Study: Food, beverage market account for more than 30% market share of biodegradable packaging market
Leading players in the biodegradable packaging market are adopting strategies to acquire their smaller rivals to consolidate a stronger position in the packaging sector.
The biodegradable packaging market witnessed moderate growth 2013-2017, and the status quo is envisaged to prevail over the period of forecast 2018-2028, according to a new report released by Fact.MR, Rockville, Md. Volume sales of biodegradable packaging are foreseen to record a modest 4.2% CAGR through 2028, which is anticipated to equal a market value in excess of $703 billion. The report finds that Tier 3 players will collectively continue to account for over three-fifth share of the biodegradable packaging market.
The report also opines that the paper and paperboard biodegradable packaging will retain its dominance in the biodegradable packaging market, as it may account for more than 95% of the total market revenue by the end of the assessment period. The global war against plastic packaging materials is opening a window of opportunities for paper packaging companies to enter the biodegradable packaging market.