ID: MRFR/PNT/0969-HCR | 115 Pages | Published By Snehal Singh on March 2023
The market size of bioplastic packaging is anticipated to reach USD 8,20 million by the year 2030 and register a CAGR of 15.30% during the forecast period of 2030.
Packaging materials made by bioplastics could be processed with all traditional plastics-making technologies. Special machines are not required to generate these plastics. The processing parameter is adjusted fully based on the material used to make bioplastic. A broad range of materials suitable for high numbers and several applications has developed and improved within a short period, and currently, the quality of bioplastics for packaging material could be easily compared to that of already established traditional products. The bioplastic packaging market size is anticipated to reach USD 8,.20 million by the year 2030 and register a CAGR of 15.30% during the forecast period of 2030.
Bioplastic packaging material helps to increase the consumption time of the product. This packaging has a unique property called antimicrobial coating which helps the product to stay longer with good quality. This is highly demandable because of its benefits and nature. The market trend is high due to its demand.
Among the coronavirus pandemic, the increasing rise of the bioplastic packaging market has been extremely dwarfed. The supply chain disturbance, raw material cost, and the global lockdown have highly affected the increasing market growth before the outbreak of the pandemic strike.
Additionally, changes in customer preference during the pandemic need an action regarding the assumption of bioplastics for one-use food material packaging. Polylactide is expected to evident considerable growth for large production sustainability, performance proportional to petroleum type thermoplastics, and carbon-objective life cycle in the bioplastic packaging market survey throughout the forecast period. The COVID-19 crisis didn’t impact the market size and market trend of the bioplastic packaging market due to its demand and increasing growth.
The increasing assumption of bioplastic packaging solutions, because of their nature and benefits like eco-friendliness and renewable, biodegradable type, is a major factor that is expected to drive the extension of the market globally during the forecast period. Additionally, the increasing customer choice for green products across synthetic derivatives substance in chemicals is the other factor that is anticipated to drive the extension of the market growth.
In addition, increase R&D activities and capital funding from the manufacturer of food and beverage industries like PepsiCo and Coca-Cola company are other key factor that is expected to drive the evolvement of the market in the upcoming years. The bioplastic packaging market is an increasing assumption because of its biodegradable nature. The market trend of the bioplastic packaging is raised and the market share is also increased significantly because of its unavoidable demand.
Chemical producers have raised their investments in developing bio-oriented chemicals with the primary target of decreasing dependence on petroleum chemical feed merchandise, which is anticipated to rise the availability of raw elements for bioplastic packaging materials. The garment industry is expected to be a profitable application for the market of bioplastic packaging in the credit of raising awareness about the location of environmental security practices.
The increased usage of bioplastic packaging by the consumers will offer massive extended opportunities, the cost is very high regarding the production of bio-based plastic packaging materials. The market opportunities provide a mutual benefit to the seller as well as the consumer. Due to its demand and requirement, the market size is rising gradually. The fast-growing market of bioplastic packaging increases the value of a market share.
Increasing utilization of agro-based components especially raw materials is majorly hindering the rise of the bioplastic packaging market. Bioplastic packaging is very expensive, which is the main factor affecting the growth of the bioplastic packaging market.
Even though bioplastic is renewable and biodegradable, it couldn’t degrade as like organic materials. The molecular structure of the bioplastic is very complicated and is not much attractive as a normal plastic molecular structure. The physical attributes of plastics and the renewability, biodegradability of the bio-based components used in the manufacture of bioplastics leads to huge cost and this makes a buyer feel quite expensive.
The high difficulty associated with the manufacture of bioplastic packaging products from the raw components of agro-based origin is expected to challenge the extension of the market. Raised crude oil & natural gas manufacturing in the Russia and Middle East firms leading to decrease oil prices is expected to have a contrary impact on the market of bioplastic packaging in the upcoming years.
The bioplastic materials users mistakenly recycle the material, which causes the pollution of air and water. The product made from bioplastic sometimes confuses the customer because they are renewable, they throw the waste into recycling baskets. They cause annoying to the waste management firms.
