The global bioplastics packaging market is anticipated to boosting due to the rising clamor for sustainable and affordable packaging, and initiatives by governments in different countries to promote bioplastics packaging
bioplastics packaging
The global bioplastics packaging market size likely to grow at a CAGR of over 37.6 % during the forecast period, 2020-2027. The key factors are the shift in consumer preference toward environmentally friendly plastic. Further, the growing applications of bioplastics packaging for effective packaging due to the huge availability of degradable and renewable-based raw materials that are needed in the production of bioplastics packaging will spur the growth of the market. Additionally, the increasing awareness among the global population about the adverse effects of conventional plastics, which has led to consumers and regulatory bodies opt for bioplastics will propel the growth of global bioplastics packaging market size in the coming years. The consumers’ deep inclination towards eco-friendly products and favorable support from industrial regulatory bodies and governments will augment the global bioplastics packaging industry in the forecast span.
Moreover, the strict government guidelines against the consumption of non-recyclable plastics would foster the growth of the bioplastics packaging industry in the upcoming years. Furthermore, the shift in consumer preference toward eco-friendly packaging products and growing use in food packaging & consumer goods applications in emerging markets will bolster the global bioplastics packaging market in the projected periods. Additionally, the packaging manufacturers are receiving support from government organizations to promote the development of bioplastics, and manufacturers of packaging products have even received corresponding government subsidies.
Type Overview in the Global Bioplastics Packaging Market
Based on the type, the global bioplastics packaging market segregated into Bio-PET, Poly Lactic Acid (PLA), PBS, Bio-PP, and Others. The Bio-PET segment will be the fastest-growing segment in the forecast period. It is attributable to the growing usage of Bio-PET in the production of bottles for beverages. The packaging of cosmetics and flexible bioplastic packaging is useful in the packaging of fruits and vegetables to increase shelf life.
Poly Lactic Acid (PLA) anticipated growing with a significant CAGR due to the incorporation of nanotechnology-based packaging that makes them environmentally safe and ensures the safety of products.
Application Overview in the Global Bioplastics Packaging market
By the application, the global bioplastics packaging market segmented into plastic bottles, packaging, and others. The packaging segment is expected to rise at the highest CAGR during the forecast period owing to surge in applications of bioplastics packaging is used for cosmetics packaging of compact powders, lipsticks, and creams, beverage bottles, sparkling drinks, and other non-gaseous fluids and solutions.
End-User Industry Overview in the Global Bioplastics Packaging Market
Based on the end-user industry, the global bioplastics packaging market segmented into food and beverages, consumer goods, pharmaceutical, and others. The food and beverages segment accounted for a larger market share in 2019 and projected to lead the market by 2027. Due to the growing demand for bioplastic packaging in the food and beverage industry, manufacturing firms shift towards biodegradable packaging options, especially for organic food and premium and customized products with specific requirements.
Regional Overview in the Global Bioplastics Packaging Market
By geography, the global bioplastics packaging market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe holds the maximum revenue share in 2019. Due to the strict regulations against consumption and intake of non-recyclable non-biodegradable plastics, helpful government policies for supporting the bio-based economy and inspires public authorities, along with getting the popularity of sustainable packaging in the manufacturing business.
Global Bioplastics Packaging Market: Competitive Landscape
Companies such BASF SE, Dow Chemical Company, Koninklijke DSM N.V., Eastman Chemical Company, IFS chemicals, NatureWorks LLC, Arkema Group, Metabolix Inc., Novamont S.p.A., Albis Plastics, Innovia Films, Biome Bioplastics Limited., FKuR Kunststoff, Grace Biotech, and DaniMer Scientific LLC are the key players in the global bioplastics packaging market.
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