Report : Bioplastic Packaging Market to 2025 - Global Analysis and Forecasts by Product (Starch Blends, Polylactic Acid, Polyethylene Terephthalate, Polyhydroxyalkanoates, and Polyethylene), Type (Rigid Packaging and Flexible Packaging), and Application (Food & Beverages, Consumer Goods, Cosmetic & Personal Care, and Pharmaceutical)
According to the new research report published by The Insight Partners, titled “Bioplastic Packaging - Global Analysis and Forecast to 2025”, the global Bioplastic Packaging market is expected to reach US$ 23.4 Billion in 2025, registering a CAGR of 24.4% during the forecast period 2018-2025.
In 2017, Europe accounted for the largest revenue share of more than one-third of the total market share, followed by North America.
The growth in the Asia Pacific region is highly attributed to factors such as banning the usage of plastic bags in 2009 and 2011. Other countries in the region that have taxes or bans in place include Cambodia, Bangladesh, Hong Kong, Indonesia, India, Taiwan, and Malaysia among others.
The global bioplastic packaging market is experiencing a high growth owing to increasing awareness among customers about the adverse impact of conventional plastics, surge in need for sustainable packaging solution, and rising government support for the incorporation of bioplastic in packaging. Moreover, the development of new technology and processes and the emergence of novel bioplastic materials are expected to the market growth during the forecast period. Bioplastics are influencing the plastic industry with innovation for more sustainability, functionality, and efficiency. Currently, bioplastic alternatives are available for almost all the conventional plastic material and respective applications which is driving the bioplastic packaging industry.
The global bioplastic packaging market has been segmented based on end-user, i.e., blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, polyethylene, and others. The physical, as well as chemical properties of bioplastic materials, differs from each other based on flexibility, durability, water and heat resistance, and biodegradability among others. Appropriate selection of material is thus significant for the manufacturing companies to compete effectively by attaining consumer satisfaction, sustainability, and meeting stringent government regulations. This bioplastic is used in a range of packaging application.
Key findings of the study:
Europe is anticipated to account the largest market share of bioplastic packaging market and is expected to register a CAGR of 23.5%
Based on the packaging type, the flexible packaging segment is expected to witness high year on year growth during the forecast period
Countries such as China, Japan, and ASEAN countries are witnessing high demand for bioplastic packaging due to the increasing government initiatives to ban plastics.
North America accounts for the second largest market share of bioplastic packaging market. In April 2018, the Governor of New York introduced a bill to ban single-use plastic bags in retail and grocery stores by next year. Several cities in the U.S., have banned the use of plastic bags including, Chicago Seattle, Boston, Los Angeles, Austin, and San Francisco. Also, few cities such as Washington, Brownsville, and Portland have imposed fees on plastic bags.
The key companies profiled in this report include Braskem S.A., Arkema Group, The Dow Chemical Company, BASF SE, Cardia Bioplastics, Corbion N.V., Evonik Industries AG, Koninklijke DSM N.V., NatureWorks LLC, and Novamont S.p.A.
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