Oxo Biodegradable Bags Market – Global Industry Demand, Share, Top Players, Industry Size, Future Growth
Global Oxo Biodegradable Bags Market: Overview
An increasing global population is set to generate humongous amount of waste. This creates need for proper disposal, not damaging to the environment. Hence, conventional waste disposal techniques of ‘use-and-throw’ are no longer successful for a world that is increasingly seeking sustainable development.
In light of the above, oxo biodegradable bags, made from polymers such as polyethylene, polystyrene and polypropylene, containing extra biological ingredients prove helpful since these can degrade or biodegrade in open environment. Additionally, it is worth noting here that better strength, heat resistance and longer shelf life also go in their favor
According to Transparency Market Research, the Oxo Biodegradable Bags Market is set to witness steady growth over the period of 2020 to 2030 due to an increased global consciousness towards ecological conversation which is leading to demand for eco-friendly ways of disposal of colossal amounts of waste generated.
Global Oxo Biodegradable Bags Market: Competitive Landscape
The market for oxo biodegradable bags market has a decent number of players operating in its vendor landscape. Some of the key players that operate include:
- Biopac India Corporation Ltd.
- Smurfit Kappa Group
- Mondi Group
- BASF SE
- WestRock Company
- Georgia-Pacific.
- Metabolix, Inc.
- Cereplast Inc.
These manufacturers are predicted to use strategies such as mergers and acquisitions to tap into new regional markets, thereby consolidating their market position. It is pertinent to note here that both organic and inorganic strategies are being deployed by players in the market.
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Global Oxo Biodegradable Bags Market: Key Trends and Drivers
The Oxo Biodegradable bags market will grow as a result of spurt in demand for sustainable products and their eco-friendly disposal, notes Transparency Market Research in its upcoming report. It is pertinent to make note of the profile of a millennial consumer. Not only is he woke but also aware of the impact of his choices on the environment. Therefore, he is ready to make positive and greener choices, set to contribute to growth in the global oxo biodegradable bags market. Increase in disposable income enables this move in a major way. Other factors impacting growth in the market include:
- Strong research and development in the field is also set to drive the global oxo-biodegradable bags market over the forecast period by paving way for sustainable, more efficient alternatives. Demand for such products is particularly high in the growing food and beverages industry. Pharmaceutical industry is also generating notable demand for such eco-friendly bags in the market over the forecast period.
- A negative impact on this demand could be posed by price fluctuations in raw material used in manufacturing of these bags but as technology advances and supply chains stabilizes, this hurdle would be overcome.
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Global Oxo Biodegradable Bags Market: Regional Analysis
The Oxo Biodegradable bags market in the Asia-Pacific (APAC) region is expected to show an exponential growth over the forecast period due to rapid urbanization, industrialization and growing awareness regarding use of sustainable products. Increasing environmental concerns in the developing economies like India & China will contribute positively to growth in this region.
It is important to note here that North America and Europe hold a notable share of the market owing to favorable regulatory framework – implementation of strict guidelines and regulations in accordance with environment safety. Additionally, over the forecast period, Middle-East and Africa is expected to present untapped growth opportunities to players in Oxo Biodegradable bags market.
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