The bioplastics packaging market is predicted to reach $ 36,812 million in 2028 with a CAGR of 19.12%
Strict government guidelines against the consumption of non-recyclable plastics expand the fuel market. For example, in 2008, the Chinese government initiated a policy to ban plastic bags and focus on bioplastic packaging products. Strong expansion in beverage consumption and innovative packaging solutions are also predicted to drive the market. Additionally, growing consumer awareness of sustainable packaging and the abundant availability of raw materials in emerging economies are positively influencing market expansion.
Bioplastic packaging is a refined and easily flexible solution to meet specific storage needs and requirements. Bioplastics help increase the shelf life of products. This is due to its properties as an antimicrobial coating. Bioplastics are predicted to replace conventional plastic packaging in many industries due to their unique properties. Bioplastic containers offer the same properties with additional advantages compared to conventional plastics on the market. Manufacturers are adopting numerous organic and inorganic expansion strategies, such as mergers and acquisitions, to increase their market share in the worldwide bioplastic packaging market.
The continued trend observed in the target market is escalating consumer preference for organic and natural materials and this trend is predicted to continue throughout the foreseen period. The worldwide bioplastics packaging market is predicted to see expansion due to increased consumer awareness of green products. The shift in preference from synthetic chemicals to environmentally friendly substitutes is predicted to boost the bioplastic packaging market.
The company is launching sustainable bioplastic packaging. Tetra Pak, together with its supplier Braskem, became the first company in the food and beverage industry to responsibly source plant-derived polymers using Bonsucro standards for sustainable sugarcane.
Parkside, a leading innovator in flexible packaging, has announced the launch of a new line of sustainable packaging solutions that address growing concerns about the use of plastics in the environment.
The escalating adoption of bioplastic packaging solutions, due to their various advantages, such as environmental friendliness and biodegradable nature, is a key factor that is predicted to drive the expansion of the worldwide market during the foreseen period. . In addition, the growing consumer preference for green products over synthetic derivative chemicals is another factor that is predicted to drive the expansion of the target market. Additionally, increased research and development activities and investments from beverage manufacturers such as The Coca-Cola Company and PepsiCo, which is other factors that are predicted to drive expansion in this market in the near future. Additionally, strict government policies against the consumption of non-recyclable plastics are another factor that will likely drive expansion in the target market during the foreseen period. For example, in 2008, the Chinese government initiated a policy to ban plastic bags and focus more on bioplastic packaging products. The main drivers of the expansion of the worldwide bioplastics market are the escalating adoption of bioplastic packaging solutions, due to their biodegradable and environmentally friendly nature. Bioplastic packaging solutions are an efficient packaging option over plastic-based packaging due to the wide availability of renewable and degradable raw materials employed in the production of bioplastic packaging. Bioplastics contribute significantly to the reduction of toxic VOC emissions compared to conventional plastic packaging solutions.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
19.12% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
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The high cost of biobased materials can hamper market expansion.
Chemical manufacturers have increased their spending on developing bio-based chemicals with the primary goal of reducing dependence on petrochemical feedstocks, which is predicted to increase the availability of raw materials for bioplastic packaging products. The textile industry is predicted to be a lucrative application for bioplastic packaging in light of increased awareness about the deployment of environmental protection practices. While the increased use of bioplastic packaging by end users will provide immense expansion opportunities, the high cost of manufacturing bioplastic packaging will challenge the expansion of market players. To take full advantage of the opportunities, market sellers must focus more on expansion prospects in fast-growing segments, while maintaining their positions in slow-expansion segments.
The high complexity associated with the production of bioplastic packaging materials from raw materials of agricultural origin is predicted to challenge the expansion of the market. Increased crude oil and natural gas production in the Middle East and Russia by companies leading to lower oil prices is predicted to have a negative impact on the bioplastic packaging market in the near future. The high complexity associated with the production of bioplastic packaging materials from raw materials of agri-food origin is predicted to be a difficult factor for the market in the near future.
The bio-PET segment dominates the market due to its intensive use in the bottling and packaging industries. It has similar properties to conventional PET. Escalatingcall for eco-friendly bottles and packaging is predicted to drive market expansion.
Plastic bottles
Packaging
Others
The packaging segment dominates the market in terms of application and is predicted to be the fastest-growing application during the foreseen period. Bioplastics are widely employed in the packaging industry for food packaging, pharmaceutical packaging, and merchandise packaging.
The Europe region dominates the worldwide bioplastics packaging market, followed by North America and Asia-Pacific. The high adoption of eco-friendly packaging solutions, along with the strict governance framework for synthetic polymers, is predicted to drive market expansion. In Europe, supportive government policies include helping consumers give preference to buying bio-based products. Also in the EU, member states are reducing taxes on bio-based products. The South America region is predicted to see expansion at the highest CAGR during the foreseen period, mainly due to the abundant availability of raw materials such as sugar cane and oilseeds in Brazil. As a result, many bioplastics manufacturers are opening their facilities in the region.
The Asia-Pacific region is another important market for bioplastic packaging. The call for packaged and packaged products is escalating in the Asia-Pacific region, primarily due to changes in lifestyles and increased purchasing power. This will lead to an increased call for bioplastic packaging. China, India, and Indonesia are the main countries in the region. China accounts for the majority of the bioplastic packaging market in the Asia-Pacific region. The market in Europe, followed by North America, is predicted to dominate the worldwide market in terms of revenue during the foreseen period, due to strict government regulations against the consumption of non-recyclable plastics and growing awareness. expansion of sustainable packaging in the manufacturing industry in several countries. This region. Additionally, the Asia Pacific region market is predicted to record a significant share of revenue during the foreseen period, due to the expansion of the packaging industry in various countries such as India and China. In addition, China has implemented a policy to increase the concentration of manufacturers in bioplastic packaging products.
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