Global Biodegradable Plastic Bags & Sacks Market: Snapshot
The wide versatility of the use of plastics in bags and sacks and their inadequate disposal have added to the vastly rising pollution problem of traditional, petroleum-based plastics world over. Made from a variety of all-natural plant materials such as polylactic acids (PLAs), polyhydroxyalkanoates (PHAs), and corn, biodegradable bags and sacks also contain additives to facilitate degradation and hence pose lesser impact on the ecology in general and marine life in particular. These bags are being preferred over conventional plastic products, notably for the food packaging and fast-moving consumer goods. Furthermore, the use of biodegradable plastics is found to be promising in addressing the problem of plastics pollution in several developed and emerging countries, which is expected to catalyze the growth of the market. The substantial demand for ecofriendly and reusable plastic sacks and bags in the retail industry is a prominent factor bolstering the adoption of these bags. The declining price of key raw materials used in making biodegradable plastics in several countries is likely to bode well for the market.
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The global biodegradable plastic bags and sacks market is estimated to clock a CAGR of 6.9% during 2017–2022. The market is anticipated to be worth US$1,470.5 Mn by 2017 end and is projected to reach US$2,052.2 Mn by the end of the assessment period.
Substantial Benefits of Biodegradable Plastics made from PHAs to Contribute to their Dominant Demand
The various types of materials used in making biodegradable plastic bags and sacks are PLA, PHA, and starch blends. Of these, the PHA material segment dominates the market, holding a major share of 35.9% in 2017. The segment is projected to rise from a valuation of US$565.5 Mn to reach US$788.7 Mn by the end of 2024, representing a share of 36.1% of the market. The PHA segment is estimated to expand at a CAGR of 6.9% during 2017–2022. The annual growth of the segment is pegged at US$44.7 Mn over 2017–2022, representing an absolute growth greater than all other material segments. The dominant adoption of polyhydroxyalkanoates is attributed to their better degradability and the possibility of a wide variety of their applications in making biodegradable plastic bags and sacks. In addition, blending them with polymers has been proven to be cost-effective for manufacturers, which is likely to bolster their uptake.
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Europe to be at Forefront of Global Market throughout Assessment Period
The major regional markets for biodegradable plastic bags and sacks are North America, the Middle East and Africa (MEA), Latin America, Asia Pacific excluding Japan (APEJ), Japan, and Europe. Of these, Europe leads the pack currently and is likely to retain its dominance in the coming years as well. The prominence of this regional market is attributed to the extensive demand for eco-friendly and recyclable plastic packaging for industrial applications. In addition, the soaring awareness of the pollution problem associated with the use of bags made from traditional plastics is a striking factor boosting the regional market. The Europe biodegradable plastic bags and sacks market is anticipated to reach a valuation of US$660.8 Mn by 2024 end, rising at a CAGR of 7.1% during 2017–2022. The demand for photodegradable and oxydegradable plastics in several developed countries is also bolstering the uptake.
Asia Pacific Market excluding Japan to Rise at Attractive Pace
The APEJ biodegradable plastic bags and sacks market is expected to reach valuation of US$503.8 Mn by 2024 end, rising at a notable CAGR of 7.8% during the forecast period. The vastly rising demand for biodegradable plastic bags and sacks in this region is expected to mainly come from a burgeoning retail sector.
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Competitive Analysis
A number of emerging and established players are focused on launching high-performance products and resorting to mergers and acquisitions, in order to gain a better foothold in the global biodegradable plastic bags and sacks market. Prominent players operating in the market include Novolex, Shabra Group, Xtex Polythene Ltd., International Plastics Inc., Ampac Holdings LLC, Bulldog Bag Ltd., Abbey Polyethene, Sahachit Watana Plastic Industry Co.,Ltd., Sarah Bio Plast, Symphony Polymers Pvt Ltd., EXTRAPACK Ltd., Dagoplast AS, JUNER Plastic packaging Co., and Wells Plastics Ltd.
Biodegradable Plastic Bags and Snacks Market to Gain Traction with Increasing Demand for Eco-friendly Products
Biodegradable plastic is obtained from various parts of a plant such as corn, polylactic acids or PLAs, polyhydroxyalkanoates or PHAs, and others. This is further expected to aid in expansion of the global biodegradable plastic bags and snacks market in the years to come. The wide flexibility of the utilization of plastics in bags and sacks and their deficient removal have added to the limitlessly rising contamination issue of conventional, petrol based plastics world over.
Biodegradable bags and sacks additionally contain added substances to encourage corruption and henceforth present lesser effect on the biology all in all and marine life specifically. These bags are being liked over traditional plastic items, strikingly for the food bundling and quick buyer merchandise. Besides, the utilization of biodegradable plastics is discovered to be promising in tending to the issue of plastics contamination in a few created and arising nations, which is required to catalyze the development of the market. The growing penetration of ecofriendly and reusable plastic sacks and bags in the retail business is a noticeable factor supporting the appropriation of these bags. The declining cost of key crude materials utilized in making biodegradable plastics in a few nations is probably going to look good for the market.
The geographical classification of the global biodegradable plastic bags and snacks market denotes the domination of Europe on account of the stringent environmental regulations imposed on nations and rising inclination towards biodegradable products. Moreover, the people of this region are well aware of the after effects of pollution, diseases that it brings forth, and therefore are more inclined towards eco-friendly products. This is further expected to help this region continue generating notable revenues for the market in the years to come. On the other side, the market in Asia Pacific is likely to witness notable growth rates owing to the increasing demand for biodegradable plastic bags and sacks in the emerging as well as under-developed nations all around the region.
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