The emerging economies, which in total maintained positive growth during the crisis, will continue to register strong growth, driving demand for sustainable, eco-friendly biodegradable plastic packaging products in the coming decade. Rising concerns over environmental hazards, carbon footprint emission and waste reduction targets specified by different countries and the trend towards 'green packaging', are the factors likely to boost the market for biodegradable plastic packaging solutions. Contributing further to the growth of the biodegradable plastic packaging market are the factors including consumers and retailers acceptance for eco-friendly packaging; reformation in regulatory trends; support for biobags and biodegradable packaging from retailers; and escalating oil prices boosting the demand for alternative packaging materials.
The biodegradable plastic packaging market was immune to the recent economic downturn as consumers' increasing concerns about personal, as well as environmental, health and wellness continues to drive the need for biodegradable packaging innovations. Moreover, technological advancements related to lightweight packaging will further boost the demand in the industry. Furthermore, key industry players and manufacturers are opting for better materials made from renewable sources for packaging purposes thus keeping them out of the landfills.
Visiongain forecasts the biodegradable plastic packaging industry to exhibit solid growth, driven by three major drivers - escalating demand for environmentally friendly, sustainable packaging of goods, healthier lifestyles worldwide and rapidly developing emerging markets with growing consumer demand for biodegradable plastic packaging across all submarkets.
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