Market Size of Europe Biodegradable Plastic Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Biodegradable Plastic Packaging Market Analysis
The European Biodegradable Plastic Packaging Market is expected to witness a CAGR of 5.7% over the forecast period from 2020 to 2025. Bioplastics represent about 1 % of the about 360 million tonnes of plastic produced annually. But, as demand is rising, and with more sophisticated biopolymers, applications, and products emerging, the market is continuously growing.
- The increase in the use of biodegradable plastics in all market segments is driven by the continuously increasing demand for sustainable products by consumers and brands alike. This can be attributed to a growing awareness of the impact on the environment and the need to reduce the dependency on fossil resources as well as the continuous advancements and innovations of the bioplastics industry in new materials with improved properties and new functionalities.
- The improvement in technology is a major contributor in the development of this industry. For example, today, there is a bioplastic alternative for almost every conventional plastic material and corresponding application.
- In the year 2019, the adoption of the Single-Use Plastics Directive and, at the end of the year, the publication of the new EU Commission's European Green Deal led to a strong dynamic, which will even intensify in 2020.
- This emerging industry to biodegradable plastics has the potential to unfold an immense economic impact over the coming decades according to a job market analysis conducted by EuropaBio in 2016.
- The Covid-19 impacted the market for biodegradable plastic packaging market as the supply chain syatem was disturpted due to a long lockdown period but the market has started recovering and demand is all set to witness drastic increases.
