This study is a continuation of research on sustainable food packaging materials made from locally available feedstock and industrial by-products within the Baltic Sea region. Its main focus is the impact of wheat bran filler and Saccharomyces cerevisiae additive, which was used to develop a novel bio-coating for paper composite packaging, on the biodegradation efficiency of paper composites under aerobic and anaerobic conditions. In this study, we analyzed the effect of 15% and 40% concentrations of wheat bran filler and Saccharomyces cerevisiae biomass on the biodegradation efficiency of paper composites. This research was conducted under controlled environmental conditions, with aerobic biodegradation tested at 46 °C in a compost-based mesophilic–thermophilic environment and anaerobic biodegradation tested at 55 °C in an active inoculum thermophilic environment. The results show that the presence of wheat bran filler significantly improves biodegradation efficiency compared to microcrystalline cellulose reference material. Under aerobic conditions, the biodegradation efficiency for the 40% wheat bran and yeast sample was 6.34%, compared to only 0.71% for the cellulose reference material. In anaerobic conditions, the 15% wheat bran and yeast sample showed a biodegradation efficiency of 96.62%, compared to 82.32% for the cellulose reference material.