Princeton, NJ -- (SBWIRE) -- 05/31/2018 -- The Global Biodegradable Packaging Market was valued at USD 6.61 billion in 2017, and is expected to reach a value of USD 15.24 billion by 2023 at a CAGR of 14.55 %, over the forecast period (2018-2023). The market is segmented by type of material, applications, and geography. This report focuses on adoption of these solutions for various applications in various regions. The study also emphasizes on latest trends, industry activities, and vendor market activities.

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Biodegradable packaging products are increasingly finding adoption in a wide variety of industries, owing to their low environmental impact and growing demand for sustainable solutions. As majority of the materials used in this packaging are natural, which enables native degradation without the need for an external catalyst, these solutions find high application in food & beverage industry. Many industries and governments have taken initiatives to reduce wastage and utilize proper solutions to counter the environmental impact. Companies, such as Unilever and P&G, have pledged to move to natural packaging solutions and reduce ecological footprint by 50%. This is one of the factors driving the usage of biodegradable packaging across industries. The growing number of innovations like active and intelligent packaging solutions in the industry are expanding the product availability to the end-users. Thus, companies are finding it more accessible to deploy these solutions, thereby increasing the adoption rate.

Growing Conscientious Population is moving toward the Adoption of More Sustainable Solutions

World population has exceeded 7.2 billion, out of which, it is estimated that 2.5 billion are 'Millennials' (of the age 15-35), and unlike the other generations, they share a deep concern about environmental issues. Majority of these consumers are skeptical about the corporate responsibility claims made and have brought an ethical consumer revolution, demanding ethically-produced goods.

The blend of advancement in technology and increase in global population, has made plastic and paper to be used across a wide range of applications, in all aspects of industries. Packaging materials obtained from various sources (especially plastics) form a significant solid waste, which is hazardous to environment. The Government and Federal agencies of all the major countries have made stringent regulations in order to reduce wastage and promote the use biodegradable materials for packaging. These are usually made of renewable raw materials, like starch and cellulose. Biodegradable plastic has the capability to decompose into inorganic compounds, CO2, methane, and water, by the enzymatic action of microorganisms.

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Considering the necessity to assess the degradation pattern of these polymers, Central Pollution Control Board (CPCB) sponsored Central Institute of Plastics and Engineering and Technology (CIPET), Chennai, to identify and evaluate the performance of biodegradable polymers in India, with reference to its biodegradability under laboratory scale composting conditions, as per ASTM D-6400 and IS/ISO 17088:2008. To meet the criteria, 60% of single polymer materials must mineralize in six months, and 90% must do in blends. Materials should give way to intense microbial activity and be converted from carbon to carbon dioxide, biomass, and water. In the United States, all food-packaging clearances require an environmental assessment (EA), followed by a finding of no significant impact (FONSI) and clearance by the FDA.

Paper-Based Packaging Solutions to Dominate the Biodegradable Packaging Market in 2018

Companies around the world are adopting sustainable packaging solutions, which include the usage of biodegradable paper and recyclable paper. Many companies offering paper packaging solutions are focusing on biodegradable products to attract consumers. Industry leaders are venturing into providing complete biodegradable packaging solutions, to gain hold of the expanding market. The demand for these packaging solutions has been identified to be high among the industries, when compared to consumers as end-user, as it eliminates the need for attractive packaging in industrial solutions. Organic stores and natural stores are also deploying the solutions to maintain brand perception. Overall, the market is projected to witness a robust growth over the forecast period. However, recycling remains one of the major trends observed in the industry.

Although paper products are biodegradable, the process has been identified to be inconsistent in landfills, owing to the presence of external elements. The impact of landfills is creating concerns among the municipalities. Thus, governments and organizations are pushing toward recycling over landfill disposables, with biodegradable packaging having high recyclability, owing to the absence of additional artificial elements.

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Key Developments in the Biodegradable Packaging Market
- September 2017 - International Paper announced plans to invest around USD 300 million to convert its number 15 paper machine at the Riverdale Mill in Selma, Alabama, from uncoated freesheet to high-quality whitetop linerboard and containerboard. This conversion is targeted to be completed by the mid-year of 2019. The investment is expected to add 450,000 tons of annual capacity, with the flexibility to shift between containerboard products.
- April 2017 - International Paper's Pensacola Mill in Cantonment, Florid, has successfully resumed full operations, following a digester incident that occurred on January 22, 2017. The company, with the assistance of independent third-party experts, has implemented enhanced procedures and protections across the enterprise, to prevent the recurrence of such an incident.

Major Players: AMCOR, MONDI, TETRA PAK, and KRUGER INC., amongst others

Reasons to Purchase the Report
- To understand whether the increasing consciousness towards cleaner environment is driving the growth in demand for recycled packaging solutions?
- To analyze various perspectives on the market, with the help of Porter's five forces analysis
- To understand the type of deployment and application that is expected to dominate the market
- To identify the regions that are expected to witness the fastest growth during the forecast period
- The report identifies the latest developments, market shares, and strategies employed by the major market players
- 3 month analyst support along with the market estimate sheet (in excel)
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