A comprehensive report by Future Market Insights explores the Biodegradable Film Market's projected growth over the next decade. Key drivers, restraints, and opportunities are analyzed to provide a clear market landscape. The report equips readers for strategic decision-making with investment feasibility analysis and in-depth market assessments.
NEWARK, Del., March 21, 2024 /PRNewswire/ -- The biodegradable film market is slated to have a valuation of US$ 1,258.4 million in 2024. The packaging industry is thriving as a result of the industrial boom, especially in Asian nations. However, the packaging industry also has to face up to the reality of a significant amount of products being used in packaging being harmful to the environment. Thus, there is a clamor for green packaging solutions and biodegradable films are one such solution that is being embraced.
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The biodegradable film industry is slated to progress at a CAGR of 4.1% through 2034. The food and beverage sector is set to play a key role in the progress of the market. Not only are consumers attracted by biodegradable nature but also to its ability to limit wastage. Cosmetics is another industry where eco-friendly packaging is rising in value and is thus another avenue for growth when it comes to biodegradable films.
By the time 2034 rolls around, the biodegradable film market's value is forecasted to hit US$ 1,880.7 million. Increasing use of biodegradable mulch films in the agriculture sector is set to add significant value to the market. Hospital use of the product is also set to contribute to the market's progress.
However, the biodegradability of a film varying from material to material is set to limit the progress of the market. The inability of certain films to biodegrade in landfills as well as films that take a prolonged amount of time to degrade are also restraining the progress of the market.
"Biodegradable films are expected to progress along with the growth of the industries like food and beverage and agriculture. Though there is apprehension over the biodegradable nature of certain products in the market, the availability of new materials in the manufacture of biodegradable films is set to give a new dimension to the industry. Thus, the market offers ample opportunities for investors," says Ismail Sutaria (Lead Consultant, Packaging and Materials at FMI).
Key Takeaways from the Biodegradable Film Market
- The biodegradable film market is expected to be US$ 1,258.4 million in size in 2024.
- Polylactic acid (PLA) is the top material type in the market. PLA is expected to account for 37.6% of the market share in 2024.
- Bags and sacks are the predominant application for biodegradable films. For 2024, bags and sacks are anticipated to account for 31.1% of the market share.
- India is expected to be a promising country in terms of progress for the market. The country is forecasted to have a CAGR of 5.7% from 2024 to 2034 in the market.
- China and Thailand are poised to be lucrative countries for the market. For the forecast period, the CAGR for China and Thailand is predicted to be 5.1% and 4.7% respectively.
- The market is expected to progress at a CAGR of 3.8% in the United Kingdom.
Competition Analysis of the Biodegradable Film Market
Market players are seeking investments to increase their Research and Development capabilities. Partnerships with end-use industries are being established. Some of the prominent companies in the market include Futamura Chemical Co. Ltd., Taghleef Industries, Walki Group Oy, and BioBag Americas, Inc.
Purchase now and gain full access to the Biodegradable Film Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Recent Developments in the Biodegradable Film market
- In February 2022, SRF announced the opening of a new film manufacturing facility in Indore, India.
- In December 2021, a biodegradable film made from corn protein was produced by scientists from Harvard University and Nanyang Technological University.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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