Food packaging now accounts for more than 70% of the global market for biodegradable plastic packaging.
This estimate is made in a report from MarketsandMarkets published in April 2014. The study analyses and forecasts the markets both for biodegradable plastic and paper by packaging type, applications, geographical location, value, and volume.
The biodegradable plastic market - for the purpose of the study, biodegradable means compostable - will be worth $8.42 billion (€6.12 billion) by 2019. The food packaging and beverage packaging markets will grow at a healthy pace until the end of the decade though at a slightly lower compound annual growth rate than the overall industry.
The US will remain the largest consumer of biodegradable packaging. Sweden, Switzerland, the UK, and Germany are the key European markets and combined these constitute the majority of demand in the EU.
This article comes from Food Contact World, which provides exclusive news and analysis on developments in food contact material , markets, and technologies.
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