Plastic packaging is widely used in various levels of application like Fast Moving Consumer Goods, food and beverages, consumer goods, pharmaceutical industries, etc. This raised usage of plastic in the various application is accountable for increasing plastic pollution. Hence, recycling and renewable plastic are attractive which is very important for sustainability and innovation. Additionally, conventional plastic is anticipated to reach more cost-effective shortly with decreasing sources of raw material. The market size of bioplastic packaging was at USD 13.5 Billion in the year 2019 and is anticipated to reach USD 36.3 billion by the year 2027 and register a CAGR of 14.5% during the forecast period of 2027.
In the last couple of years, bioplastic has controlled plastic manufacturing companies over innovation for many resource materials, functionality, efficiency, and sustainability. The bioplastic packaging market trend is playing an important role to raise recycling goals and waste management facilities by replacing petroleum components with renewable component sources. Bioplastics are produced using sustainable plant-based sources which provide low toxicity, improved recyclability, and a large cycle of bio-degradability. These major factors are having a considerable impact on the raise of bioplastic packaging market growth.
Stringent government rules and regulations against the usage of non-recyclable plastics are increasing the market growth of bioplastic packaging. For example, in the year 2008, the government of China launched a unique scheme to ban plastic covers and bags, they concentrate on bioplastic materials for packaging. The huge growth in the usage of liquid refreshments and innovative packaging solutions are anticipated to drive the bioplastic packaging market growth and market trend.
In addition, rising awareness about renewable packaging among the customers and the enormous availability of unprocessed material in growing economies have an affirmative influence on the rise of the market growth. Contrarily the cost of bio-oriented materials is very high that may hinder the increasing growth of the bioplastic packaging market share. Additionally, high complications associated with the manufacture of bioplastic packaging products through agriculturally based unprocessed materials are anticipated to restrict the market growth.
The regions involved in the production of bioplastic packaging materials and leading key market players are from the regions like North America, Europe APAC, and the other parts of the World. Extension of the international bioplastics packaging market in the above-mentioned regions is inherent to the standing of their corresponding Food and Beverages industries.
In the market of bioplastics packaging, the region of Europe is expected to be the leading region in the international market over the forecast period. Asia-Pacific and North America will be the next profitable regions in the international bioplastics packaging market growth. Japan, China Germany, and the United States will show an exceptional rise in the market of bioplastics packaging.
In 2018, the bioplastic manufacturer named FKuR introduced a new Bio-Flex formula Blends for domestic biodegradable films and material for packaging. It faces the strict demand of the French Energy Transforming Act for plastic bags. The advanced Bio-Flex blends are structured for the manufacture of low-meter films that will be compostable completely in garden waste at low and different temperatures.
In 2017, the firm Biome Bioplastics, the United Kingdom-oriented market is a growing developer of natural plastics, and intelligent bio-based plastics has developed a material from plant-based resources deliberated for the production of carry-off beverage cups. The firm has introduced a wide variety of biological-based plastics for lids and cups to enable dealers and packaging producers to offer customers a more dependable option.
This report has covered:
|Market Size||USD 8,371.20 million|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE, Dow Chemical Company, Koninklijke DSM N.V., Eastman Chemical Company, IFS chemicals, NatureWorks LLC, Metabolix Inc., Arkema Group, Novamont S.p.A., Albis Plastics, Innovia Films, Biome Bioplastics Limited., FKuR Kunststoff, Grace Biotech, and DaniMer Scientific LLC|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Major types of bioplastic packaging include bio-PET, PLA, PBS, bio-PP, and others.
Major applications of bioplastic packaging include plastic bottles, packaging, and others.
Growing government regulations against the use of non-recyclable plastic materials are likely to be a major driver for the bioplastic packaging market.
Europe dominates the global bioplastic packaging market due to the widespread adoption of green solutions in a number of end use sectors.
Leading players in the bioplastic packaging market include Grace Biotech, BASF, and Dow, among others.
The market size of bioplastic packaging is anticipated to reach USD 36.3 billion by the year 2027 and register a CAGR of 14.5% during the forecast period of 2027.