NEWARK, Del, April 26, 2023 (GLOBE NEWSWIRE) -- NEWARK, Del: The cornstarch packaging market is expected to see tremendous growth in the coming years. In 2023, the market size is projected to be valued at US$ 233.0 million, and it is anticipated to rise to US$ 1,145.0 million by 2033. The sales of cornstarch packaging are expected to expand at a remarkable CAGR of 17.3% during the forecast period.
Unlike traditional packaging materials like plastic, cornstarch packaging is made from renewable resources and can be biodegraded or composted after use.
During the pandemic, customers shifted to single-use plastics to protect their health and hygiene. However, with increasing immunization rates, customers and businesses are now focusing on sustainability.
Cornstarch-based packaging is not only limited to the food industry but is also used in the paper, adhesives, poultry/animal feed, and fireworks industries. This offers a niche market for new entrants who may be able to attract a core audience. As corn starch bags are biodegradable and 30% more durable than existing polythene bags. Making them an appealing option for environmentally conscious consumers.
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The complexity and cost of switching from plastic to cornstarch packaging are significant variables that could affect market growth.
However, the fact that starch accounts for only a small portion of the nation's corn supply indicate that there is much opportunity for capability expansion.
With increasing awareness of the environmental impact of plastic, corn starch-based packaging has the potential to capture a significant market share in the coming years.
Key Takeaways from Cornstarch Packaging Market Study
The food industry is a leading user of cornstarch-based packaging products, accounting for 60.6% of the cornstarch packaging market. The demand for environmentally friendly packaging in the food industry has driven the growth of cornstarch-based packaging.
Europe, with a market share of 30.6% in 2022, is a significant market for cornstarch packaging products. Due to rising consumer demand and government regulations to limit plastic waste.
The United Kingdom witnessed a growth rate of 14.6% during the analysis period. It is also a growing market due to government measures to ban single-use plastic products.
The United States, holding a market share of 14.1% in 2022, is another significant market for cornstarch-based packaging products. As many businesses seek sustainable packaging solutions to meet consumer demand for eco-friendly products and reduce their environmental impact.
The Asia Pacific region, with a growing middle class and increasing demand for packaged food and beverages, is another growing market for cornstarch-based packaging products. Additionally, China is set to record a CAGR of 19.7% between 2023 to 2033.
India is also witnessing a growing demand for cornstarch-based packaging products, with a CAGR of 17.2% during the analysis period. Driven by increased awareness of the benefits of recycling and bioplastics.
Cornstarch-based packaging producers in China are investing in research and development activities. To create new and innovative cornstarch-based packaging products with enhanced features like strength, durability, and heat resistance.
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Competitive Landscape
The market for cornstarch packaging is severely fragmented. Several regional enterprises, including those from developing economies, are also vying for market share. The entry barriers are minimal, resulting in the emergence of smaller players and increased competitive competition.
Tetra Pak has partnered with the FINISH Society, a well-known solid waste management NGO. To expand the collection of used carton containers in Udaipur, India, beginning in June 2021.
Amcor Rigid Packaging (ARP) announced the invention and introduction of PowerPostTM in May 2022. By aggressively dislodging the vacuum in the container after filling. PowerPost technology generates roughly one-third of lighter bottles with 30% less energy and 30% less carbon than conventional 20 oz. bottles.
Key Segments Covered in the Cornstarch Packaging Market Report
By Product Type:
Pouches
Bags
Boxes
Tableware
By End Use:
Food
Personal Care and Cosmetics
Pharmaceuticals
Retail
Textile
By Sales Channel:
Online
Offline
By Region:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan (APEJ)
Japan
The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary | Cornstarch Packaging Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Product Launches & Recent Developments
3.4. Product Life Cycle Analysis
3.5. Value Chain Analysis
Click Here for Cornstarch Packaging Market 306 pages TOC Report
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