New York, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Bioplastic Packaging Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bioplastic Packaging Market Information By Type, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 15.30% CAGR to reach USD 8,371.20 Million by 2030.
Market Synopsis
Due to their minimal environmental impact, growing attention on sustainability and recycling, government emphasis on effective packaging management, growing consumer awareness, and expanding single-use plastic prohibitions, bioplastic packaging solutions are increasingly being used in packaging. Bioplastic is a collection of biodegradable polymers produced from renewable resources. Due to their negative effects on the environment and overdependence on the petroleum and gas industry for raw materials like naphtha, conventional plastics pose a risk to human health. Among other things, conventional plastic is frequently used for packaging food, electronics, and casings.
This hurts the ecosystem and causes an increase in the land- and marine-based pollution. Products constructed of bio-plastic are typically created using renewable ingredients, such as cellulose and starch. Additionally, by the enzymatic action of microbes, biodegradable plastic can break down into inorganic components, including CO2, methane, and water. Due to the substantial amount of bio-based material used in these goods and the possibility of blending them with suitable recycled materials from traditional PE and PET, resource efficiency has significantly increased while carbon dioxide emissions have dropped.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 8,371.20 Million |
| CAGR | 15.30% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| 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 increasing assumption of bioplastic packaging solutions, because of their nature and benefits. |
| The increasing customer choice for green products across synthetic derivatives substance in chemicals is the other factor. |
Market Competitive Landscape:
The noteworthy contenders in the bioplastic packaging market are:
- Eastman Chemical Company
- Novamont S.p.A
- Biome Bioplastic Limited
- BASF SE
- NatureWorks
- Limited Liability Company
- Koninklijke DSM N.V.
- Grace Biotech
- FKuR Kunst Stoff
- DaniMer Scientific LLC
- IFS Chemicals
- Metabolix, Inc.
- The Dow Chemical Company
Market U.S.P. Covered:
Market Drivers:
Because of their characteristics and advantages, such as environmental and renewable, biodegradable kind, bioplastic packaging solutions are becoming increasingly popular. This is a key driver that is anticipated to propel the market's growth globally throughout the course of the projected period. Another aspect projected to contribute to the market's continued expansion is the growing consumer preference for eco-friendly goods over synthetic versions of chemicals. For the packaging of creams, compact powders, lipsticks, and beverage bottles, rigid bioplastics are employed. A wide range of applications expands the potential for demand. Materials like bio-based PET, PLA, or PE are employed in this section.
An additional important aspect anticipated to propel market evolution in the future is an increase in R&D activities and financial investments from the producers of food and beverages. Due to bioplastic's biodegradable nature, the packaging market for this material is expected to grow. Depending on the need, various thermoplastic packaging alternatives are available for use in the food and beverage business. To satisfy specific preservation and need needs, bioplastic packaging is a sophisticated and easily flexible solution. Products' shelf lives are extended with the use of bioplastics. This is because of features like its antibacterial covering. Due to their distinct qualities, bioplastics are anticipated to replace traditional plastic packaging in several industries. Packaging made of bioplastics has the same features as traditional plastics but also has some additional benefits.
Market Restraints:
The considerable difficulty in producing bioplastic packaging from raw materials of agricultural origin is anticipated to hinder the market's growth. In the future, the bioplastic packaging market is anticipated to be negatively impacted by increased production of crude oil and natural gas in the Middle East and Russia.
Browse In-depth Market Research Report (115 Pages) on Bioplastic Packaging: https://www.marketresearchfuture.com/reports/bioplastic-packaging-market-1498
COVID 19 Analysis
The COVID-19 epidemic has significantly slowed down the market's growth for bioplastic packaging. Before the pandemic, the supply chain interruption, raw material price increase, and the statewide lockdown significantly negatively influenced the expanding market. Furthermore, activities regarding introducing bioplastics for single-use packaged foods are necessary due to changes in consumer behavior brought on by the COVID-19 pandemic. Due to its high production viability, performance on par with thermoplastics made from petroleum, and carbon-neutral life cycle in the market under study over the projected period, polylactide (PLA) is predicted to experience substantial growth.
Additionally, the use of bioplastics for single-use food material packaging requires attention due to changes in customer desire during the pandemic. Throughout the projected period, polylactide is anticipated to show significant growth due to its large-scale sustainability, performance comparable to thermoplastics made from petroleum, and carbon-objective life cycle. Due to rising demand and market expansion, the COVID-19 problem had little effect on the size and trajectory of the bioplastic packaging market.
Market Segmentation
By application, the market includes plastic bottles and packaging. The market includes PLA, PBS, Bio-PET, and Bio-PP by type.
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Regional Insights
With the largest market for bioplastics in the world, Europe consolidated its position as the industry's global hub and ranked first in research and development. Europe is home to one-fourth of the world's bioplastics production capacity. Additionally, the area's customers are becoming increasingly aware of how plastic and non-biodegradable packaging affects the environment. This nation has a growing demand for eco-friendly packaging, particularly packaging made of bioplastics. Additionally, it is anticipated that the market for bioplastic packaging will expand due to the increased popularity of nutrient-dense foods and European efforts to control the use of polymers in food packaging.
Bioplastic packaging is frequently used for producing bottles, jars, and containers, as well as for packaging fresh foods. The growing popularity of supermarkets, arcades, retail chains, and internet shopping in India in the APAC area has increased demand for bags. Single-serve utensils and cups saw tremendous development due to the expanding trends of eating food outside, quick-service eateries, and food malls. Due to the expansion of the automotive industry in India, bioplastic bags are also utilized for commercial purposes, industrial packaging of automotive components, and dust coverings.
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