The global biodegradable food packaging market is anticipated to accumulate a market value of US$ 216.35 billion in 2023 and is expected to garner a valuation of US$ 355 billion by exhibiting a CAGR of 5.08% in the forecast period 2023 to 2033. The biodegradable food packaging market reflected a 4% CAGR in the historical period 2018 to 2022.
The market for biodegradable packaging in the beverage sector is anticipated to witness growth with the never-ending need for bottled water and non-alcoholic beverages. Consumers proclivity toward demanding high-quality drinking water, the fear of illness as a result of drinking polluted tap water, and the ease of transport and convenience are factors further contributing toward the demand for eco-friendly bottled water.
The food sector has grown rapidly as a result of technological innovations and increased integration. As a result, the industry's global expansion has been bolstered. This will positively benefit the market growth. Developed economies like North America and Europe are expected to grow with significant pace. Increasing consumer awareness is shaping the product demand in these regions. Also, consumers in the eco-friendly packaging market are looking for products with extra features like cost-effectiveness, and are convenient.
Along with this, technological advancements in the food packaging industry are proving new growth opportunities. Major market players are channelizing their efforts on developing innovative technologies to shift towards environmentally friendly food packaging solutions to reduce impact on environment and keep plastic out of landfills and the ocean.
For instance, in October 2022, ‘HuhtamäkiOyj’, a Finland-based consumer packaging company, introduced an innovative, recyclable ice cream packaging solution which was based on paper-based technology. These kind of developments by other manufacturers will further augment the market growth. This packaging solution is made up of 95% renewable biobased material thanks to a water-based barrier coating and paperboard which has received SFI certification. This innovation helps to cut packaging costs, waste, and environmental pollution, thereby boosting the product demand.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 216.35 billion |
| Projected Market Value in 2033 | US$ 355 billion |
| Growth Rate (2023 to 2033) | 5.08% CAGR |
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Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing biodegradable food & beverages packaging solutions are expected to create lucrative opportunities for market growth during the forecast period.
Food packaging has always been a challenging task since decades and petroleum-based products have been the first choice of manufacturers since they’re very flexible and leak-proof. However, all these petroleum-based products are harmful to the environment and take years to degrade.
They not only increase the wastage but also release greenhouse gases when burned or chemically processed. Hence, manufacturers are slowly shifting towards a more eco-friendly and biodegradable packaging material for food packaging.
Biodegradable packaging has the capability to degrade completely with the help of microorganisms present in the environment. Biodegradable food packaging materials usually consist of paper, metal, glass, wood, bagasse, and eco-friendly plastic among a few others.
Biodegradable food packaging helps in the reduction of carbon footprint and is easy dispose of. It is easier to recycle and requires less energy to manufacture. Due to these benefits, customers are also slowly shifting towards biodegradable food packaging.
Due to the busy lifestyle of people, food takeaway and food ordering have become a common practice worldwide which has led to an increase in demand for the biodegradable food packaging market. Food on the go is another trend which is boosting sales of the biodegradable food packaging market.
Due to the outbreak of covid-19 worldwide, customers are demanding more hygienic and clean packaging which they can reuse and recycle easily, which is helping biodegradable food packaging to grow in the market.
Environmental concerns like global warming and pollution are forcing individuals to give up non-biodegradable and disposable packaging. Plastics and other harmful packaging materials wastage damage the marine environment and exterminates lives of aquatic animals by either ingestion or entanglement with the wastage.
BPA and Benzene found in many packaging materials also harm human health, causing issues like respiratory diseases, blood pressure and even cancer in some cases. Nowadays, consumers are aware of all the ill effects of packaging and are choosing biodegradable packaging materials over other non-sustainable packaging materials.
The increasing population and changing consumer preferences are expected to upsurge the biodegradable food packaging market further. Research and innovations in the biodegradable food packaging sector have caused the entrance of new packaging materials like cellulose, bamboo, corn starch and seaweed. Further study in this sector is set to enhance the demand for biodegradable food packaging in the market.
Principal Consultant
The biodegradable food packaging market has been analyzed based on sales growth and value across different regions that include Asia Pacific, Latin, and North America, Oceania, Europe, and the Middle East and Africa. North America and Europe will dominate the biodegradable food packaging market due to the presence of an environmentally aware and high-spending population in the areas.
However, due to the presence of matured markets, the growth of biodegradable food packaging in these areas is normal. Europe and the Asia Pacific hold high potential for growth in the biodegradable food packaging market. However, the Middle East and African markets are expected to observe low growth compared to other regions.
The biodegradable food packaging market is a highly competitive market with the presence of many significant players. Few of the key players in the biodegradable food packaging market are listed below:
The biodegradable food packaging market 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 on biodegradable food packaging market provides in-depth analysis of parent market trends, macroeconomic 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 of the Biodegradable food packaging market.
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Biodegradable Food Packaging Market is classified into material, application and technique.
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Biodegradable Food Packaging Market
