Global Bioplastic Packaging Market by Types, Products, Applications, and Region — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Bioplastic Packaging Market is valued to reach USD 38.28 Billion by 2025, growing at CAGR of 16.2% over the forecast period 2020–2026. The key factors driving the market are increasing consumer awareness towards eco-friendly products, increase the demand for convenience foods and growing applications in textile, electronics, chemical, food & beverage industries.

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Bioplastics are developed using biodegradable feedstock to reduce the problems caused by conventional plastics. The demand for conventional plastics is declining continuously because they are harmful to the environment. Furthermore, it is extensively dependent on the oil and gas industry for raw materials. Thus, the demand for the bioplastics is increasing continuously. According to the Market Research Future, the global bioplastic packaging market is thriving and is likely to gain further over the forecast period. The global bioplastic packaging market is forecasted to demonstrate an exponential growth by 2026, exceeding its previous growth records in terms of value with a considerable CAGR during the estimated period (2020–2026).

Strict government guidelines against the consumption of non-recyclable plastics are fueling the growth of the market. For instance, in 2008, the China government launched a policy to ban plastic bags and focus on bioplastic products for packaging. High growth in the consumption of beverages and inventive packaging solutions are also expected to drive the market. Moreover, increasing awareness about sustainable packaging among the consumers and abundant availability of raw material in emerging economies have a positive influence on the growth of the market. Whereas the high cost of bio-based materials may hamper the growth of the market. Also, high complexity associated with the production of bioplastic packaging materials through agro-based raw materials is expected to challenge the market growth.

Market Trends, Drivers, Restraints, and Opportunities:

Increasing consciousness among people regarding the ill effects of plastic on the environment is fueling the demand for the sustainable packaging.
Governments are supporting the manufacture and use of bioplastic packaging, as they are eco-friendly. This, in turn, is boosting the growth of the bioplastic packaging market.
Bioplastic packaging is costly, which is likely to restrain market growth.
Rise in use of agro-based raw materials is also likely to hamper the growth of the bioplastic packaging market.
New technology and advancements in packaging are expected to create opportunities in the bioplastic packaging market.