Global Biodegradable Paper Packaging Materials Market to Grow at a CAGR of 10.5% by 2021 - Driven by Increase Adoption of Biodegradable Packaging and Increasing Product Innovation - Research and Markets
The global biodegradable paper packaging materials market to grow at a CAGR of 10.56% during the period 2017-2021.
The report, Global Biodegradable Paper Packaging Materials Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is increasing product innovations. With the increased adoption of biodegradable packaging materials, the vendors in the market are investing in the development of new products. They constantly upgrade their product portfolios and invest in developing materials with properties that are specific for specified applications. The manufacturers of packaging materials are now looking at differentiating their products from those offered by their competitors by providing the best biodegradable packaging products to meet the customers' needs.
According to the report, one of the major drivers for this market is increased adoption of biodegradable packaging. Biodegradable papers are degraded rapidly by microbes. Retailers play an important role in encouraging the consumers to adopt biodegradable paper packaging materials. In recent years, retailers are actively using bags made of biological materials and biodegradable paper packaging.
Further, the report states that one of the major factors hindering the growth of this market is increase in overall cost of packaging. The relatively higher price of biodegradable paper materials compared with conventional packaging materials is a major challenge faced by the market. The lack of adequate technology and the lack of availability of feedstock are increasing the prices of biodegradable paper materials. Some of the biodegradable products are approximately 10 times costlier when compared with non-biodegradable materials. The rising prices of renewable raw materials used for manufacturing paper are hindering the market growth. The high price of biodegradable paper packaging materials will reduce the demand if consumers switch to cheaper non-renewable packaging materials.