The global Bioplastic Packaging market accounted for US$ 4,399.7 Mn in 2017 and is expected to grow at a CAGR of 24.4% during the forecast period 2018 – 2025, to account for US$ 25,395.8 Mn in 2025. The global bioplastic packaging market is experiencing a high growth owing to increasing awareness among customers about the adverse impact of conventional plastics, surge in need for sustainable packaging solution, and rising government support for the incorporation of bioplastic in packaging.
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Players Mentioned are –
Braskem SA Arkema Group The Dow Chemical Company BASF SE Cardia Bioplastics Corbion N.V. Evonik Industries AG Royal DSM NV NatureWorks LLC Novamont S.p.A. Bioplastics are influencing the plastic industry with innovation for more sustainability, functionality, and efficiency. Currently, bioplastic alternatives are available for almost all the conventional plastic material and respective applications which is driving the bioplastic packaging industry.
The global bioplastic packaging market has been segmented based on end-user, i.e., blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, polyethylene, and others. The physical, as well as chemical properties of bioplastic materials, differs from each other based on flexibility, durability, water and heat resistance, and biodegradability among others. Appropriate selection of material is thus significant for the manufacturing companies to compete effectively by attaining consumer satisfaction, sustainability, and meeting stringent government regulations.
BIOPLASTIC PACKAGING – MARKET SEGMENTATION
By Type
Rigid Packaging Flexible Packaging By Application
Food & Beverages Consumer Goods Cosmetic & Personal Care Pharmaceutical Key findings of the study:
Europe is anticipated to account the largest market share of bioplastic packaging market and is expected to register a CAGR of 23.5%
Based on the packaging type, the flexible packaging segment is expected to witness high year on year growth during the forecast period
Countries such as China, Japan, and ASEAN countries are witnessing high demand for bioplastic packaging due to the increasing government initiatives to ban plastics.
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