Bioplastics are bio-based plastics that are either made up of food material of corn, sugarcanes soybeans or by non-food materials such as sawdust, weeds, beans, peel, and husk. Bioplastics may be biodegradable or non-biodegradable in nature. Bioplastics are being extensively preferred as they reduce the carbon footprint and prevent landfill issues. A new research report by ESOMAR-certified market research focuses on analyzing the complete market scenario of the global bioplastics for packaging market. 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 USD4,000m in 2017 and is expected to reach a value of USD15,600m 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.
Global Bioplastics Packaging Market: Dynamics
More than 200m tons of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focusing 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.
Global Bioplastics for Packaging 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 USD4,600m 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 USD6,300m 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.