Global biodegradable plastic packaging market to reach US$1.85B in 2011 driven by growth in emerging economies, rising concerns over GHG emissions, waste reduction, growing acceptance of eco-friendly packaging, report says
November 8, 2011
– The Biodegradable Plastic Packaging Market 2011-2021 is Visiongain's new packaging report. The biodegradable plastic packaging market is gradually gaining significance in the vast global packaging industry. Whilst the recession impacted demand for all types of packaging; upcoming environmental issues and diminishing fossil reserves have raised concerns, resulting in steady growth for biodegradable plastic packaging. Visiongain expects the global packaging market and in particular, the biodegradable plastic packaging market to demonstrate solid growth. Visiongain calculates that the global biodegradable plastic packaging market will reach $1.85bn in 2011.
The emerging economies, which in total maintained positive growth during the crisis, will continue to register strong growth, driving demand for sustainable, eco-friendly biodegradable plastic packaging products in the coming decade. Rising concerns over environmental hazards, carbon footprint emission and waste reduction targets specified by different countries and the trend towards 'green packaging', are the factors likely to boost the market for biodegradable plastic packaging solutions. Contributing further to the growth of the biodegradable plastic packaging market are the factors including consumers and retailers acceptance for eco-friendly packaging; reformation in regulatory trends; support for biobags and biodegradable packaging from retailers; and escalating oil prices boosting the demand for alternative packaging materials.
The biodegradable plastic packaging market was immune to the recent economic downturn as consumers' increasing concerns about personal, as well as environmental, health and wellness continues to drive the need for biodegradable packaging innovations. Moreover, technological advancements related to lightweight packaging will further boost the demand in the industry. Furthermore, key industry players and manufacturers are opting for better materials made from renewable sources for packaging purposes thus keeping them out of the landfills.
Environmental-friendliness and sustainability have become basic qualifying criterions for all packaging products. In this regard, the biodegradable plastic packaging market is at a distinctive advantage since biodegradable plastic naturally has properties which make it one of the easiest materials to recover and recycle, or else decompose in nature. Biodegradable plastic packaging has a competitive advantage over other packaging materials, which makes it easier to recycle, reduce and reuse to raise its eco-friendly profile.
Visiongain forecasts the biodegradable plastic packaging industry to exhibit solid growth, driven by three major drivers - escalating demand for environmentally friendly, sustainable packaging of goods, healthier lifestyles worldwide and rapidly developing emerging markets with growing consumer demand for biodegradable plastic packaging across all submarkets.