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Compostable & Biodegradable Refuse Bags Market Outlook and Growth Stance Forecasted Through 2028

Feb 15th 2019 at 4:23 AM

Looking at the current market trends as well as the promising demand status of the Compostable & Biodegradable Refuse Bags Market, it can be projected that the future years will bring out positive outcomes. This research report added by MRRSE on its online portal delivers clear insight about the changing tendencies across the global Compostable & Biodegradable Refuse Bags Market. Readers can gather prime facets connected to the target market which includes product, end-use and application; assisting them to draw conclusions out of this intelligent research report.

The global market for compostable & biodegradable refuse bags was valued at US$ 200.4 million in 2017. The market is forecast to expand at a CAGR of 8.0% during the forecast period, 2018-2028.

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Compostable and biodegradable are terms used to designate organic materials breaking down in a specific environmental condition. Refuse bags are disposable bags used to contain waste and rubbish. Compostable and biodegradable refuse bags are made up of organic material, which are obtained from plants. Such plant based materials which are used to make compostable and biodegradable refuse bags are starch blends (corn, potato and others), polylactic acid (PLA), PHA, PBAT and other such materials. These refuse bags can undergo decomposition readily and have minimum negative impact on the environment. The compostable & biodegradable refuse market is segmented on the basis of product type, material type, capacity, thickness and end use. On the basis of material type, the market has been segmented as PLA, PBS, PBAT, PHA, starch blends, cellophane, and paper. On the basis of end use, the market has been segmented as retail & consumers, industrial and institutional.

Industrial end use segment of the global compostable & biodegradable refuse bags market was valued at US$ 77.8 million in 2017 and is expected to expand at a CAGR of 7.8% over the forecast period 2018-2028. On the basis of product type, biodegradable segment is expected to create incremental $ opportunity of US$ 99.7 Mn, during the forecast period. The compostable segment is valued at US$ 129.6 Mn in 2017 and is expected to reach US$ 295.1 Mn, by the end of the forecast period. On the basis of capacity type, above 1.5 mil is anticipated to register a CAGR of 8.0%, during the forecast period.

Biodegradable and compostable refuse bags are produced using materials such as, corn starch, allowing the bags to completely decompose after a period of time. It is said that most of the biodegradable refuse sacks decompose in three to five years, although many bags completely decompose in lesser time.

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In Europe, people are inclining towards the use of biodegradable products rather than using plastic counterparts.  According to a survey, the growing plastic waste and their impact on environment and human health, are among the biggest environmental concerns of Europeans. The EU commission has formed a Plastic Strategy that will make it easier for citizens to separate, identify, reuse and recycle plastic materials and reduce its use. The Commission encourages measures to expand and promote alternatives to plastic products, such as the use of biodegradable and compostable materials.

On the basis of end use, the global market for compostable & biodegradable refuse bags market is segmented into industrial, institutional and retail and consumer. The industrial is expected to create incremental $ opportunity of US$ 99.3 Mn, during the end of the forecast period. The institutional segment is expected to create incremental $ opportunity of US$ 68.6 Mn, during the forecast period and is anticipated to register a CAGR of 8.3%, during the forecast period. The retail & consumer segment is expected to create incremental $ opportunity of US$ 97.3 Mn, by the end of the forecast period and is anticipated to register a CAGR of 8.1%, during the end of the forecast period.

Competitive Landscape

Key players operating in the global market for Compostable & Biodegradable Refuse Bags include Mondi Group, Sphere Group, Vegware Global, VICTOR Güthoff & Partner GmbH, Cedo Ltd., BioBag International AS, PLAST-UP, Polybags Ltd, Clondalkin Group Holdings B.V., Plastiroll Oy Ltd, The Biodegradable Bag Company Ltd, QUICKPACK Haushalt + Hygiene GmbH, MIRPACK, TM, The Compost Bag Company, SIMPAC, TERDEX GmbH, Pack-It BV, Cromwell Polythene Ltd, Flexopack SRL, Virosac SRL, among others.

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