The global oxo-biodegradable bags market is projected to have an average-paced CAGR of 5.4% during the forecast period. The current valuation of the market is US$ 0.81 billion in 2022. The market value of the oxo-biodegradable bags market is anticipated to reach a high of US$ 1.11 billion by the year 2032.
| Report Attribute | Details |
|---|---|
| Oxo Biodegradable Bags Market Value (2022) | US$ 0.81 Billion |
| Oxo Biodegradable Bags Market Anticipated Value (2032) | US$ 1.11 Billion |
| Oxo Biodegradable Bags Projected Growth Rate (2022 to 2032) | 5.4% |
The oxo-biodegradable bags market is gaining rapid traction owing to the utilization of different types of packaging over multiple end-use industries. Oxo-biodegradable bags help in the conservation of the environment, and thus an unprecedented surge is witnessed in their adoption.
The manufacturers in the oxo-biodegradable bags market are witnessing a highly fragmented environment with a large number of players in the fray for gaining top positions amongst the others. The experts at FMI have analyzed that the players in the oxo-biodegradable bags market are getting involved in strategic collaborations. These collaborations are helping the players to strengthen their foothold in the global forum.
Furthermore, it is also identified that the key players in the oxo-biodegradable bags market are investing heftily in research and development activities. The rising need for environment-friendly packaging solutions is escalating support of the government of various countries for these key players and is expected to bring tremendous growth opportunities for the biggies proliferating in the market.
Various manufacturers are marketing their oxo-biodegradable bags to enhance their brand image and promote it as an environment-conscious entity. In addition to that, oxo-biodegradable bag manufacturers are also focusing on incorporating additional features into their products, for instance, excellent machinability, high printability, ink adhesion, and good heat seal strength and moisture barrier.
A number of manufacturers are witnessed to launch a range of compostable and oxo-biodegradable to eradicate the use of harmful plastics and solve the waste management challenges. The manufacturers are modifying the product with unique properties like ‘star-sealed’ packaging that provides extra strength to the bags and prevent leakage.
The key players of the market are continually making innovations to oxo-biodegradable bags. They are making it convenient for usage and hygiene, and some of the manufacturers are making it available in roll forms, coupled with green and blue colour variants and an easily tearable nature.
Therefore, it is anticipated that with such frequent upgrades and innovative attempts, the oxo-biodegradable bags market is likely to have significant growth over the forecast period.
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Plastic has been extensively used for packaging in various sectors across the globe. Over the years, the demand for biodegradable plastic is witnessing a higher growth due to the implementation of the stringent regulations on the use of non-degradable plastic by various government across the world and increase in health awareness among the consumers.
Thus, the demand of bags made of oxo-biodegradable plastic has gained momentum in packaging. Oxo-biodegradable plastic bags are made from polymers such as polyethylene, polystyrene and polypropylene containing extra ingredients and are tested to degrade or biodegrade in the open environment. Oxo-biodegradable plastic bags are extensively used owing to its characteristics such as light in weight and easy to disposable.
Also they offer following benefits such as better strength, heat resistant and long shelf life. Oxo-biodegradable plastic bags are use in various end-use industry such as food and beverage packaging, pharmaceuticals, agriculture and composting and textile. Due to increase in demand of ready-to-consume food & beverage, this segment is estimated to dominate the oxo-biodegradable bags market among the various other end user industries.
With the growth in environmental concerns, there is a continuous rise in consumer awareness towards the use of eco-friendly products. Thus, the customer preference towards eco-friendly clean substitutes from traditional synthetic products is anticipated to fuel the demand for oxo-biodegradable bags. Also, continuous growth in food & beverage and pharmaceutical industries helps in boosting the demand for oxo-biodegradable bags across the globe.
Manufacturers of oxo-biodegradable bags have also introduced with oxo-biodegradable bags for a variety of market applications in customized sizes and colors. However, the sudden fluctuation in the cost of raw-materials involved in the manufacturing of oxo-biodegradable bags is the restraining factor for the growth of global oxo-biodegradable bags market.
Some of the key trend observed in the global oxo-biodegradable bags market is strong R&D in reducing time period of biodegradation process, and implementing growth strategies while influencing manufacturers as well as customers to use oxo-biodegradable bags.
Principal Consultant
Geographically, the global oxo biodegradable bags market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Compared to other regions, the global oxo-biodegradable bags market in the Asia-Pacific region is expected to show an exponential growth over the forecast period.
Rise in urbanization leading increased environmental concerns in the developing economies like India & China is a major reason for switching towards oxo-biodegradable packaging in the Asia-Pacific region. North America and Europe region are the mature markets for oxo-biodegradable bags as a result of to the implementation of strict guidelines and regulations in accordance with environment safety.
Middle-East and Africa are expected to show favorable growth in demand oxo-biodegradable bags on account of an increased in the manufacturing sector. Overall, Oxo-biodegradable bags market is expected to grow at a healthy CAGR globally over the forecast period.
Some of the key players that operate in theglobal oxo biodegradable bags market across the globe are Biopac India Corporation Ltd., Smurfit Kappa Group, Mondi Group, BASF SE, WestRock Company, Georgia-Pacific., Metabolix, Inc., Cereplast Inc.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global oxo biodegradable bags market is segmented on the basis of product type, material type and end user industry.
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Oxo Biodegradable Bags Market
