by Made from renewable and biodegradable plant materials like paper, cork and bamboo, botanical packaging has gained high traction in the markets as an eco-friendly and sustainable alternative to traditional plastic packaging. The global botanical packaging market has witnessed significant growth in demand attributed to rising environmental concerns around plastic waste and the need for sustainable solutions. Botanical packaging provides an eco-friendly option for packaging food and beverage products, pharmaceuticals, cosmetics and personal care items among others. Produced from plant-derived materials, botanical packaging delivers on product protection and has comparable strength and barrier properties to plastic while ensuring natural breakdown after usage.
Market key trends:
One of the key trends shaping the botanical packaging market growth is the increasing focus of packaging manufacturers and brand owners on adopting sustainable solutions. Rising consumer demand for sustainably sourced and eco-friendly products has propelled companies to replace plastic and other non-biodegradable materials with plant-based options for packaging. Moreover, strict government regulations around single-use plastic waste and policies promoting bio-packaging are also driving the uptake of botanical packaging formats across industries. Innovation in material extraction and processing technology is further expanding the applications of materials like paper, bamboo and agricultural waste-based packaging films.
The global Botanical Packaging Market is estimated to be valued at US$ 138.24 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The botanical packaging market requires high capital investment and technological expertise which creates barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of multiple buyers in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and presence of multiple suppliers in the market.
Threat of new substitutes: New substitutes like plastic packaging pose medium threat to botanical packaging.
Competitive rivalry: The market comprises of few global players and intense competition exists among key players to gain market share.
Key Takeaways
The Global Botanical Packaging Market Size is expected to witness high growth.
Regional analysis: Europe region dominated the market and is expected to witness highest growth during the forecast period attributed to rising adoption of sustainable packaging solutions in the region.
Key players operating in the botanical packaging market are Acacia Communications,fSONA Networks,LightPointe Communications,Plaintree Systems Inc.,Trimble Hungary Kft. (Eos Positioning Systems),Wirepas Ltd.,Aoptix Technologies Inc.,NEC Corporation,Signify Holding (formerly Philips Lighting),Wireless Excellence Limited (CableFree).
