Compostable Plastic Market Size is to grow by USD 1,905.33 million from 2022 to 2027; the increasing awareness of environmental concerns regarding plastic usage to boost the market growth

NEW YORK, June 6, 2023 /PRNewswire/ -- The global compostable plastic market size is estimated to increase by USD 1,905.33 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 15.54% during the forecast period. The increasing awareness of environmental concerns regarding plastic usage notably drives market growth. The growing awareness makes consumers more likely to purchase eco-friendly goods; thus, compostable plastics are becoming more common. Furthermore, a brand-new line of compostable plastic-packaged coffee capsules was unveiled recently. These compostable capsules offer the chance to recover used coffee grounds, which allows for their processing at a facility where they can add valuable nutrients to the finished compost. This is made possible while addressing consumer concerns and keeping packaging out of landfills. Hence, factors like the rising awareness of environmental concerns regarding the use of plastic drive market growth during the forecast period. Discover some insights on the market size, historic period (2017 to 2021), and Forecast 2023-2027 before buying the full report -Request a sample report

Compostable plastic market – Vendor AnalysisVendor Landscape - The global compostable plastic market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer compostable plastic in the market are BASF SE, Biome Technologies plc, BioTec Bags India Pvt. Ltd., BOSK Bioproducts, Cargill Inc., Danimer Scientific Inc., Eastman Chemical Co., Fkur Kunststoff GmbH, Futerro SA, Green Dot Bioplastics Inc., Kaneka Corp., KURARAY Co. Ltd., Mitsubishi Chemical Corp., Neste Corp., Northern Technologies International Corp., Novamont S.p.A., SK Chemicals Co. Ltd., Toray Industries Inc., TotalEnergies SE, Trinseo PLC, and BEWI ASA and others.

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Vendor Offerings -

BASF SE - The company offers compostable plastics under its brand Ecovio.

Biome Technologies plc - The company offers compostable plastics such as CIRCULUM Grey grades, and CIRCULUM Flame retardant grades.

BioTec Bags India Pvt. Ltd. - The company offers compostable plastics under its brand BiomeHT, BioMesh through its subsidiary Biome Bioplastics.

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Compostable Plastic Market - Segmentation AssessmentSegment OverviewTechnavio has segmented the market based on end-user (packaging, consumer goods, textiles, agriculture, and others), product (compostable bag, compostable cutlery, compostable gloves, compostable straw, and others), and geography (Europe, North America, APAC, South America, and Middle East and Africa).

The market share growth by the packaging segment will be significant for overall market growth during the forecast period. This segment has the largest use of compostable plastics. Plastic products like bottles, loose-fill, cups, pots, blows, flexible films, and other products are made using these. Furthermore, fresh food, dry snacks, candy, bakery goods, juice bottles, meat trays, as well as coatings for beverage cups, films, and card stock are all packaged with products made of compostable plastics. Hence, such factors are anticipated to fuel the growth of the market during the forecast period.

Geography OverviewBy geography, the global compostable plastic market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global compostable plastic market.

Europe is estimated to account for 40% of the growth of the global market during the forecast period. The regional growth can be attributed to the consumers' high demand for eco-friendly packaging materials. As such products are good for the environment, government agencies also support this high demand and also established infrastructure for composting. Hence, these factors are anticipated to fuel the market for compostable plastic in the nation during the forecast period.

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Compostable Plastic Market – Market Dynamics

Key Trends -

The growing number of investments, collaborations, and agreements among vendors is an emerging trend influencing market growth. The global vendors attempt to concentrate on investments, partnerships, innovation, new product introductions, acquisitions, and growth. Such steps taken by vendors will help marketers offer the best product and hold the largest market share during the forecast period.

For instance, the development of compostable bioplastics was to be aided by a USD 1 million investment in BOSK Bioproducts Inc. from the Canadian Department of Natural Resources in April 2021. Due to this funding, BOSK Bioproducts Inc. will be able to develop products and enhance their compatibility with manufacturers of existing machinery during the forecast period.

Major challenges -

The high costs of compostable plastics compared with conventional plastics are a major challenge that may impede market growth. The price of compostable plastic ranges from USD 2.65 to USD 6.68 per kilogram, compared to only USD 1.65 for conventional plastics, currently.

In addition to that, factors such as the low demand for bioplastics include high production costs due to vendors' small-scale production, high R&D expenditures, and significant price differences between conventional petroleum-based plastics and bioplastics. Hence, such factors are expected to hinder the growth of the global market during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Compostable Plastic Market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the compostable plastic market between 2023 and 2027

Precise estimation of the size of the compostable plastic market and its contribution to the market with a focus on the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the compostable plastic market across Europe, North America, APAC, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of compostable plastic market vendors

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Compostable Plastic Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 15.54%

Market growth 2023-2027

USD 1,905.33 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.37

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 40%

Key countries

US, China, Germany, UK, and France, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

BASF SE, Biome Technologies plc, BioTec Bags India Pvt. Ltd., BOSK Bioproducts, Cargill Inc., Danimer Scientific Inc., Eastman Chemical Co., Fkur Kunststoff GmbH, Futerro SA, Green Dot Bioplastics Inc., Kaneka Corp., KURARAY Co. Ltd., Mitsubishi Chemical Corp., Neste Corp., Northern Technologies International Corp., Novamont S.p.A., SK Chemicals Co. Ltd., Toray Industries Inc., TotalEnergies SE, Trinseo PLC, and BEWI ASA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global compostable plastic market 2017 - 2021

4.2 End-user Segment Analysis 2017 - 2021

4.3 Product Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by End-user

6.1 Market segments

6.2 Comparison by End-user

6.3 Packaging - Market size and forecast 2022-2027

6.4 Consumer goods - Market size and forecast 2022-2027

6.5 Textiles - Market size and forecast 2022-2027

6.6 Agriculture - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by End-user

7 Market Segmentation by Product

7.1 Market segments

7.2 Comparison by Product

7.3 Compostable bag - Market size and forecast 2022-2027

7.4 Compostable cutlery - Market size and forecast 2022-2027

7.5 Compostable gloves - Market size and forecast 2022-2027

7.6 Compostable straw - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by Product

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 Germany - Market size and forecast 2022-2027

9.10 UK - Market size and forecast 2022-2027

9.11 France - Market size and forecast 2022-2027

9.12 China - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 BASF SE

12.4 BEWI ASA

12.5 Biome Technologies plc

12.6 Cargill Inc.

12.7 Danimer Scientific Inc.

12.8 Futerro SA

12.9 Green Dot Bioplastics Inc.

12.10 Kaneka Corp.

12.11 KURARAY Co. Ltd.

12.12 Mitsubishi Chemical Corp.

12.13 Northern Technologies International Corp.

12.14 Novamont S.p.A.

12.15 SK Chemicals Co. Ltd.

12.16 Toray Industries Inc.

12.17 TotalEnergies SE

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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