The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

• Market Size in 2023: The compostable packaging market was valued at $85.65 billion.
• Short-Term Growth: Expected to reach $92.56 billion in 2024, with an 8.1% CAGR.
• Key Drivers: Increased consumer awareness about environmental impact, regulatory measures against plastic waste, rise of bio-based feedstocks, trends in sustainable products, and corporate sustainability goals.

Future Market Outlook

• Long-Term Forecast: The market is projected to grow to $127.08 billion by 2028, with an 8.2% CAGR.
• Growth Factors: Stricter regulations on plastic use, demand for sustainable packaging, advancements in compostable materials, and investment in circular economy solutions.
• Emerging Trends: Expansion of composting infrastructure, integration of IoT and smart packaging, advances in material technology, and adoption in e-commerce and food delivery sectors.

Impact of the Food and Beverage Industry

• Sector Influence: The growth of the food and beverage industry significantly boosts the compostable packaging market.
• Industry Growth: Driven by population growth, changing consumer preferences, and innovations in product distribution.
• Market Need: Compostable packaging helps reduce plastic pollution and meets consumer and regulatory demands for sustainable solutions.
• Economic Data: In September 2022, food and beverage sales revenue in Sweden reached $37.44 billion, reflecting a 2.9% increase in sales volume and a slight rise in prices.

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Major Players and Innovations

• Leading Companies: BASF SE, Mitsubishi Chemical Corporation, WestRock Company, and Amcor Plc are key market players.
• Innovative Technologies: Focus on plastic-free packaging solutions using alternative materials.
• Example: In June 2021, BioPack Solutions launched plastic-free picnic packs using sugarcane pulp, which is biodegradable and home-compostable, eliminating the need for plastic windows.

Strategic Acquisitions

• TIPA’s Expansion: In May 2023, TIPA Corp. acquired Bio4Pack to enhance its sustainability leadership. This acquisition provides access to Bio4Pack’s expertise in paper packaging made from agricultural waste.

Market Segmentation

• By Material: Includes Polylactic Acid (PLA), wheat straw fiber, talc-filled PLA, cellulose, bamboo, Polyhydroxyalkanoate (PHA), and other materials.
• By Application: Covers bags, pouches, trays, tapes, mailer bags, films, and clamshells.
• By End Use: Serves food and beverages, pharmaceuticals, personal care and cosmetics, and other sectors.

Regional Insights

• North America: The largest market for compostable packaging in 2023.
• Asia-Pacific: Expected to be the fastest-growing region in the forecast period due to increasing demand and adoption of sustainable packaging solutions.

This summary outlines the strong growth trajectory of the compostable packaging market, driven by industry demands, technological advancements, and strategic developments in sustainability.

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The Compostable Packaging Global Market Report 2024  provides comprehensive insights on the compostable packaging market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the compostable packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Sustainable Plastic Packaging Global Market Report 2024
Paperboard Packaging Global Market Report 2024
Cold Chain Packaging Global Market Report 2024

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