Bioplastics are bio based plastics that are either made up of food material of corn, sugarcanes soybeans or by non-food materials such as sawdust, weeds, beans, peel, and husk. Bioplastics may be biodegradable or non-biodegradable in nature. Bioplastics are being extensively preferred as they reduce the carbon footprint and prevent landfill issues. A new research report by Future Market Insights focusses on analysing the complete market scenario of the global bioplastics for packaging market.
The bioplastics for packaging market is estimated at USD 10.5 billion in 2022 and is projected to reach USD 16.6 billion by 2027, at a CAGR of 9.5% from 2013 to 2021.
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The study conducted by FMI estimates that the bioplastics for packaging market will expand 1.7 times of base year value during the forecast period which is expected to generate lucrative investment opportunities for the manufacturers.
The bioplastics for packaging market analysis shows that global consumption of overall bioplastics for packaging is forecasted to increase at a year-on-year (YoY) growth of 10.3% in 2022. The films segment in the global bioplastics for packaging market is expected to hold a market share of 40.8% by 2027.
Global Bioplastics Packaging Market: Dynamics
More than 200 mn tonnes of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focussing on increasing the use of use of bioplastic packaging, which can reduce this plastic waste to a great extent. PLA, which is a biodegradable plastic developed by NatureWorks LLC., is highly supported by the U.S department of energy.
Government organizations across the globe are working in partnership with private sector companies that focus on manufacturing bioplastics packaging products. The government has also exempted tax on bioplastic resin manufacturing. This move is anticipated to promote the growth of the packaging market across many regions. The U.S government is passing new bills such as the Federal Farm Bill Energy title 9, which encourages sale of bioplastics items.
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However, a lack of proper compositing grounds is expected to hinder revenue growth of the market. Bioplastics do not get the required environment for their degradation everywhere. Bioplastics require the presence of microorganisms at a high temperature for degradation. Microbes break down bioplastics into CO2, H2o, and CH4. There are different types of decomposition based on bioplastic composites, such as soil biodegradable, marine biodegradable, anaerobically digestible, and home compostable.
Global Bioplastics for Packaging Market: Segmental Analysis
· Based on region, North America is expected to lead the market with the highest market value and the fastest market growth of 14.6% during the forecast period. However APEJ is also progressing and is expected to project a high CAGR during the period of assessment.
· Based on material type, Bio PET is expected to exhibit the highest market value of over US$ 4,600 Mn by the end of 2027. However, the starch blends segment is expected to witness the fastest growth rate during the forecast period.
· Based on application type, the films segment is anticipated to dominate the global market with the maximum market size of over US$ 6,300 Mn by the end of 2027.
· Based on end use, the food and beverage industry is projected to witness the fastest growth and highest market value during the forecast period. In terms of growth, the consumer goods segment is behind the food and beverage segment.
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Global Bioplastics for Packaging Market: Competitive Landscape
This research report on the global bioplastics for packaging market includes a brief profile of all the major players in the industry. Some of these key players mentioned in the report are Amcor Limited, Berry Global, Inc., BARBIER GROUP, Jolybar GROUP, Virent, Inc., Biome Bioplastics Limited, Plastipak Holdings, Inc, Toray Industries Inc., SECOS Group Limited etc.
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