PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628897
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628897
Bioplastics for Packaging Market size was valued at USD 18,514.5 Million in 2023, expanding at a CAGR of 17.60% from 2024 to 2032.
Bioplastics are a class of biodegradable polymers made from renewable resources. They are thought to be strong materials that will soon take the place of traditional polymers made from petroleum. Due to rising demand from the flexible packaging sector and rising consumption of renewable and bio-based materials, the global bioplastics for packaging market is anticipated to expand substantially throughout the projected period. Furthermore, bioplastics have amazing qualities, including a lower carbon footprint and a quicker rate of degradation than traditional plastics. Growing government initiatives and rising consumer goods sector demand will contribute to long-term market expansion.
Bioplastics for Packaging Market- Market Dynamics
Environmental Concerns Are Driving a Shift in Packaging Trends Toward Sustainable Options
It is anticipated that rising public awareness of environmental sustainability will fuel the expansion of the worldwide market for bioplastics for packaging. Weaning off of plastics made from petroleum and growing concerns about plastic pollution will continue to fuel the demand for bioplastics. The global market for bioplastics for packaging is expanding due in large part to rising consumer awareness and need for sustainable and eco-friendly products. These days, more consumers are selecting packaging materials that have less of an adverse environmental impact and are manufactured from renewable plant-based resources. This trend is being driven by younger people who are more concerned about the environment and are willing to pay more for sustainable solutions. The detrimental consequences of single-use plastics on the environment and the waste they generate-which ends up in landfills and the ocean-are becoming increasingly apparent to the public. Because of this, manufacturers of packaging can now offer bioplastic substitutes made from biomass sources such as cellulose, sugarcane, maize starch, and vegetable fats and oils.
Bioplastics for Packaging Market- Key Insights
As per the analysis shared by our research analyst, the global Bioplastics for Packaging Market is estimated to grow annually at a CAGR of around 17.60% over the forecast period (2024-2032)
Based on material segmentation, the PLA category was predicted to show maximum market share in the year 2023
Based on application segmentation, bottles were the leading segment in 2023
On the basis of region, Europe was the leading revenue generator in 2023
The Global Bioplastics for Packaging Market is segmented on the basis of Material, Application, End-user, and Region.
By material, the market is divided into Bio PET, Bio PE, Bio-PS, Bio PA, Bio-PP, PHA, PLA, Starch Blends, and Others (PCL, PBAT etc.). The PLA category led the market in 2023. PLA is a desirable option for companies and consumers who care about the environment because it is made from renewable resources, namely cornstarch or sugarcane. Its bio-based roots help cut down on dependency on fossil fuels, which is in line with the global movement for sustainability and lower carbon emissions. The material's strength, heat resistance, and barrier qualities have also improved as a result of PLA technology improvements. With these improvements, PLA's limitations are addressed, and its potential uses are expanded, making it appropriate for a range of packaging needs.
Based on end-user, the market is divided into Pharmaceuticals, Food & Beverages, Cosmetics & Personal Care, Industrial Goods, Consumer Goods, and Others (Automotive, Electrical & Electronics). In 2023, the food & beverage segment maintained its leading position. The growth of quick-service restaurants and the increasing demand for packaged meals are the main drivers of the market. Since manufacturers are expanding their capacity for production in response to the growing need for packaged goods, the market for flexible packaging is expected to develop over the projected period. Biodegradable films, which are thin layers of material that can decompose into their natural components, can be used to preserve and protect food & beverages. One example is cellophane, a biodegradable film substance derived from plant cellulose. Biodegradable films differ from traditional plastic films in that they are environmentally beneficial.
Bioplastics for Packaging Market- Geographical Insights
Geographically, the Bioplastics for Packaging Market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The European market for bioplastics for packaging had the largest revenue share in 2023, accounting for 35%. Strict environmental laws and growing consumer awareness of environmental issues will probably lead to substantial growth in the area in the years to come. Demand for bioplastic will also rise during the assessment period as a result of government actions, such as the EU's intention to reduce the extensive use of single-use plastic items. In 2019, the European Parliament decided to outlaw single-use plastic items like straws and cutlery as part of a broader regulation against plastic waste that contaminates rivers and ruins beaches. It was expected that the ban on single-use plastics would take effect in July 2021. Numerous essential applications, such as bottles, shopping bags, loose packaging, agricultural mulch films, and refuge bags, use bioplastics extensively. Nearly 100 billion bags are used every year in the EU.
The region with the fastest growth is predicted to be Asia Pacific. The crucial element in this case is the internet retail sector's explosive growth, which coincides with rising earnings in developing countries. India, China, and other Southeast Asian countries have seen an annual surge in online purchases of more than 50%, outpacing established markets. This rise has a direct effect on the demand for a range of package types. Growing manufacturing localization in the Asia Pacific region presents packaging producers with substantial market possibilities. The presence of well-known online marketplaces and a substantial customer base are further advantages. Moreover, the major companies in the market are concentrating on opening new production facilities in various Asia Pacific nations in order to increase their production capacity and geographic reach, which is anticipated to propel the growth of the bioplastics for packaging market during the forecast period. For instance, NatureWorks, a business that specializes in producing bioplastic materials, announced in January 2023 that it planned to open a new bioplastics manufacturing facility in Thailand.
The market for bioplastics for packaging is expanding quickly. Companies in the bioplastics for packaging sector, such as Amcor Plc, Braskem S.A, NatureWorks LLC, Mondi Group, Corbion N.V., Novamont S.p.A, and others, offer a range of packaging choices for distinct end-use markets. It also makes it possible for customized packaging, which helps to satisfy the needs of certain clients better. The development of bio-based packaging is receiving more funding from major stakeholders. For instance, SABIC and the European retailer Schwarz Group announced a trial project in October 2020 to utilize translucent film bags made from certified circular polyethylene (P.E.) from the former for packaging vegetables. Several P.E. technologies from SABIC that are based on feedstock reclaimed from mixed and old polymers will be used in the project.
July 2024: The manufacturing company Essentra PLC started working on innovative bioplastic materials at its facility. The business hastened the production of new bioplastic materials in order to create more environmentally friendly product lines that retailers will sell in large quantities.
December 2023: MelOx NGen is a high-performance barrier solution that Melodea introduced to improve the recyclability of plastic food packaging and other uses. Films, pouches, bags, lids, blister packs, and other packaging materials can all be coated with this plant-based, water-based substance.
August 2023: AIMPLAS, the research institute for plastics technology, started a project to create sustainable and environmentally acceptable bio-based polymers. The AIMPLAS is supported by the Horizon program, a U.K.-based foundation that provides funding for the development of biodegradable materials.