most of the stakeholders in the market are taking one step ahead to achieve greater customer satisfaction with the innovation in their offerings.
In the coming years, product differentiation in order to attract customers’ attention will emerge as a strategy to gain a competitive edge in the market. Leading manufacturers are expected to explore new options in the plastics industry to introduce more flexible, biodegradable packaging materials. Manufacturers are aiming to attain a bigger market share by replacing conventional plastic with its biodegradable counterparts to introduce more innovative and versatile materials in the biodegradable packaging market.
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Amplifying customer satisfaction will remain the top priority for market players, and introducing customized packaging solutions will remain a sure-fire way to grab the attention of potential customers. In the coming years, manufacturers are expected to introduce innovative designs of biodegradable packaging not only to satisfy the customers’ need for reducing their carbon footprint but also suffice the application-based needs.
Food & Beverage Industry – An Important Consumer of Biodegradable Packaging
With the rise of the e-commerce industry, the adoption of packaging materials has gone up dramatically. However, the food & beverage industry has taken a lead, as a mounting number of companies in the industry are rethinking their packaging strategies. Food & beverage businesses resorting to sustainable alternatives to their traditional packaging materials including wrappers, boxes, bottles, and all the other packaging solutions.
While the move towards biodegradable packaging in the food & beverage industry is mainly driven by the need of the industry to maintain environmental standards of the business, businesses are also being mindful about satisfying their customers’ need to deal with entities with low environmental footprint. Consequently, leading players in the food & beverage industry are collaborating with the leading players in the biodegradable packaging market to capture lucrative deals, as an effort to limit the cost of their biodegradable packaging solutions.
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COVID 19 to Impact the Use of Biodegradable Packaging Materials
Since the outbreak of the novel coronavirus has turned into a pandemic, the debates over how packaging plays a role in the spread of the virus have been on the rise worldwide. Though governing bodies such as the United States Food & Drug Administration (FDA) have disputed the fact that plastic and cardboard as a part of packaging can spread the novel coronavirus, the concerns of customers have had a significant impact on the adoption of biodegradable packaging materials as well.
In addition, packaging industry experts have been weighing in on a debate over whether the industry has been putting its concerns over the use of plastic and non-biodegradable packaging on hold, because of the coronavirus pandemic. Some players in the industry are still mapping their business strategies to boost the use of biodegradable packaging, however, many other companies may have put a hold on their production as the world goes under a lockdown. This way, the COVID-19 pandemic may influence the upcoming trends in the global biodegradable packaging market in the coming years.
Biodegradable Packaging Market: Region-wise Analysis
Based on the geographical regions, the biodegradable packaging market is broadly divided into seven segments – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. Developed regions such as North America and Europe are expected to remain the top revenue packets for stakeholders in the global biodegradable packaging market. North America accounts for a significant revenue share of the global market, mainly attributing to the increasing presence of leading market players and growing consumer awareness about the environmental impact of harmful packaging in the region.
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Manufacturers in the developed regions are expected to capitalize on increasing concerns among consumers about the carbon footprint of the packaging industry, and by offering flexible biodegradable packaging options to win in these regional markets. On the other hand, market players in the developing countries, especially in the Asia Pacific region, where industrial end users are preferring cheaper packaging options, are struggling to capture bigger leads. Furthermore, consumer awareness about the importance of using biodegradable packaging materials is not significant in the region, which further restricts growth of the market in developing economies.
Nevertheless, the future looks brighter for stakeholders in the biodegradable packaging market in developing regions, as the population of high-spending consumers is dramatically increasing in most of the Southeast Asian countries. Furthermore, governing bodies in the region are also implementing strict environmental laws on the packaging materials, which is further bolstering the adoption of biodegradable packaging in the Asia Pacific region.
Biodegradable Packaging Market: Competitive Landscape
- Smurfit Kappa Group
- BASF SE
- International Paper
- Stora Enso
- Clearwater Paper Corporation
- Biopac, Georgia-Pacific LLC
- Natureworks LLC
- Novamont S.P.A
Being highly fragmented in nature, the biodegradable packaging market is expected to witness a high tide of innovation and adoption of new technologies among the leading stakeholders.
Companies are aiming to gain a competitive edge by investing heavily in research & development to bolster the use of natural resources that are readily available and reduce the use of non-degradable packaging materials. Innovation in product development in order to meet the dynamic needs of end-use industries will emerge as a popular strategy across the competitive landscape of the biodegradable packaging market in the coming years
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Biodegradable Packaging Market: Segment Analysis
The biodegradable packaging market can be segmented on the basis of the following:
- Food & Beverage
- Personal Care / Home Care