With consumers becoming increasingly environmentally conscious, sustainable packaging is becoming the new norm.
Agricultural waste fibre technology company Papyrus Australia (ASX: PPY) has developed a zero-waste, chemical-free process of converting globally available agri-waste into usable products, thereby reducing the creation of methane and waste.
Where do they source this agri-waste? Bananas!
On average, one hectare of a banana plantation yields 220 tonnes of waste per year. Globally, there are more than 10 million hectares of banana plantain.
The Company has today announced the completion of a successful trial using refined banana fibre to produce biodegradable, molded food packaging. The trial represents a major milestone for the business, proving that banana fibre is a comparable alternative to other biodegradable moulded food packaging products such as wood pulp. The trial also demonstrated ease of manufacture as the product was compatible with standard moulding machines. The Company believes that the trial demonstrates the commercial viability and value of their patented fibre production process.
Managing director of Papyrus, Ramy Abraham Azer said: “Whilst we have made moulded products before in Australia, China and Egypt, all were from fibre prepared under laboratory conditions and with very limited moulding runs. We are now able to produce ‘tailored’ fibre on a daily basis at our factory in Sohag that is subsequently moulded at a stock standard moulding factory for a whole shift. Additionally, we are confident that we can now harness the unique advantages banana fibre has to optimise the end product or to achieve products other fibres are unable to produce.”
The Company is competing in a market valued at USD 81.7 billion and is expected to grow at a CAGR of 6.35% to 2026.
The collective growing focus on sustainability for both businesses and consumers could see demand for this Company’s proprietary process and food packaging products rise.