Compostable Packaging Market 2022 Overview, Demand, New Opportunities and SWOT Analysis by 2030 – Big Apple Buckets

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According to a new market research report published by Report Ocean, the Compostable packaging The market is expected to grow at a CAGR of 8.1%, over the forecast period. The market should reach US$151.04 billion by 2030.

This detailed report ocean market research report includes an in-depth analysis of technological innovations, market trends, supply chain trends, future trends, major players and key developments. The report also includes additional information on other factors such as drivers, restraints, and challenges faced by this market, along with an overview of each segment mentioned in the study.

The global compostable packaging market size was US$84.1 billion in 2021.The global compostable packaging market is expected to reach US$151.04 billion by 2030 growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.

The US current account deficit increased and reached $234.8 billion in Q4 2021. However, the Canadian dollar (CAD) exchange increased by 29.9% in Q1 22 to reach $294.4 billion, widening the imbalance by $68.6 billion. In the first quarter of 2022, exports of goods and services increased by $27.7 billion, for a total of $1.07 trillion. However, the country’s goods and services deficit narrowed to $79.9 billion in June from $87.9 billion in May, which has been corrected, with a drop of $5.7 billion indicating some relief. . On the other hand, the country’s annual inflation rate reached 8.7%.

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The price of logistics increased by 34.9% in July 2022, disrupting the supply chain, while electricity prices rose by 15.5%, the highest level since February 2006. In addition, the number of US existing homes sold in July 2022 fell 5.95% to 4.85. million (seasonally adjusted annual rate), which was the lowest number since May 2020 and below the market forecast of 4.89 million. Residential sales fell for the sixth straight month as the mortgage rate peaked at 6.3%. The US economy continues to be heavily impacted by the global energy crisis, forcing people to spend less and save more.

Factors influencing the market

Compostable packaging is an effective way to offer environmentally friendly and sustainable packaging. Rising awareness of biodegradable and compostable packaging will fuel the growth of the market.

The growing demand for attractive product appearance will provide many growth opportunities for the global compostable packaging market. In addition, the rapidly growing food and beverage industry is expected to increase the growth prospects of the compostable packaging industry in the coming years.

Growing adoption of compostable packaging in major companies, such as Coca-Cola, Unilever Group, and Danone, will aid in the growth of the market.

Strict government rules to ban plastic waste are expected to benefit the compostable packaging market throughout the forecast period. On the contrary, the high cost of materials may limit market expansion.

The growth of the pharmaceutical industry and the increasing demand for new drugs will accelerate the growth of the market. Additionally, growing consumer disposable income and healthcare expenditure will propel the compostable packaging market forward.

COVID-19 Impact Analysis

The wake of the COVID-19 pandemic has raised awareness about a healthy environment. During the pandemic, the demand for compostable packaging has increased dramatically. Various companies have started adopting environmentally friendly methods in order to meet the demands of the public. The Coca-Cola Company has started to adopt compostable packaging and displayed its strategies for adopting eco-friendly packaging in order to outdo itself.

The demand for packaged food and beverages has increased sharply. Thus, it has been beneficial for the pandemic. Moreover, the pharmaceutical segment has also seen unexpected growth. As a result, it has contributed to the growth of the global compostable packaging market.

Regional analysis

North America is expected to dominate the global compostable packaging market in terms of revenue. Market growth is attributed to rapidly growing end-use industries such as pharmaceuticals, food, beverages, etc. Additionally, the Asia-Pacific compostable packaging market is expected to grow at a considerable growth rate owing to the rising awareness related to eco-friendly packaging.

Market segmentation

The global compostable packaging market segmentation focuses on material, application, end-use industry and region.

The compostable packaging market has been segmented on the basis of materials –Starch based packaging Compostable plastics Compostable paper

The Compostable Packaging Market has been segmented on the basis of Application –Boxes Bags Others

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The compostable packaging market has been segmented on the basis of end-use industry –Food and Beverage Household Agriculture Pharmaceuticals Other

The compostable packaging market has been segmented on the basis of region –North America United States Canada Mexico Europe Western Europe United Kingdom Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia and New Zealand ASEAN Rest of Asia-Pacific Middle East and Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Rest of South America

Market competitors BASF SE Biome Bioplastics Limited Bio-On Braskem (Brazil) In novia Films Limited Mitsubishi Chemical Corporation Nature Works Novamont Plantic Technologiestipa – corp ltd. Toray Industries Total Corbion PLA Other Important Players

Main highlights of the study’s table of contents:

  • Market overview and summary
    • Market drivers
    • Market share analysis
    • PORTERS Analysis
    • PESTEL analysis
    • Value chain analysis

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Information on the share of activity of each element, as well as their reasonable value, has been provided in the report.

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