Source: Zion Market Research cited in SBWIRE (2017)
Plastic and paper bags are a major concern since it is believed they are very hazardous to the environment. Many countries, states and cities have banned the use of plastic or have imposed the tax on it to protect the environment. Additionally, people have become more conscious about plastic and paper use. The government is also taking some strict actions to protect the environment. Biodegradable plastic is majorly preferred by the conscious population. However, the government is focusing on reducing the percentage of waste material and increasing the use of bio-degradable packaging materials.
Companies focus on providing innovative and biodegradable packaging, which is expected to boost global biodegradable paper and plastics packaging market by 2024. Consumers preferences have moved from artificial products to cleaner and eco-friendly products; this, in turn, is one of the major driving factors in the biodegradable paper and plastics packaging market. Many manufacturers invest huge amount on R&D in reducing industrial waste, boosting the global market growth. Government steps to protect environment via innovative advertisements and campaign is expected to fuel the global market growth in future. Moreover, people prefer more eco-friendly options having the less hazardous impact on the environment is anticipated to augment the growth of the global market. Easy availability of raw material and companies offering better options to fit consumers use such as easy handling, weather protection, low weight, and new designs further positively impacts the global market growth. Conversely, higher cost of the material and unavailability of bioplastics may restrain the market growth in the future.
Europe is the leading consumer of biodegradable paper and plastics packaging owing to growing population. Besides, North America is showing considerable growth in the global market; the U.S. accounted for the largest market share mainly due to increasing concerns regarding the environment in people, which is anticipated to fuel the global market in future. Moreover, Canada and Mexico are anticipated to show average growth owing to increasing disposable income. Also, Latin America is also anticipated to propel the market in future due to economic development and gaining financial stability.