Market Forecast by Countries (Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe), By Type (Home Compostable Plastic, Others), By End-Use (Bags, Agriculture and Horticulture, Medical Devices, Automotive, Consumer Electronics, Disposable Housewares, Others), By Sales Channel (Direct Company Sale , Direct Import , Distributors , Traders) And Competitive Landscape
Product Code: ETC397434 | Publication Date: Aug 2022 | Updated Date: Oct 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 200 | No. of Figures: 90 | No. of Tables: 30 | |
Report Name | Europe Compostable Plastic Market |
Forecast Period | 2024-2030 |
Market Size | $1.54 billion-4 billion |
CAGR | 15% |
Growing Sector | Food and beverage Industry |
Europe Compostable Plastic Market Report thoroughly covers the market By Countries, By Type, By End-Use, And By Sales Channel. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/ high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Europe Compostable Plastic Market has shown substantial growth in recent years. The Market Size was valued at approximately $1.54 billion, with projections indicating a compound annual Growth Rate (CAGR) of around 15% from 2023 to 2024. This growth trajectory suggests that by 2030, the market could reach an estimated value of $4billion. The increase in market size reflects heightened global demand and the expansion of export capacities. Key countries contributing to the Market size include Germany, France, the United Kingdom, and Italy. Â Â
Europe Compostable Plastic Market is showing promising growth driven by a favorable regulatory environment and shifting consumer attitudes towards sustainability. With governments across Europe implementing stringent measures to reduce plastic waste, there is an increased emphasis on the development and use of compostable alternatives. Key industries, such as packaging, agriculture, and consumer goods, are exploiting this trend by incorporating compostable materials into their products, thus further propelling market expansion. Â
According to 6Wresearch, the Market Size is projected to reach at a CAGR of 15% during the forecast period 2024-2030. The factors behind this growth in the European compostable plastics market are increasing regulatory support for sustainable materials, heightened consumer awareness of environmental impacts, and continuous innovations in compostable plastic technology. As European nations enforce stricter environmental standards, the demand for compostable plastics is expected to rise, underscoring the market’s crucial role in the transition towards a more sustainable future. Additionally, increased investment in research and development is anticipated to propel advancements in both compostable plastic materials and production processes.
As a result, the European compostable plastic market is well-positioned for sustained growth and expansion in the forthcoming years. The future is progressive, with more consumers becoming environmentally conscious and governments placing a higher priority on sustainable practices. This market's potential for growth and innovation presents compelling opportunities for companies and stakeholders to make a positive impact both on the environment and their financial performance.
Despite the promising growth, there are a few obstacles too. One of the primary concerns is the cost competitiveness of compostable plastics compared to traditional plastics. The production of compostable plastics often incurs higher costs due to the complexities of sourcing and processing biodegradable materials. Additionally, there is a considerable need for improved consumer education and awareness about the benefits and proper disposal methods of compostable plastics. Without widespread understanding and engagement, the full potential of compostable plastics in addressing environmental issues remains untapped. Furthermore, the lack of uniform standards and certifications for compostable materials across Europe can create confusion and hinder market growth. Addressing these challenges is crucial to ensure the sustainable development and acceptance of compostable plastics in the region.,
The Europe compostable plastic market is developing fast as sustainability becomes a pivotal focus for consumers and industries alike. One notable trend is the shift towards bio-based materials, which are gaining popularity due to their reduced environmental footprint. Companies are increasingly investing in research to develop innovative compostable products that cater to various sectors, such as food packaging and agriculture. Furthermore, collaborations and partnerships are emerging as a key strategy for market players to enhance their product offerings and expand their reach. As consumers prioritize eco-friendliness, brands are keen to showcase transparency in sourcing and production processes, further fuelling the demand for compostable plastics. Additionally, the integration of circular economy principles is encouraging businesses to establish closed-loop systems, ensuring that compostable plastics are efficiently recycled and reused. These trends underscore a robust and dynamic market landscape as the push towards sustainability continues to shape the industry's future.
The Europe Compostable Plastic Industry offers significant investment opportunities due to the growing demand for sustainable alternatives. With governments enforcing stricter regulations and consumers opting for eco-friendly options, there is a high potential for market growth and returns. Opportunities in this market include collaborations and partnerships with compostable plastic manufacturers for creating innovative products tailored to various industries. Additionally, investment in research and development is crucial for enhancing product quality, reducing costs, and expanding production capabilities. Expanding into emerging European markets, like Eastern European countries where the adoption of compostable plastics is just beginning, presents significant potential.
The Europe compostable plastic market, influenced by increasing environmental concerns and regulatory support, presents a compelling investment opportunity with strong growth potential. By incorporating sustainable practices and investing in research and innovation, companies contribute towards environmental conservation while benefiting from the rising demand for compostable plastics. It is essential for businesses to stay at the forefront of this evolving market trend.
The Europe compostable plastic market is highly competitive, with several established and emerging players striving to expand their market share. Some of the key companies operating in this market include BASF SE, NatureWorks LLC, Biopac UK Ltd., FKuR Kunststoff GmbH, and Novamont S.p.A. These companies are investing in research and development to introduce innovative products that cater to various industries' specific needs. Collaborations and partnerships are also a prevalent strategy for these players to enhance their product offerings and widen their geographical reach.
Additionally, some leading retailers, such as Tesco PLC and Carrefour S.A., have pledged to reduce single-use plastics by offering more sustainable options like compostable bags and packaging. This trend indicates the potential for partnerships between retailers, manufacturers, and bioplastic companies to drive market growth.
