The global biodegradable films market size is estimated to be USD 1.0 billion in 2021 and projected to reach USD 1.4 billion by 2026, at a CAGR of 7.2%. The growing awareness regarding plastic waste and its adverse impact on the environment is one the primary factors driving market growth. Moreover, factors like growing demand from the food packaging industry, and high demand from the agriculture & horticulture sector are also contributing toward the market growth of biodegradable films.
“PLA is estimated to lead the biodegradable films market, by type in terms of volume during the forecast period
By type, PLA is estimated to be the largest segment in biodegradable films market in 2021. It is largely used in the packaging industry because it does not have a negative impact on food prices or its supply. It is often blended with starch to increase biodegradability and reduce cost. The key applications of PLA are thermoformed products, such as drink cups, takeaway food trays, containers, and planter boxes. It has good rigidity and allows for the replacement of polystyrene and PET in such applications. PLA is being adopted rapidly as it is more economical to manufacture as compared with the synthesis of other biodegradable plastics.
“Food packaging is estimated to be the fastest-growing segment in biodegradable films market, by application.”
By application, Food packaging is estimated to be the fastest-growing application of biodegradable films. Egg trays, edible coating, paper boards, wrapping films, and food containers are some of the common applications of biodegradable films in the food packaging industry. PLA, starch blends, PBS, PHA, and cellulose are the most widely used biodegradable films in the food packaging industry. Increasing demand for more sustainable packaging material for fast food and ready to eat food is driving the growth of biodegradable films in food packaging application. Biodegradable films are mainly used in fresh & frozen food packaging as well as the packaging of dried snacks & candy, and bakery goods among others.
“Asia Pacific biodegradable films market is projected to grow at the highest CAGR during the forecast period, in terms of value.”
Asia Pacific is projected to be the fastest-growing market for biodegradable films during the forecast period. The use of biodegradable films is increasing due to environmental regulations. The rising government regulations regarding the ban on conventional plastic bags and global warming initiatives are expected to drive the demand for biodegradable films for packaging applications in Asia Pacific.
Profile break-up of primary participants for the report:
- By Company Type: Tier 1 – 45%, Tier 2 – 30%, and Tier 3 – 25%
- By Designation: C-level Executives – 40%, Directors – 25%, Others – 35%
- By Region: North America – 30%, Europe – 25%, Asia Pacific – 25%, RoW – 20%
The biodegradable films market report is dominated by, such BASF SE (Germany), Futamura Chemical Co. Ltd. (Japan), Taghleef Industries (UAE), Walki Group Oy (Finland), Kingfa Sci. & Tech. Co., Ltd. (China), BioBag Americas, Inc. (US), Avery Dennison Corporation (US), Plascon Group (US), Bi-Ax International Inc. (Canada), and Cortec Corporation (US).
The report defines, segments, and projects the biodegradable films market based on type, application, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and industry-specific challenges. It strategically profiles key players and comprehensively analyzes their market shares and core competencies as well as tracks and analyzes competitive developments, such as new product launches, expansions, and partnerships undertaken by them in the market.
Reasons To Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the biodegradable films market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.