The compostable packaging global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Compostable Packaging Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The compostable packaging market size has grown strongly in recent years. It will grow from $85.65 billion in 2023 to $92.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing consumer awareness about environmental impact, the regulatory push towards reducing plastic waste, the rise of bio-based and renewable feedstocks for packaging materials, the growth of sustainable and eco-friendly product trends, and corporate sustainability initiatives and goals.
The compostable packaging market size is expected to see strong growth in the next few years. It will grow to $127.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to stricter regulations on plastic use and waste management, rising demand for sustainable packaging solutions from industries, increasing advancements in compostable packaging materials, growing food and beverage industry, and increasing investment and innovation in circular economy solutions. Major trends in the forecast period include expansion of composting infrastructure and facilities, integration of IoT and smart packaging in compostable products, advances in compostable materials technology, adoption of compostable packaging in e-commerce and food delivery sectors and shift towards multi-layer compostable films for better functionality and barrier properties.
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Scope Of Compostable Packaging Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Compostable Packaging Market Overview
Market Drivers –
The increasing food and beverage industry is expected to propel the growth of the compostable packaging market going forward. The food and beverage industry encompasses the production, processing, distribution, and sale of edible goods and drinks for consumption. The food and beverage industry is growing due to the increasing global population, changing consumer preferences towards healthier and more convenient options, and innovation in product development and distribution channels. Compostable packaging is required in the food and beverage industry to reduce plastic pollution, meet consumer demand for environmentally friendly products, and comply with regulations promoting sustainable practices. For instance, in September 2022, according to a report published by Statistics Sweden, a Sweden-based government agency, the revenue from food and beverage sales reached $37.44 billion (SEK 334 billion), reflecting a 2.9% increase driven by a 2.5% rise in sales volume. Additionally, prices for food and beverages saw a slight 0.4% increase, contributing to this growth. Therefore, the increasing food and beverage industry is driving the growth of the compostable packaging market.
Market Trends –
Major companies operating in the compostable packaging market are focusing on developing technologically advanced products, such as plastic-free packaging, to enhance the performance and sustainability of their packaging solutions. Plastic-free packaging refers to packaging solutions that do not contain any plastic materials, utilizing alternative sustainable materials to reduce environmental impact. For instance, in June 2021, BioPack Solutions, a UK-based packaging company, launched a range of plastic-free picnic packs. The unique feature of this packaging lies in its use of sugarcane pulp, a by-product of sugar production that is home-compostable, rapidly renewable, and biodegradable, enabling customers to enjoy completely waste-free gatherings. The new design also includes the product image printed on the box, eliminating the need for plastic windows.
The compostable packaging market covered in this report is segmented –
1) By Material: Polylactic Acid (PLA), Wheat Straw Fiber, Talc-Filled Polylactic Acid (TPLA) And Crystallized Polylactic Acid (CPLA), Cellulose, Bamboo, Polyhydroxyalkanoate (PHA), Other Materials
2) By Application: Bags, Pouches, Trays, Tapes, Mailer Bags, Films, Clamshells
3) By End Use: Food And Beverages, Pharmaceuticals, Personal Care And Cosmetics, Other End Uses
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Regional Insights –
North America was the largest region in the compostable packaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the compostable packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the compostable packaging market are BASF SE, Mitsubishi Chemical Corporation, WestRock Company, International Paper Company, Amcor Plc, Smurfit Kappa, Stora Enso, DS Smith, Mondi Plc, Rengo Co. Ltd, Huhtamaki Oyj, Klabin SA, Clearwater Paper Corporation, Holmen Iggesund, Carvajal Empaques S.A., Vegware Ltd., NatureWorks LLC, Plantic Technologies Ltd., Novamont SpA, SmartSolve LLC, TIPA Corp., Biome Technologies Plc, Total Corbion PLA BV, Reyma Oficial, Ultra-Green Packaging Inc.
Table of Contents
1. Executive Summary
2. Compostable Packaging Market Report Structure
3. Compostable Packaging Market Trends And Strategies
4. Compostable Packaging Market – Macro Economic Scenario
5. Global Compostable Packaging Market Size and Growth
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32. Global Compostable Packaging Market Competitive Benchmarking
33. Global Compostable Packaging Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Compostable Packaging Market
35. Compostable Packaging Market Future Outlook and Potential Analysis
36. Appendix
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