| Press Release
Opportunities in the World Biodegradable Packaging Market to 2025 - COVID-19 Results in Shift Away from the the Sustainability of Banning Plastic
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The Biodegradable Packaging Market was valued at USD 89.57 billion in 2019 and is expected to reach a value of USD 121.38 billion by 2025 at a CAGR of 5.3% over the forecast period (2020-2025). Biodegradable Packaging solutions are finding increasing application in packaging owing to its low environmental impact, growing focus on recyclability and sustainability, government emphasis on efficient packaging management, and rising consumer awareness coupled with an increasing ban on plastic.
With the outbreak of Covid-19, many companies have begun shifting away from the sustainability goal of banning plastic. Some studies have suggested that the virus can be passed on through cardboard and plastic, which has resulted in increased usage of single-use materials across supermarkets to wrap products, like cling film for fruit and vegetables.