Compostable Packaging Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

Compostable Packaging Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 29, 2024 /EINPresswire.com/ -- The global compostable packaging market is on an upward trajectory, projected to grow from $85.65 billion in 2023 to $92.56 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.1%. It will grow to $127.08 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The compostable packaging market growth is driven by increasing consumer awareness about environmental impact, regulatory pressures to reduce plastic waste, the rise of bio-based and renewable feedstocks for packaging materials, and heightened corporate sustainability goals.
Growing Food and Beverage Industry Fuels Market Expansion

The expanding food and beverage industry is a significant driver for the compostable packaging market. The sector's growth, fueled by rising global populations and evolving consumer preferences for healthier and more convenient options, has heightened the demand for sustainable packaging solutions. For instance, Statistics Sweden reported a revenue increase in food and beverage sales to $37.44 billion in September 2022, driven by higher sales volumes and price increases. Compostable packaging is crucial for reducing plastic pollution and meeting regulatory requirements, contributing to the market's robust growth.

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Key Players and Market Innovations
Key players such as BASF SE, Mitsubishi Chemical Corporation, and Amcor Plc are at the forefront of developing advanced compostable packaging solutions. These companies are innovating with plastic-free packaging options that leverage alternative sustainable materials. For example, BioPack Solutions launched plastic-free picnic packs in June 2021, utilizing sugarcane pulp to create biodegradable, home-compostable packaging.

In a strategic development, BioPack Solutions introduced new packaging designs that eliminate plastic windows, showcasing the product image directly on the box to further enhance sustainability.

Trends Shaping the Market
Several trends are expected to influence the compostable packaging market in the coming years:
Expansion of Composting Infrastructure: Growing infrastructure supports the effective composting of biodegradable materials.
Integration of IoT and Smart Packaging: Advances in smart packaging technologies improve functionality and waste management.
Technological Advancements: Innovations in compostable materials enhance performance and sustainability.
E-Commerce Adoption: Increasing use of compostable packaging in online shopping and food delivery sectors.
Multi-Layer Compostable Films: Development of films with improved barrier properties for diverse applications.

Market Segmentation
The compostable packaging market is segmented as follows:
By Material: Polylactic Acid (PLA), Wheat Straw Fiber, Talc-Filled PLA (TPLA) and Crystallized PLA (CPLA), Cellulose, Bamboo, Polyhydroxyalkanoate (PHA), Other Materials
By Application: Bags, Pouches, Trays, Tapes, Mailer Bags, Films, Clamshells
By End Use: Food and Beverages, Pharmaceuticals, Personal Care and Cosmetics, Other End Uses

Geographical Insights: North America Leading Growth
North America dominated the compostable packaging market in 2023. However, Asia-Pacific is anticipated to be the fastest-growing region in the forecast period, driven by increasing environmental regulations and rising consumer demand for sustainable products.

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Compostable Packaging Global Market Report 2024 from TBRC covers the following information:
Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Compostable Packaging Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on compostable packaging market size, compostable packaging market drivers and trends, compostable packaging market major players, competitors' revenues, compostable packaging market positioning, and compostable packaging market growth across geographies. The compostable packaging market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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