The global Biodegradable Foam Market is estimated to be valued at US$ 906.1 Mn or Bn in 2023 and is expected to exhibit a CAGR of 10 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Biodegradable foam refers to foam products that are environmentally friendly and decompose into carbon dioxide, water, and biomass after disposal. It is majorly used for food packaging due to its lightweight and cushioning properties. Biodegradable foam helps retain the freshness of food and absorbs shocks during transportation.
Market key trends:-
One of the key trends in the biodegradable foam market is the rising demand for sustainable packaging solutions from the food and beverage industry. Consumers are increasingly looking for eco-friendly packaging which can be decomposed after use without harming the environment. Many food brands are adopting biodegradable materials like plant-based foams and recycled foams for their packaging needs in order to cater to this demand and strengthen their sustainability credentials. Various certification schemes are also promoting the use of biodegradable and compostable packaging.
- Strength: Biodegradable foams are sustainable and environment-friendly alternatives to plastic foams. They help companies boost their green credentials and meet sustainability targets.
- Weakness: Higher costs of biodegradable foams compared to traditional plastic foams. Manufacturing processes of biodegradable foams also need further refinements to improve efficiencies.
- Opportunity: Growing awareness about environmental protection and rising adoption of green alternatives present major market opportunities. Increasing regulations against single-use plastics also favor market growth.
- Threats: Availability of cheaper substitutes such as recycled plastics and volatility in raw material prices remain challenges.
The Global Biodegradable Foam Market Growth is expected to witness high, exhibiting CAGR of 10% over the forecast period, due to increasing regulations against single-use plastics across regions.
The market size for 2023 is US$ 906.1 Mn. Europe dominates the global market currently due to favourable government policies supporting bio-based and biodegradable products. Asia Pacific is expected to emerge as the fastest growing market, led by countries like India and China.
Key players operating in the biodegradable foam market are BASF SE, Arkema SA, Dow Chemical Company, Synbra Technology BV, and Sekisui Alveo AG. These players are focused on developing innovative sustainable foams using bio-based raw materials for applications in packaging, transportation, building & construction and consumer goods packaging.