Global Bioplastic Packaging Market
As stated in our extensive report; the Global Bioplastic Packaging Market accounted for USD 7.5 Billion in the year 2021 and is forecast to reach USD 16.9 Billion by 2028 at a CAGR of 12.4%.
Bioplastics are a unique type of plastic produced using renewable, biodegradable materials like acids, cellulose, starches, oils, fats, and straws. They are biodegradable and currently consumed in various industrial sectors, including the consumer products, pharmaceutical, and food and beverage industries. The growing consumer preference for recyclable and eco-friendly materials is the primary factor driving market growth. Other factors include:
- The increasing downsizing of packaging.
- The rise of non-biodegradable materials.
- The growing public awareness of environmental health issues like soil pollution.
- The rising demand of consumers for the use of green packaging.
- The surging public awareness of the adverse effects of plastics.
- The advancement of new technologies and innovations.
In addition, the packaging industry’s continued modernization and technological advancements and the e-commerce sector’s continued expansion will expand the market for Bioplastic Packaging during the forecast era.
Factors Influencing Global Bioplastic Packaging Market Growth
The growth of the global Bioplastic Packaging market can be attributable to the following:
- Rising demand from the flexible packaging sector, rising renewable and bio-based product consumption, and special qualities of bioplastic, such as its ability to decompose more quickly than plastic, all contribute to the market development for Bioplastic Packaging.
- The growing demand for innovative and sustainable solutions from the global Bioplastic Packaging market is also being driven by the increased awareness among the general public regarding the environmental effect of conventional and single-use plastic packaging solutions.
- Flexible packaging is in high demand, particularly for beverages and snacks. Modern retail trades, customer lifestyle changes, technological advancements, and the rising popularity of quick-service restaurants are all responsible for the increase in demand. In turn, this is fueling the expansion of the global industry.
- The growing use of the goods and services provided by the industry’s top players in Bioplastic Packaging is also supported by the increasing restrictions imposed by various governments around the globe on the use of single-use plastics for packaging.
- Using bioplastics as an alternative to conventional and petrochemical-based plastic products as packaging is receiving growing support from governments worldwide, creating significant revenue creation prospects in the global Bioplastic Packaging market.
On the other hand, recycling plastic packaging trash can be a time-consuming process that calls for cutting-edge equipment and infrastructure. Moreover, this laborious process necessitates personnel expertise, which could result in slowed global market development.
Europe Region to Take Over the Market
The European region is anticipated to lead the global Bioplastic Packaging market due to the expansion of laws governing environmentally friendly practices and the general public’s growing concern. The value of the European Bioplastic Packaging market is likely to rise due to numerous government initiatives, including the UE’s choice to reduce the total consumption of single-use plastic products. For instance, the majority of the EU parliament decided in 2019 to outlaw single-use plastic items like straws and cutlery to protect beaches and prevent ocean pollution. According to studies, bioplastics are increasingly being preferred by consumers for use in commonplace products like bottles, bags for groceries, shopping bags, loose packaging, and films for farming mulch.
The increasing concerns and regulations regarding the use of plastics from various authorities have favorably impacted the overall Bioplastic Packaging market sales.
The well-known players of the Global Bioplastic Packaging Market include Amcor PLC (Australia), Novamont S. P. A (Italy), Nature Works LLC (United States), Coveris (U.K.), Sealed Air (U.S.), Alpha Packaging (U.S.), Constantia Flexibles Group GmbH (Austria) and others.