Compostable Plastic Packaging Material Market Expectations & Growth Trends Highlighted Until 2033

The global "https://www.futuremarketinsights.com/reports/compostable-plastic-packaging-market" target="_blank" rel="external nofollow noopener noreferrer">compostable plastic packaging material market was worth USD 1.89 billion in 2023 and is expected to reach USD 3.1 billion by 2033 at a CAGR of 5.2% between 2023 and 2033.

With growing awareness regarding environmental hazards related to plastics, consumers are preferring eco-friendly packaging solutions. This is one of the major factors accelerating the compostable plastic packaging material market and the scenario is expected to remain the same even in the forecast period.

It is a known fact that plastic is the packaging materials’ foundation. However, as synthetic polymers are not capable of decomposing on the natural count, they have been deteriorating the environment for the last few years. As such, compostable plastic packaging material is looked upon as a good alternative to plastic. The properties are analogous to conventional plastic – like shelf stability, durability, barrier properties, and likewise.

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Cafeterias preferring to go green are into the adoption of bio-based plastic. Catering services and quick service restaurants are increasingly adopting compostable plastic packaging material demand. This is actually a response to the alarming figures released by the UN; i.e. by the year 2040, plastic would add 23-37 Million metric tons of waste into the ocean every single year if left unchecked.

Key Takeaways from the Compostable Plastic Packaging Material Market

North America holds the largest market share with the US being subject to rising awareness regarding sustainability.
The Asia-Pacific is expected to grow at the fastest rate in the compostable plastic packaging material market. This could be attributed to countries like India ruling the roost. Expansion of the FMCG sector coupled with consumers shifting toward e-Commerce is expected to keep the cash registers ringing in the forecast period.

Competitive Landscape

Cardia Bioplastics, in September 2019, did launch a certified home compostable biopolymer resin.
Danimer Scientific LLC, in August 2021, completed the acquisition of Novomer, Inc. (a developer of conversion technology). It makes provision for low-net carbon inputs into manufacturing PHA-based resins.
BASF SE, in September 2021, entered into a collaboration with WPO Polymers to distribute biopolymer ecovio for certified compostable bags.
The year 2021 saw Amcor Ltd. announce that its team had gone ahead with creating sustainable packaging solutions for margarine and butter comprising paper. This paper wrapper comes across as being 38% lighter as compared to paper and aluminum packaging and does lessen carbon footprint by ~80%.
Smurfit Kappa, in the year 2021, did come up with bottle packaging solutions to expand the beverage market online. The range is found to be all the more sustainable. It constitutes recyclable raw material and could be customized as per bottle sizes and shapes.

The Key Players Are:

BASF SE
Kaneka Corporation
FKuR Kunststoff GmbH
Cardia Bioplastics
Novamont S.p.A.
Danimer Scientific LLC
Grabio Greentech Corporation
Northern Technologies International Corporation
NatureWorks LLC
S.K. Chemicals Co., Ltd.
Minima Technology Co. Ltd.
Biotec Pvt. Ltd.,
Green Dot Holdings LLC

What does the Report package?

The research study is based on the material (PBAT, PBS, PLA, PHA, starch blends, and likewise), by application (bags, pouches, boxes, bottles, cups, trays, plates bowls, and likewise), and by end-use industry (food service, food beverages, cosmetics personal care, home care, healthcare, others).

With an increasing demand for eco-friendly and sustainable packaging solutions on the part of food chains, the global compostable plastic packaging material market is expected to grow on a stupendous note in the forecast period.

Key Segments Profiled in the Global Compostable Plastic Packaging Material Market

By Material: