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.
Unlock Valuable Knowledge: Get a Free Report Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-6087
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.
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 Dynamics:
More than 200 mn tonnes of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focussing on increasing the use of use of bioplastic packaging, which can reduce this plastic waste to a great extent. PLA, which is a biodegradable plastic developed by NatureWorks LLC., is highly supported by the U.S department of energy. Government organizations across the globe are working in partnership with private sector companies that focus on manufacturing bioplastics packaging products. The government has also exempted tax on bioplastic resin manufacturing. This move is anticipated to promote the growth of the packaging market across many regions. The U.S government is passing new bills such as the Federal Farm Bill Energy title 9, which encourages sale of bioplastics items.
However, a lack of proper compositing grounds is expected to hinder revenue growth of the market. Bioplastics do not get the required environment for their degradation everywhere. Bioplastics require the presence of microorganisms at a high temperature for degradation. Microbes break down bioplastics into CO2, H2o, and CH4. There are different types of decomposition based on bioplastic composites, such as soil biodegradable, marine biodegradable, anaerobically digestible, and home compostable.
Get In Touch With Our Team For a 20% Flat Discount
Bioplastics For Packaging Market By Category
By material, bioplastics for packaging market is segmented as:
- 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
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.
Toc of the Report: https://www.futuremarketinsights.com/toc/rep-gb-6087
Competitive Landscape:
This research report on the global bioplastics for packaging market includes a brief profile of all the major players in the industry. Some of these key players mentioned in the report are Amcor Limited, Berry Global, Inc., BARBIER GROUP, Jolybar GROUP, Virent, Inc., Biome Bioplastics Limited, Plastipak Holdings, Inc, Toray Industries Inc., SECOS Group Limited etc.
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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
