NEW YORK, Sept. 13, 2022 (GLOBE NEWSWIRE) — Kenneth Research has an in-depth market report on the “Global market for biodegradable packaging” for the forecast period i.e. 2022-2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional summary
- market segmentation
- growth accelerator
- challenges
- Key market players and their detailed profiling
Global Biodegradable Packaging Market Size:
The global biodegradable packaging market is expected to reach around US$160 billion in revenue by 2031, growing at a CAGR of ~6% during the forecast period. The market is thriving due to the increasing popularity of online grocery delivery. By 2026, nearly 2,700 million people are expected to choose online food delivery services, with a user penetration rate of nearly 26% in 2022. Films made from biodegradable materials are moisture resistant and easy to compost. They serve as oxygen sheds for food packaging and are used to seal containers and wrap perishable goods. In addition, biodegradable bags are made from biomaterials. They are considered safe for packaging food ingredients because they are robust, unbreakable and durable. Biodegradable boxes with lids are made from bio-oriented corn-based polystyrene. In 2018, retail sales of packaged foods in India exceeded US$77 billion. The revenue value for the industry has steadily increased in 2018 and four years prior. Rising sales of packaged foods continue to drive demand for biodegradable packaging.
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Global Biodegradable Packaging Market: Key Insights
- The Asia-Pacific region accounts for the majority of sales
- The beverage packaging segment to influence sales chart
- The PHB plastic sub-segment remains prominent in the product type segment
Increasing waste production and expanding online food delivery businesses to drive the market
The growth of the market is…
