Compostable food packaging represents a sustainable, environmentally-friendly method of packaging. Against the backdrop of rising consciousness among consumers, the packaging industry has been hard-pressed to incorporate more sustainable solutions in their offerings, resulting into adoption of biodegradable and compostable packaging solutions. For instance, in May 2016, Novamont SpA, a bio-based plastics manufacturer launched enhanced versions of its Mater-Bi material – biodegradable and compostable bioplastics to be used primarily for fruit and vegetable bags. In June 2016, another new compostable packaging material launched for granola bars, potato chips, snacks, grains and dried foods by tipa-corp ltd.. Global compostable packaging materials market is anticipated to grow significantly in terms of value during the forecast period 2016 & 2024, owing to increasing demand from the end-use industries.
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Compostable Packaging Materials Market – Regional Outlook:
Geographically, the compostable packaging materials market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). North America will continue to be the leading market for compostable packaging materials in terms of volume. However, Asia Pacific region is projected to be the fastest growing region, followed by Europe. Expansion and shipment of band sealing machines is expected to rise in the Asia Pacific region. Large scale foreign investment is also expected to rise in the region, and is anticipated to fuel the demand of compostable packaging materials over the forecast period. As the retail sector expands in developing countries such as BRICS, the market for band sealing machines is expected to advance significantly over the forecast period of 2016 – 2024.
Compostable Packaging Materials Market – Market Dynamics:
Compostable packaging refers to use of bioplastics in packaging materials. The global compostable packaging market is expected to witness a strong growth owing to the increasing consumer awareness about environmentally-friendly products. Other growth drivers for the compostable packaging market include increased focus on sustainable packaging by brand owners and retail companies, global rise in implementation of plastic bag bans, etc. Moreover, significant demand from food and beverage industry for compostable bags is also anticipated to boost demand for compostable packaging during the forecast period. However, compostable packaging materials has higher costs than traditional packaging materials, consequently compostable packaging materials is not getting wide acceptance, especially among the small and medium enterprises. However, increasing application in household and agriculture is expected to create significant opportunity to increase the revenue of the global compostable packaging materials market.
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Compostable Packaging Materials Market – Major Players
There are a limited number of companies operating in the global compostable packaging market. Some of the major players identified across the globe in the compostable packaging materials market are Novamont SpA, tipa-corp ltd., BASF SE, Innovia Films Limited, Biome Bioplastics Limited, and NatureWorks LLC.
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