Global Bioplastic Packaging Market – Overview
Bioplastics are a biodegradable group of polymers that can be manufactured from renewable sources. Demand for conventional polymers are declining mainly due to the fact that they can last for a very long time, can be hazardous to current life and the ecosystem. Hence, the demand for Bioplastics is increasing rapidly.
According to a recent study report published by the Market Research Future, The global market of Bioplastic Packaging is booming and expected to gain prominence over the forecast period. The Global Bioplastic Packaging market is forecasted to demonstrate an exponential growth by 2030, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2022 – 2030).
Stringent government regulations against consumption of non-recyclable plastics driving the growth of the industry. For example, in 2008, the government of China launched policy to ban plastic bags and focus on bioplastic products for packaging. The increasing consumption of beverages and innovative packaging solutions are expected to drive the market. Additionally, increased awareness among consumers about sustainable packaging and availability of raw material also have the positive influence on the growth of the market. Whereas High cost of bio-based materials is expected to hinder the growth of the market. Additonally, high complexity associated with the production of bioplastic packaging materials through agro-based raw materials is expected to be a challenging factor for market.
Global Bioplastic Packaging Market – Competitive Analysis
The global Bioplastic Packaging Market growth appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Manufacturers operating in the market strive to deliver innovative solutions that improve the design and manufacturing processes of business around the world. Focusing upon the competitive edge, Bioplastic Packaging strive to develop products that can deliver optimal efficient, convenience and reliability. Utilizing their international and regional presence, these manufacturers assure their customers with the consistency in product & service quality. Manufacturers strive to develop their product portfolio with a wide range of Bioplastic Packaging for every application.
Bioplastic Packaging Market – Segmentation
Global Bioplastic Packaging Market is segmented in to two key dynamics for an easy grasp and enhanced understanding.
On the basis of type, market is segmented into Bio-PET, PLA & PLA blends, Bio-PP, and others. PLA bases bioplastics companies are expected to be influenced by incorporation of nanotechnology-based packaging that makes them environmentally safe and ensures the safety of products as well.
Based on Application segment the market is segmented into Food & Beverages, Pharmaceuticals, Food service, and others. Plastic segment dominates material segment of the market. Food & Beverage segment dominates end user segment of the market. Rising demand for food & beverages among the consumers driving the growth of the market. The pharmaceutical industry is also contributing to the growth of bioplastic packaging market with high demand for such packaging.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Bioplastic Packaging Market – Regional Analysis
Asia-Pacific is one of the major region for the Global Bioplastic Packaging Market. Developing economies such as India, China, and Brazil have changed their buying patterns by purchasing more packaged foods. The demand for packaged products has been increasing in the Asia-Pacific region, majorly due to the changing lifestyle and the rise in purchasing power. This will lead to an increased demand for Bioplastic Packaging. North America & Europe is also the major market for Bioplastic Packaging. Stringent regulations against consumption of non-recyclable plastics and high demand for beverage products such as bottled water and beer driving the growth of the market.
In March 2017, FKuR, Bioplastics producer, has launched new Bio-Flex Blends for home compostable films and packaging. It meet the stringent requirements of the French Energy Transition Law for plastic bags. The new Bio-Flex blends are designed for the production of low gauge films that will biodegrade completely in garden compost at low, variable temperatures.
In April 2017, UK-based bioplastics manufacturer, Biome Bioplastics has unveiled a plastic made from plant-based sources intended for the production of takeaway beverage cups. The company has launched a range of bio-based plastics for cups and lids to enable retailers and packaging manufacturers to offer consumers a more sustainable option.
In May 2017, BASF introduces an entirely new and partly bio-based copolyamide for packaging. It offers greater transparency, increased softness and improved tear and puncture resistance even at low temperatures, making it ideal for soft packaging.
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