According to the FMI analysis, the biodegradable packaging market reached over US$ 440 Bn in 2021. The global biodegradable packaging market is anticipated to register a CAGR of 6.1% during 2022-2032. The demand for the biodegradable paper packaging segment by the material is estimated to boost with the top 5 key players holding 20-25% of the global biodegradable packaging market by the end of 2022.
The biodegradable packaging market is projected to bolster with the increasing demand for sustainable and eco-friendly packaging in various end use industries. A new forecast by FMI analysis estimates that biodegradable packaging sales will augment during 2022-2032 and is anticipated to create a growth opportunity of US$ 1.8 Bn.
The government and non-government initiative towards sustainable packaging in North America and Europe is projected to create a growth opportunity for the biodegradable packaging market during the forecast period.
Fast-Moving Consumer Goods (FMCG) Producers And Retailers are rapidly expanding beyond conventional light weighting efforts.
Historically, FMCG companies and retailers have prioritised immediate gains, such as reducing weight and materials utilisation, to cut their packaging costs. As a result of these shifts, flexible packaging and pouches have largely replaced more rigid packaging designs.
However, in recent years, producers and sellers of packaged goods have pledged to reduce packaging waste. Almost all the top 100 fast-moving consumer goods businesses have made public pledges to increase their sustainability efforts in the future years.
This story is from the May 2023 edition of Food Marketing & Technology - India.
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This story is from the May 2023 edition of Food Marketing & Technology - India.
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