SEATTLE, Jan. 25, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the bioplastic packaging market was valued at US$ 3.93 billion in 2016 and is projected to exhibit a CAGR of 27.74% over the forecast period (2017–2025). Bioplastic packaging is increasingly being adopted by both manufacturers and consumers due to its eco-friendly properties and enhanced product performance over conventional plastic.
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Key Trends and Analysis of the Bioplastic Packaging Market:
- Among product types, bio-PET was the largest segment in 2016. The segment was valued at US$ 0.95 billion in 2016 and is expected to reach US$ 8.76 billion by 2025. New product launches by industry players is expected to aid in growth for the market. For instance, in 2016 Avantium and BASF SE entered into a joint venture for the production and marketing of polyethylenefuranoate (PEF). The production of PEF will be done from fructose, which is a renewable raw material.
- Among applications, food and beverages segment accounted for over 75% of the market share. This can be attributed to increased demand for bio-PET bottles for soft drink packaging. PepsiCo — a major manufacturer of conventional PET bottles — entered into an agreement with Danimer Scientifics to meet the former’s sustainable packaging needs by development of biodegradable resins.
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Key Market Takeaways:
- Europe accounted for the largest revenue share in the global bioplastic packaging market, followed by North America in 2016. This is owing to favorable government policies such as banning of conventional plastic bags. France under its Energy Transition for Green Growth Act, banned conventional plastic bags in fruits and vegetables packaging, which was effective from January, 2017.
- Asia Pacific accounted for approximately 50% of the world’s bioplastic manufacturing capacity, according to the European Bioplastics Organization. In China, the State Grain Bureau in 2017 announced a five year plan, to boost the production of bioplastic from surplus corn production. Moreover, Jilin province in China has banned the use of conventional plastic bags since 2014.
- Major players in the market include NatureWorks LLC, DowDuPont Inc., BASF SE, Novamont S.p,A, Innovia Films Ltd., Arkema S.A., and Braskem S.A.
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