Biodegradable Film Market to Reach $2.3 Billion, Globally, by 2032 at 7.4% CAGR: Allied Market Research

The global biodegradable film market is driven by rise in awareness among consumers, businesses, and governments about the harmful effects of plastic pollution on the environment, marine life, and ecosystems and a surge in preference for eco-friendly and sustainable alternatives such as biodegradable films.

PORTLAND, Ore., Sept. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "The biodegradable films market is segmented on the basis of raw material, application, and region. On the basis of raw material, the market is categorized into polylactic acid (PLA), biodegradable starch, polyhydroxyalkanoates (PHA), and others. On the basis of application, it is divided into food packaging, agriculture mulching, pharmaceutical packaging, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA: Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global biodegradable film industry generated $1.1 billion in 2022, and is estimated to reach $2.3 billion by 2032, witnessing a CAGR of 7.4% from 2023 to 2032.

Biodegradable films have the unique property of breaking down naturally over time as additives, usually enzymes, are added to them during the manufacturing process. When the biodegradable film breaks down, it turns into smaller pieces of plastic.

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Prime determinants of growth

Biodegradable mulch films have gained popularity in agriculture as they help suppress weeds, retain soil moisture, and biodegrade naturally after use, reducing the need for plastic waste management in farming practices. This factor is contributing to the growth of the biodegradable films market during the forecast period. However, high-cost production and limited shelf life are expected to hamper the market growth.

Report Coverage & Details:

The biodegradable starch segment to maintain its leadership status throughout the forecast period

Based on raw material, the biodegradable starch raw material segment held the highest market share in 2022, accounting for more than two-fifths of the global biodegradable film market revenue and is estimated to maintain its leadership status throughout the forecast period. R&D efforts lead to improvements in the formulation and processing of biodegradable starch films. This made them more practical, cost-effective, and suitable for a broader range of applications. Similar to PLA films, biodegradable starch films have gained popularity due to an increase in awareness of the environmental impact of conventional plastics. Consumers and industries alike sought more sustainable packaging options, and starch-based biodegradable films emerged as a viable solution. This factor is expected to act as driving force for the biodegradable films market for the biodegradable starch segment. However, the polylactic acid segment is projected to manifest the highest CAGR of 7.9% from 2023 to 2032.

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The food packaging application segment to maintain its lead position during the forecast period

Based on application, the food packaging segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global biodegradable film market revenue, and is estimated to maintain its leadership status throughout the forecast period.  Biodegradable films used in food packaging are designed to maintain the freshness and quality of food products while ensuring safety. These films provide adequate barrier properties, moisture resistance, and protection against external contaminants. Adopting biodegradable films in food packaging enhances a brand's environmental image and demonstrates a commitment to sustainability. It attract environmentally conscious consumers and build trust in the brand's responsible practices. These factors are anticipated to drive the market demand during the forecast period.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around two-fifths of the global biodegradable film market revenue and is estimated to maintain its leadership status throughout the forecast period.  Biodegradable films used in food packaging are designed to maintain the freshness and quality of food products while ensuring safety. These films provide adequate barrier properties, moisture resistance, and protection against external contaminants. Adopting biodegradable films in food packaging enhances a brand's environmental image and demonstrates a commitment to sustainability. It attract environmentally conscious consumers and build trust in the brand's responsible practices. Thus, driving the regional market during the forecast period.

Leading Market Players: -

• AMTREX NATURE CARE PVT LTD
• SOLOS POLYMERS PVT. LTD
• PLASCON GROUP
• ENVIPLAST
• XINLE HUABAO MEDICAL PRODUCTS CO., LTD
• TILAK POLYPACK PRIVATE LIMITED
• ECOBHARAT
• POLYNOVA INDUSTRIES INC
• MAGICAL FILM ENTERPRISE CO., LTD
• SUPRABHA

The report provides a detailed analysis of these key players in the global biodegradable film market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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