Demand for biodegradable plastic packaging rises owing to e-commerce boom
According to market research report, “The global e-commerce plastic packaging market was valued at USD 10.26 billion in 2020 and is expected to reach USD 21.78 billion by 2026, registering a CAGR of 13.6% during 2021-2026.”
The growth of the plastic packaging is being driven by rising demand for fashion and apparel, consumer electronics, and personal care products. Further, increased investment in the consumer electronics, personal care, and fashion and clothing industries are creating a scope for the expansion of packaging opportunities.
As the pandemic continues, e-commerce has emerged as the saviour for consumers to fulfil their requirements. Moreover, with rising internet penetration, growing access to the internet across the vast majority of the populations in developing economies, increasing smartphone penetration, advancements in technology, and rapid urbanisation have created a massive opportunity for the e-commerce market.