The bioplastics for packaging market is forecast to expand at 10.3% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 11.6 billion in 2023.
The demand for bioplastics solutions to package products is expected to be driven by government initiatives to lower ecological waste, particularly plastic packaging waste, and better the waste management processes. Governments across the globe are creating restrictions on the use of traditional plastics, which is pushing the growth of bioplastic as a steady substitute in the packaging industry.
Developing economies, such as India, strongly rely on single-use plastics. These economies have been observing a vigorous phase-out of single-use plastics due to legislation surrounding the ban on single-use plastics. The country is projected to observe heavy developments in the bioplastics for packaging industry, in line with the goals mentioned in the Plastic Waste Management Amendment Rules, 2021.
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Rigid bioplastics are utilized in the packaging of cosmetic products like lipsticks, compact powders, creams, etc. The extensive application of cosmetics makes way for heightened demand for bioplastics for packaging.
Due to the increasing buzz around bio-plastics, several bioplastics application technologies are being found in developed countries with the aid of substantial research and development funding. For example, Brown University students created a bioplastic “Fette” cup to swap solo cups, in July 2021. The solo cups are composed of number six plastic, which is toxic to the environment.
Top Highlights from the FMI’s Analysis of Bioplastics for Packaging Market:
- The Europe region obtained 36% value share in 2022.
- The North America bioplastics for packaging industry acquired 30.5% market share in 2022.
- The United States bioplastics for packaging industry gained a total of 26.8% value share in the year 2022.
- The German bioplastics for packaging industry acquired a 6% market share in 2022.
- The Japanese bioplastics for packaging industry procured a 5.7% market share in 2022.
- The Australia bioplastics for packaging industry obtained a market share of 1% in the year 2022.
- The Chinese bioplastics for packaging industry is projected to expand at a prominent CAGR of 12.2% from 2023 to 2033.
- The Indian bioplastics for packaging industry is anticipated to register a CAGR of 10.9% in the forecast period.
- The United Kingdom bioplastics for packaging industry accounted for a CAGR of 4.9% over the estimated time-frame.
- On the basis of material, Bio PET is expected to gain more than 30.1% market share in 2023.
- Based on end use, the food and beverages segment is expected to gain an attractive 78.9% market share in 2023.
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Innovation Watch: Key Developments in the Market
- LG Chem Ltd., which is a large Korean chemical company, in August 2022 revealed its collaboration with Archer Daniels Midland Co. (ADM), which is a United States-based food processing company. Both companies came together to construct two manufacturing plants in Illinois, the United States. The production units produce biodegradable plastics that are widely used in food packaging applications.
- Vikas Ecotech Limited officially declared in January 2022 its plans to devote in the eco-friendly BioPlastics (PHA) technology. The company is in the advanced stage of finalizing a technology joint venture or tie-up with Aurapha Private Ltd. to manufacture biodegradable plastics. The solution is to deploy biodegradable plastics like polyhydroxyalkanoates (PHA).
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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