In terms of revenue, the Global Bioplastic Packaging Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 12.4% from 2023 to 2030.
Bioplastics are plastic materials that combine different biodegradable materials like biomass (plants, trees, and waste). These materials can be used to lessen the reliance on plastic packaging made from fossil fuels, which will ultimately lead to an increase in the use of green products, increase sustainability, and increase the desire to protect the environment. Due to their minimal environmental impact, growing stress on sustainability and recycling, government emphasis on effective packaging management, growing consumer awareness, and expanding single-use plastic bans, Bioplastic Packaging solutions are increasingly used in packaging. The global problem of climate change and the impending depletion of fossil fuel resources has sped up the hunt for better plastic packaging ideas. The demand for bioplastics has increased as a result of strict government rules banning the use of conventional plastics. Bioplastics can avoid the adverse environmental effects of plastic packaging made from petroleum. Governments worldwide are enacting laws to reduce environmental waste and enhance waste management procedures in response to concerns about packaging waste, mainly plastic packaging waste. As a result, governments worldwide are increasing their pressure on citizens to use conventional plastics, promoting the development of bioplastic as a reliable substitute in the packaging sector.
Key Highlights from the Report
- Based on Materials, the Biodegradable Materials segment is anticipated to dominate the Bioplastic Packaging market with the highest market share due to factors like the growing availability of different bio-plastics, such as polylactic acid, starch blends, PBAT, PBS, PHA, polycaprolactone, and cellulose acetate, as well as increasing demand for bio-based plastics across a range of end-use industries.
- Based on the Applications, the Food & Beverage segment accounted for the highest CAGR in the forecast period. This is a result of quick-service restaurants becoming more and more famous.
- Geographically, Europe held the largest market share in 2021 and is likely to be the most profitable market in the forecast period.
Bioplastic Packaging options are gaining popularity due to their qualities and benefits, such as environmental, renewable, and biodegradable. This is a crucial factor that is anticipated to fuel the market's expansion on a global scale throughout the anticipated timeframe. The increasing customer preference for eco-friendly products over synthetic versions of chemicals is another factor anticipated to support the market's continued growth. Rigid bioplastics pack creams, compact powders, lipsticks, and beverage vessels. As a result, the potential for demand is expanded by various applications. Materials like bio-based PET, PLA, or PE are used in this area.
An increase in R&D activities and monetary investments from the producers of food and beverages is another significant factor expected to drive market evolution in the future. The packaging market for bioplastic is likely to expand due to the material's biodegradable properties. Different thermoplastic packaging substitutes are available in the food and beverage industry, depending on the need. Bioplastic Packaging is an advanced and supple answer to particular requirements of preservation and needs. Bioplastics are used to increase product life lives. Due to characteristics like its antibacterial coating, for example. Bioplastics are expected to displace conventional plastic packaging in several sectors due to their unique properties. Bioplastic Packaging has some extra advantages and has the same characteristics as conventional plastic packaging.
On the other hand, the major difficulty is expected to hamper the market's expansion in producing Bioplastic Packaging from raw agricultural materials.
Europe Bioplastic Packaging market observed major market growth with the highest CAGR. The European Union (EU) is implementing the European Green Deal to reach its 2050 net-zero emissions target and address the growing environmental and sustainability problems. The creation, use, and disposal of plastic in the European economy are all linked to the desire for a more sustainable society. With the world's biggest bioplastics market, Europe strengthened its position as the industry's global hub and ranked first in research and development. By now, Europe is home to almost one-fourth of the world's bioplastics production capability.
Additionally, consumers in the area are becoming increasingly conscious of how plastic and non-biodegradable packaging affects the environment. In the region, there is a growing demand for eco-friendly packing, including packaging made of bioplastic. Regional governments and other regulatory agencies are developing more and more initiatives to encourage and promote using bioplastics for packaging.
The Global Bioplastic Packaging Market is Segmented as follows
- Food & Beverages
- Consumer Goods
- Cosmetic & Personal Care
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Bioplastic Packaging Market is
Amcor PLC (Australia), Novamont S. P. A (Italy), Nature Works LLC (United States), Coveris (U.K.), Sealed Air (U.S.), Alpha Packaging (U.S.), Constantia Flexibles Group GmbH (Austria), Mondi PLC (U.K), Transcontinental Inc. (Canada), ALPLA (Austria)
The Global Bioplastic Packaging Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|