Bioplastic Packaging Market Size to Hit Around USD 58 BN by 2032

According to Precedence Research, the global bioplastic packaging market size is expected to hit around USD 58 billion by 2032 and it is poised to reach at a registered CAGR of 14.02% from 2023 to 2032.

Tokyo, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The global bioplastic packaging market size was valued at USD 15.6 billion in 2022. Bioplastic packaging solutions are being utilized more frequently because of their low environmental impact, growing emphasis on sustainability and recycling, government emphasis on efficient packaging management, rising consumer awareness, and extending restrictions on single-use plastics. A group of biodegradable polymers created from renewable resources is known as bioplastic. Conventional plastics are hazardous to human health because of their harmful environmental effects and excessive reliance on the petroleum and gas industries for raw ingredients like naphtha. Traditional plastic is extensively used for various purposes, including packaging electronics, food, and casings.

It damages the environment and increases pollutants on land and in the ocean. Bio-plastic products are typically produced utilizing renewable materials like cellulose and starch. Additionally, biodegradable plastic can degrade into inorganic substances like CO2, methane, and water owing to the enzymatic activity of bacteria. Resource efficiency has dramatically improved, while carbon dioxide emissions have decreased due to the significant utilization of bio-based material in these products and the potential for blending them with acceptable recycled materials from conventional PE and PET.

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Report Highlights

  • By material, biodegradable plastics accounted for 53% of the share of revenue in the year 2022. Starch blends are an excellent substitute for traditional plastics since they are readily available in large quantities. Increasing product demand across various applications, including packaging, agriculture, transportation, electronics, and textiles, will fuel segment expansion.
  • By type, the flexible packaging category held the most significant market share of 57% in 2022. Consumers want lightweight and aesthetically pleasing packaging, especially in North America and Europe. Innovations in packaging techniques and advancements in bioplastic production methods will likely increase demand for flexible packaging's bioplastics.
  • By application, the food and beverage sector held the most significant market share in 2022, accounting for 59%. The market is being driven by the increased prominence of quick-service restaurants and the demand for packaged food. The industry for flexible packaging will likely grow during the forecast period.

Regional Snapshot

In terms of revenue, the bioplastics packaging market in Europe held the highest share (33.5%) in 2022. Due to strict environmental legislation and rising consumer concern for the environment, the region will likely experience significant growth in the years to come.

Government initiatives will also increase bioplastic demand over the evaluation period, such as the decision of the EU to lessen the widespread use of single-use plastic products. The European Parliament decided to ban single-use plastic products like cutlery and straws in 2019 as part of a comprehensive rule against plastic rubbish that damages beaches and pollutes waterways. In July 2021, a ban on single-use plastics will likely go into effect.

Bioplastic is used in many critical applications, including bottles, loose packaging, shopping bags, mulch films for agriculture, and refuge bags. In the European Union, almost 100 billion bags are used annually. All around Europe, consumers are accepting bioplastics.

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Scope of the Report

Report AttributesDetails
Market Size in 2022USD 17.79 Billion
Revenue Forecast by 2032USD 58 Billion
CAGR14.02 % from 2023 to 2032
Europe Market Share34% in 2022
North America Market Share29% in 2022
Base Year2022
Forecast Year2023 to 2032
Key PlayersNovamont S.p.A, Coveris, Amcor Plc., NatureWorks, LLC., Alpha Packaging, Sealed Air, Mondi, Constantia Flexibles, ALPHA, Transcontinental Inc. and others

Market Drivers

The use of bioplastics as an alternative to conventional and petrochemical-based plastic products is receiving increased support from governments worldwide, further adding to income creation prospects in the worldwide bioplastic packaging market. Additionally, the increasing demand for innovative and sustainable solutions from the worldwide bioplastic packaging market is being brought on by the growing public's awareness of the environmental impact of traditional and single-use plastic packaging solutions. Additionally, the increasing use of the goods and services provided by the industry's top players in bioplastic packaging is being supported by the growing restrictions numerous governments impose on using single-use plastics for packaging.

The COVID-19 epidemic had a substantial negative impact on the expansion of the flexible plastic packaging sector. In the event of a pandemic, many nations went into lockdown to stop the rising number of cases. The result has been a disruption in the demand and supply chains, which has impacted the global market. Due to the pandemic crisis, several manufacturing facilities, operations, and infrastructure projects had to be suspended.

The epidemic and fluctuating costs of the essential raw materials required to create packaging slowed the market's growth. Positively, things are returning to normal, which may pave the way for a quick market rebound.

Market Restraints

The significant difficulty in creating bioplastic packaging from agriculturally sourced raw materials will likely hamper the market expansion. Future growth in the production of natural gas and crude oil in the Middle East and Russia will likely have a detrimental effect on the market for bioplastic packaging.

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Recent Developments

  • In July 2021, TIPA Corporation Ltd. teamed up with Amcor to produce compostable packaging in New Zealand and Australia to reduce trash. In exclusive cooperation with TIPA, Amcor will produce, provide, and distribute the product, including fresh food and bakery goods, and eliminate the need for conventional plastic bags and packaging from the waste stream.
  • In Jan 2021, the biobased offering of Taghleef Industries now included a new selection of bio-based polypropylene (PP) films. The bio-based alternatives to films made from fossil fuels offered by Taghleef are biodegradable packaging possibilities. The biobased PP films from Ti that have received ISCC Plus certification can be used for the same packaging and labeling as standard grades made from fossil-based raw materials.
  • In Sep 2020, PSI announced a partnership with Danimer Scientific, a developer, and producer of biodegradable materials to create bio-based, compostable films. Danimer Scientific provided materials that PSI hoped to employ to generate packaging sheets that can reliably break down without producing dangerous microplastics.

Market Segmentation

By Material

  • Biodegradable
    • Starch Blends
    • PolylacticAcid
    • Polybutylene Succinate (PBS)
    • PolybutyleneAdipate Terephthalate (PBAT)
    • Others
  • Non-biodegradable
    • Bio Polyethylene Terephthalate
    • Bio Polyethylene
    • Bio Polyamide
    • Others

By Type

  • Rigid Packaging
  • Flexible Packaging

By Application

  • Consumer Goods
  • Food & Beverages
  • Pharmaceuticals
  • Cosmetic & Personal Care
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa

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