The global biodegradable bag market is estimated to surpass $XX billion by 2024, growing at an estimated CAGR of more than XX% from 2018 to 2024. The market is majorly driven by the stringent environmental regulations regarding the usage of plastics and the growing awareness among consumers about human health.
What are biodegradable bags?
Biodegradable polymers (BDPs) or biodegradable plastics refer to polymeric materials that are capable of undergoing decomposition into carbon dioxide, methane, water, and inorganic compounds.
Biodegradable plastic bags are made from polymers such as polyethylene, polystyrene and polypropylene containing extra ingredients and are tested to degrade or biodegrade in the open environment.
Biodegradable plastic bags are extensively used owing to their characteristics such as light weight and easy disposability. Plastic has been extensively used for packaging in various sectors across the globe. Over the years, the demand for biodegradable plastic is witnessing a higher growth due to the implementation of the stringent regulations on the use of non-degradable plastic by various governments across the world and increase in health awareness among the consumers.
Biodegradable plastics are majorly preferred by the conscious population. Various governments focus on reducing the percentage of waste material and increasing the use of bio-degradable packaging materials.
This report gives an in-depth analysis of the biodegradable bag market by product type, application, and geography.
What are the major applications of Biodegradable bags?
Biodegradable shopping bags are made of polymers that degrade, or decompose, when exposed to air, water, or sunlight. Due to increase in demand of ready-to-consume food & beverage, this segment is estimated to dominate the biodegradable bags market among the various other end user industries. Biodegradable bags are used in many applications such as food and beverage packaging, pharmaceuticals, and agriculture as they are light in weight and are easily disposable. The potential applications of biodegradable plastics are widening owing to the increased adoption of eco-friendly products.
Market Research and Market Trends of the Biodegradable Bag Ecosystem
- A company in Indonesia has created a plastic bag so eco-friendly it can be eaten. It’s made out of cassava, the vegetable root which is a staple in the diets of many in Africa, Latin America and Asia, but which can also be used in manufacturing.
- Europe is the leading consumer of biodegradable paper and plastics packaging owing to growing population. Besides, North America is showing considerable growth in the global market
- The U.S. accounted for the largest market share in bio-degradable bags mainly due to increasing concerns regarding the environment in people, which is anticipated to fuel the global market in future.
- Since last two years, there has been major transition in the oil & gas industry, it has witnessed sluggish growth due to low demand and oversupply. This drop in oil prices has proved to be a boon for the plastic bags & sacks market, as manufacturers can procure raw materials at low prices.
- Owing to increasing awareness among consumers about protecting the environment followed by stringent regulatory landscape imposing bans on single use plastic bags, adoption of ecofriendly products manufacturers across the globe shifted their focus towards biodegradable and bio-based plastic bags.
- The food & beverage industry contributes heavily to the biodegradable packaging industry. Thus, the growth of the f&b related packaging will promote the biodegradable bag market growth in coming years.
Who are the major players of the Biodegradable Bag Market?
The companies referred to in the market research report include Biopac India Corporation Ltd., Smurfit Kappa Group, Mondi Group, BASF SE, WestRock Company, Georgia-Pacific, Metabolix, Inc., and Cereplast Inc.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.