The global biodegradable algae water bottles market size was worth US$ XX billion in 2022 and is estimated to record significant growth by reaching up to US$ XX billion by 2029, growing at a CAGR of XX% between the forecast period (2022-2029).
Biodegradable water bottles are made predominantly from organic materials such as husks, recycled paper, bamboo, pulp, and other natural materials. They do not leach heavy metals or drop microparticles into the soil. They are typically made of environmentally friendly materials and do not involve fossil fuels in their construction.
The biodegradable algae water bottle comes under biodegradable water bottles, which can be made by adding agar powder, which gives a jelly-like material that can then be shaped into a bottle with a mold being cooled into a solid in a refrigerator. The bottle retains its shape as long as it is filled with water; however, it begins to decompose on its own once it is finished. Alternatively, the material may be reheated into jelly and reconstituted into a new container.
The global biodegradable algae water bottle market is majorly driven by the increasing inclination of various companies to adopt sustainable and eco-friendly packaging sources over the past few decades. Growing side effects of too many plastic-based materials in different packaging industries creates immense opportunities for biodegradable algae water bottles to grow in the near future.
Increasing inclination of various companies towards adoption of sustainable and eco-friendly packaging source since past few decades
Sustainable packaging helps to increase the shelf life of a product and minimizes negative environmental consequences, which are especially visible when non-biodegradable plastics are used for packaging. Remove, Reduce, Recycle, Renew, and Re-use is the five R's of sustainable packaging. Sustainable packaging also has a lower environmental impact. As a result, a forum for environmentally sustainable, safe, and judicious packaging methodology is developed. The increasing awareness about sustainable packaging in the key players focusing their products in packaging has uplifted biodegradable algae water bottles. In addition, increasing government policies towards the complete removal of raw material that adds to the growing carbon footprint percentage have also created immense opportunities for the product to rely on.
Growing side effects of too many plastic-based materials in different packaging industries is creating immense opportunities for the biodegradable algae water bottles to grow in the near future
As per the recent publications in 2018, the largest consumer of plastic was the packaging industry, which formed around 59% of India's consumption volume. The number of plastic consumption is expected to become even worse in the coming years as plastics to replace other substrates have been increased in the past few years. Furthermore, plastic also easily accommodates consumers' demand for convenience, which is the major factor for the economic boom in China and other emerging regions. However, the widespread usage of single-use packaging containers has resulted in a heavy burden on the environment. The management of packaging waste is facing a crisis due to various unresolved challenges. Therefore increasing environmental concerns from various regions of the globe has shown a severe effect on the excessive use of plastic and forced many packaging manufacturers to bring another raw material or technology which can add positive value to the environment without causing any harm to it. Thus, this created immense opportunities for biodegradable algae to be used in the packaging of water bottles as the raw material used in it is completely organic. The product is environmentally friendly compared to other packaging materials available in the market.
The difference in cost, lack of product adaptability, and not enough concerns towards increasing global carbon footprint by different regions of the globe is hurdling the biodegradable algae water bottles' growth.
Although the government is taking the required steps to stop the increasing use of plastic in packaging industries due to cheap manufacturing costs, high demand from the customer, and immense adaptability on plastic for various packaging applications, they have not completely stopped selling plastic packaging on the market. The growing carbon footprint shows the percentage rate of both consumers and manufacturers shifting from non-biodegradable to biodegradable packaging. The positive shift towards non-biodegradable packaging harms the growth of biodegradable algae water bottle packaging in recent times and is expected to maintain the momentum in the forecast period if both consumers and manufacturers are not taking the required steps.
COVID-19 Impact Analysis
The effect of covid-19 on the packaging industry has a mixed impact, and different end-users of packaging rely on their portfolios. During and after the pandemic, China is considered the leader in the packaging sector. The economy is likely to decrease by up to 50 per cent since all the companies that depend on China for packing are now moving their businesses to other countries such as India. Furthermore, various research institutes have been shut down due to lockdown, which shopped on studies on biodegradable algae water bottle packaging, hence expected to hamper the market share of the product in the forecast period.
The global biodegradable algae water bottles market is segmented based on capacity and region.
The small bottle retains its shape as long as it is filled with water and once it is finished, the bottle starts decomposing; therefore the manufacturers are focused on bringing smaller algae water bottles into the market
In terms of capacity, the global biodegradable algae water bottles market is segmented into 15 ml-100 ml (small), 100ml-500ml (medium), 500ml-1000 ml (large) and others. 15 ml-100 ml (small) is expected to build a bigger market share in the forecast period due to the smaller size of the bottles and the increasing demand of the segment among the consumer. The bottle also retains its shape as long as it is filled with water; once it is finished, it begins to decompose on its own; therefore, manufacturers are focused on building small-sized bottles compared to other sizes.
Asia-Pacific has shown significant growth in the biodegradable algae water bottles market in the forecast period due to India's and China's large populations, the use of biodegradable water bottles, and low production costs
Asia-Pacific has shown significant growth in the paper cone market in the forecast period due to India's and China's large populations, biodegradable water bottles, and low production costs. Furthermore, due to the economies' growth and a rise in disposable income, the share is expected to remain large in the coming years. The government has also taken required measures to reduce the usage of plastic bottles as non-biodegradable plastic has proved detrimental to the environment's health by causing various ill-effects such as soil pollution, landfill, and soil fertility loss. Various key players in Asia-Pacific are inclined towards adopting eco-friendly and sustainable packaging material over other packaging materials available in the market.
The biodegradable algae water bottle market is highly competitive with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Lyspackaging, Ecologic Brands Inc, Raepak Ltd, Montana Private Reserve, Mitsubishi Chemicals (MCPP), TSL Plastics Ltd. and others.
The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to the global biodegradable algae water bottle market's growth. The key players are adopting collaboration and acquisition as the growth strategy to build revenue for their system.
Why Purchase the Report?
The global biodegradable algae water bottles market report would provide access to an approx: 33 market data table, 29 figures and 180 pages.
Target Audience 2022
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