Bioplastic Packaging Market Information and Industry Analysis by Type (Bio-PET, PLA, PBS, Bio-PP, and Others), Application (Plastic Bottles, Containers, and Others), and Region, Competitive Market Size, Share, Trends and forecast for 2030
New York, USA, November 23, 2022 (GLOBE NEWSWIRE) — Bioplastic Packaging Market Overview
According to a comprehensive research report from Market Research Future (MRFR), “Bioplastic packaging market Information by type, application and region: forecast to 2030”, the market is estimated to grow at a CAGR of 15.30% to reach $8,371.20 million by 2030.
Due to its minimal environmental impact, increasing attention to sustainability and recycling, government emphasis on effective packaging management, growing consumer awareness, and expanding single-use plastic bans, the solutions Bioplastic packaging is being used more and more in packaging. Bioplastic is a collection of biodegradable polymers produced from renewable resources. Due to their negative effects on the environment and the excessive reliance on the oil and gas industry for raw materials such as naphtha, conventional plastics pose a risk to human health. Among other things, conventional plastic is frequently used to package food, electronics, and housing.
This damages the ecosystem and causes an increase in terrestrial and marine pollution. Products built with bioplastic are generally created using renewable ingredients, such as cellulose and starch. Furthermore, through the enzymatic action of microbes, biodegradable plastic can be broken down into inorganic components, including CO2, methane, and water. Due to the substantial amount of bio-based material used in these products and the ability to blend them with suitable traditional PE and PET recycled materials, resource efficiency has increased significantly while carbon dioxide emissions have decreased.
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Scope of the report:
|Market size in 2030||USD 8,371.20 Million|
|forecast units||Value (millions of USD)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|segments covered||By type, application and region|
|Geographies covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||The growing assumption of bioplastic packaging solutions, due to its nature and benefits.|
|The growing choice of customers for organic products through synthetic derivatives in chemical products is the other factor.|
Market Competitive Landscape:
The prominent competitors in the bioplastic packaging market are:
- Eastman Chemical Company
- Novamont SpA
- Biome Bioplastic Limited
- limited liability company
- Koninklijke DSM NV
- Grace Biotechnology
- FKuR Kunst Stoff
- DaniMer Scientific LLC
- IFS chemicals
- Metabolix, Inc.
- dow chemical company
Covered USP Market:
Due to its characteristics and advantages, such as environmental, renewable and biodegradable type, bioplastic packaging solutions are becoming more and more popular. This is a key factor that is anticipated to drive market growth globally over the course of the forecast period. Another aspect that is expected to contribute to the continued expansion of the market is the growing preference of consumers for organic products over synthetic versions of chemical products. Rigid bioplastics are used for the packaging of creams, compact powders, lipsticks and beverage bottles. A wide range of applications expands the potential of the suit. Bio-based materials such as PET, PLA or PE are used in this section.
An additional important aspect that is anticipated to drive future market developments is an increase in R&D activities and financial investments by food and beverage producers. Due to the biodegradable nature of bioplastic, the packaging market for this material is expected to grow. Depending on the need, there are various thermoplastic packaging alternatives available for use in the food and beverage business. To meet specific preservation needs and needs, bioplastic packaging is a sophisticated and easily flexible solution. The useful life of the products is prolonged with the use of bioplastics. This is due to features like its antibacterial cover. Due to their distinct qualities, bioplastics are expected to replace traditional plastic packaging in various industries. Packaging made from bioplastics have the same characteristics as traditional plastics but also have some additional benefits.
The considerable difficulty in producing bioplastic packaging from raw materials of agricultural origin is expected to hamper the growth of the market. Going forward, the bioplastics packaging market is expected to be negatively affected by increased crude oil and natural gas production in the Middle East and Russia.
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The COVID-19 epidemic has significantly slowed down the growth of the bioplastic packaging market. Prior to the pandemic, supply chain disruption, rising commodity prices, and statewide lockdowns negatively influenced the expanding market. Furthermore, activities related to the introduction of bioplastics for single-use packaged foods are necessary due to changes in consumer behavior brought about by the COVID-19 pandemic. Due to its high production feasibility, performance on par with petroleum-based thermoplastics, and carbon-neutral life cycle in the market under study during the forecast period, polylactide (PLA) is anticipated to experience substantial growth.
Furthermore, the use of bioplastics for single-use food material packaging requires attention due to changes in customer desire during the pandemic. Over the projected period, polylactide is anticipated to show significant growth due to its large-scale sustainability, performance comparable to petroleum-based thermoplastics, and carbon target life cycle. Due to increasing demand and market expansion, the COVID-19 issue had little effect on the size and trajectory of the bioplastics packaging market.
By application, the market includes plastic bottles and containers. The market includes PLA, PBS, Bio-PET, and Bio-PP by type.
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With the largest market for bioplastics in the world, Europe consolidated its position as the global center of the industry and ranked first in research and development. Europe is home to a quarter of the world’s bioplastic production capacity. In addition, customers in the area are increasingly aware of how plastic and non-biodegradable packaging affect the environment. This nation has a growing demand for green packaging, particularly packaging made from bioplastics. Furthermore, the market for bioplastic packaging is expected to expand due to the growing popularity of nutrient-dense foods and European efforts to control the use of polymers in food packaging.
Bioplastic packaging is frequently used to produce bottles, jars and containers, as well as to package fresh food. The growing popularity of Indian supermarkets, arcades, chain retailers and internet shopping in the APAC area has increased the demand for handbags. Single-serve cups and utensils have seen a lot of development due to the expanding trends of outdoor dining, quick-service restaurants, and mall food. Due to the expansion of the automotive industry in India, bioplastic bags are also used for commercial purposes, industrial packaging of automotive components and dust covers.
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