Government regulations play a pivotal role in shaping the Europe Compostable Plastic Market Growth. Regulatory bodies across the continent are implementing stringent policies aimed at reducing plastic waste and promoting sustainable alternatives. The European Union's ban on certain single-use plastics and its directive to increase the use of bioplastics are significant drivers in this market. These regulations necessitate that industries adapt to eco-friendly solutions, thereby increasing the demand for compostable plastics. Governments are also offering incentives to companies investing in sustainable technologies, further accelerating market expansion. In addition, the harmonization of regulations across member states is crucial to streamline efforts and encourage a wider adoption of compostable plastics. These measures not only support environmental conservation goals but also position Europe as a leader in sustainable plastic solutions, thereby fostering innovation and economic growth within the green technology sector.
The Future of Europe compostable plastic market looks promising in the coming years, driven by increasing consumer demand and government initiatives. The food packaging industry, in particular, is projected to significantly contribute to this growth as companies strive to offer sustainable options for their products. Technological advancements and innovations are also anticipated, leading to improved product quality and cost-effectiveness. As more industries recognize the benefits of compostable plastics and adopt them into their operations, the market is likely to witness increased consolidation through mergers and acquisitions. With growing public awareness about environmental issues and a shift towards more conscious consumption habits, the Europe Compostable Plastic Market presents an attractive investment opportunity with promising long-term returns.
The report offers a comprehensive study of the subsequent market segments and their leading categories.
Germany is expected to dominate the Europe Compostable Plastic Market, driven by a growing focus on sustainable practices and increasing government support for eco-friendly alternatives. The country's commitment to reducing plastic waste has led to the implementation of stringent policies and incentives aimed at promoting the use of biodegradable materials. Additionally, the strong collaboration between government bodies, industries, and research institutions is fostering innovation in compostable plastics, positioning Germany as a leader in the transition towards a more sustainable future.
According to Vasudha, Senior Research Analyst, 6Wresearch, Home compostable plastic is anticipated to hold the largest market share, primarily due to its versatility in various applications and the ease with which it can be disposed of in an eco-friendly manner. This type of plastic breaks down naturally in a home composting environment, reducing waste in landfills and promoting sustainability. As consumers become more environmentally conscious, the demand for home compostable plastic is expected to rise, further solidifying its leading position in the market.
The bags market is projected to experience a compound annual growth rate (CAGR) of 6% and a market size increase of 25% over the next five years, primarily driven by stringent regulations on single-use plastics and a push towards sustainable packaging solutions. It encompasses a variety of styles and purposes, ranging from practical backpacks and spacious totes to stylish handbags and compact clutches. This diverse category caters to different needs, whether for travel, work, or casual outings, and offers options in various materials such as leather, canvas, and synthetic fabrics.
The Market Report has been segmented and sub segmented into the following categories
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Europe Compostable Plastic Market Overview |
3.1 Europe Regional Macro Economic Indicators |
3.2 Europe Compostable Plastic Market Revenues & Volume, 2020 & 2030F |
3.3 Europe Compostable Plastic Market - Industry Life Cycle |
3.4 Europe Compostable Plastic Market - Porter's Five Forces |
3.5 Europe Compostable Plastic Market Revenues & Volume Share, By Countries, 2020 & 2030F |
3.6 Europe Compostable Plastic Market Revenues & Volume Share, By Type , 2020 & 2030F |
3.7 Europe Compostable Plastic Market Revenues & Volume Share, By End-Use , 2020 & 2030F |
3.8 Europe Compostable Plastic Market Revenues & Volume Share, By Sales Channel , 2020 & 2030F |
4 Europe Compostable Plastic Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Europe Compostable Plastic Market Trends |
6 Europe Compostable Plastic Market, 2020 - 2030 |
6.1 Europe Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
6.2 Europe Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
6.3 Europe Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
7 Germany Compostable Plastic Market, 2020 - 2030 |
7.1 Germany Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
7.2 Germany Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
7.3 Germany Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
8 United Kingdom Compostable Plastic Market, 2020 - 2030 |
8.1 United Kingdom Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
8.2 United Kingdom Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
8.3 United Kingdom Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
9 France Compostable Plastic Market, 2020 - 2030 |
9.1 France Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
9.2 France Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
9.3 France Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
10 Italy Compostable Plastic Market, 2020 - 2030 |
10.1 Italy Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
10.2 Italy Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
10.3 Italy Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
11 Russia Compostable Plastic Market, 2020 - 2030 |
11.1 Russia Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
11.2 Russia Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
11.3 Russia Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
12 Spain Compostable Plastic Market, 2020 - 2030 |
12.1 Spain Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
12.2 Spain Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
12.3 Spain Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
13 Rest of Europe Compostable Plastic Market, 2020 - 2030 |
13.1 Rest of Europe Compostable Plastic Market, Revenues & Volume, By Type , 2020 - 2030 |
13.2 Rest of Europe Compostable Plastic Market, Revenues & Volume, By End-Use , 2020 - 2030 |
13.3 Rest of Europe Compostable Plastic Market, Revenues & Volume, By Sales Channel , 2020 - 2030 |
14 Europe Compostable Plastic Market Key Performance Indicators |
15 Europe Compostable Plastic Market - Opportunity Assessment |
15.1 Europe Compostable Plastic Market Opportunity Assessment, By Countries, 2020 & 2030F |
15.2 Europe Compostable Plastic Market Opportunity Assessment, By Type , 2020 & 2030F |
15.3 Europe Compostable Plastic Market Opportunity Assessment, By End-Use , 2020 & 2030F |
15.4 Europe Compostable Plastic Market Opportunity Assessment, By Sales Channel , 2020 & 2030F |
16 Europe Compostable Plastic Market - Competitive Landscape |
16.1 Europe Compostable Plastic Market Revenue Share, By Companies, 2020 |
16.2 Europe Compostable Plastic Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Company Profiles |
18 Recommendations |
19 Disclaimer |