The bioplastics for packaging market is poised for substantial growth, with an estimated value of US$ 11.6 billion in 2023 and a projected compound annual growth rate (CAGR) of 10.3% over the next decade, reaching a staggering US$ 30.9 billion by 2033, according to a study conducted by FMI. This expected expansion represents a significant opportunity for manufacturers, as the market is anticipated to grow 1.7 times its base year value during the forecast period.
Notably, global consumption of bioplastics for packaging witnessed a remarkable year-on-year (YoY) growth of 10.3% in 2022, underlining the increasing adoption of sustainable packaging solutions. The film segment within the bioplastics packaging industry is predicted to dominate, holding more than 40.8% of the market share by 2033.
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Industry Growth Drivers:
- Environmental Concerns: Increasing awareness and concerns about environmental issues drive the demand for bioplastics in packaging as a sustainable and eco-friendly alternative to traditional plastics.
- Regulatory Support: Stringent regulations and policies favoring sustainable practices and reducing plastic pollution contribute to the growth of the bioplastics for packaging market.
- Consumer Preference: Growing consumer preference for eco-conscious products and packaging encourages manufacturers to adopt bioplastics, meeting the demand for environmentally friendly choices.
- Technological Advancements: Ongoing advancements in bioplastic technologies enhance their performance, making them more viable and competitive in various packaging applications.
- Corporate Sustainability Initiatives: Increasing corporate commitments to sustainability and the circular economy drive the adoption of bioplastics, aligning with the broader goal of reducing environmental impact in the packaging industry.
In terms of regional dynamics, Italy and Germany are forecasted to collectively account for 48.8% of the Western European bioplastics for packaging market in 2023. Meanwhile, China’s bioplastics for packaging market is set to grow at an impressive CAGR of 12.2% during the forecast period. The North American region is expected to play a pivotal role, holding a prominent market share of over 30.5% in 2023, driving the growth of the bioplastics for packaging industry. This data underscores the growing importance of sustainable packaging solutions on a global scale.
The growth of the market is being driven by a number of factors, including:
- Increased awareness of the environmental impact of traditional plastics.
- Government regulations that promote the use of sustainable materials.
- Growing demand for food and beverage products that are packaged in sustainable materials.
The bioplastics for packaging market is segmented by type, application, and region. By type, the market is segmented into biodegradable and non-biodegradable bioplastics. By application, the market is segmented into food and beverage, personal care, and household products. By region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The biodegradable bioplastics segment is expected to be the fastest-growing segment of the market. This is due to the increasing demand for sustainable packaging materials from food and beverage companies. The personal care and household products segments are also expected to grow at a significant rate due to the increasing demand for sustainable packaging materials from these industries.
The bioplastics for packaging market is a rapidly growing market that is expected to continue to grow in the coming years. The market is being driven by a number of factors, including increased awareness of the environmental impact of traditional plastics, government regulations that promote the use of sustainable materials, and growing demand for food and beverage products that are packaged in sustainable materials.
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The report titled ‘Bioplastics for Packaging Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’, the global bioplastics for packaging market recorded a market valuation of over US$ 4,000 Mn in 2017 and is expected to reach a value of US$ 15,600 Mn by the end of 2027. According to the forecast, the global bioplastics for packaging market is expected to witness a robust CAGR of 14.4% during the projected period 2017-2027.
Market By Category:
By material:
- Bio PET
- Bio PA
- Bio PE
- Bio-PP
- Bio-PS
- PLA
- PHA
- Starch Blends
- Others (PCL, PBAT etc.)
By application:
- Bottles
- Cups
- Trays
- Clamshell
- Films
- Bags
- Pouch & Sachet
- Others (Jars, Cans, etc.)
By end use:
- Food & Beverages
- Cosmetics & Personal Care
- Pharmaceuticals
- Consumer Goods
- Industrial Goods
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Market Segmental Analysis:
- Based on region, North America is expected to lead the market with the highest market value and the fastest market growth of 14.6% during the forecast period. However APEJ is also progressing and is expected to project a high CAGR during the period of assessment.
- Based on material type, Bio PET is expected to exhibit the highest market value of over US$ 4,600 Mn by the end of 2027. However, the starch blends segment is expected to witness the fastest growth rate during the forecast period.
- Based on application type, the films segment is anticipated to dominate the global market with the maximum market size of over US$ 6,300 Mn by the end of 2027.
- Based on end use, the food and beverage industry is projected to witness the fastest growth and highest market value during the forecast period. In terms of growth, the consumer goods segment is behind the food and beverage segment.
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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