As per the report published by Fior Markets ,the global bioplastic packaging market is expected to grow from USD xx Million in 2018 to USD xx Million by 2026 at a CAGR of xx% during the forecast period from 2019-2026.Europe is dominating the market owing tostrict regulations against consumption of non-recyclable plastics along with gaining popularity of sustainable packaging in manufacturing industry. Supportive government policies in Europe is also influencing the market growth.
Bioplastic Packaging Market by Type (Rigid Packaging, Flexible Packaging), Product (Starch Blends, Polylactic Acid, Polyethylene Terephthalate,Others), Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019to 2026.
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Leading companies in the industry include DowDupont Inc., BASF SE, Mitsubishi Plastics Inc., NovamontS.p.A., Braskem S.A., NatureWorks LLC, Koninklijke DSM N.V., Innovia Films Ltd., and ECM BioFilms Inc.among otherswhichare offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.For instance, in December 2018, Bio-on created a new company, named as ZEROPACK for the exploitation of the patents aimed to revolutionize the world of food packaging in the fruits and vegetable sector through the use of bioplastics.
The type segment is classified as rigid packaging and flexible packaging. The rigid packaging segment is dominating the market in 2018. Rigid bioplastics applications are available for cosmetics packaging of compact powders, creams and lipsticks, well as beverage bottles. Materials such as PLA, bio-basedPE, or bio-based PET are used for rigid packaging. The application segment is divided into segments such as food & beverages, consumer goods, cosmetic & personal care, pharmaceuticals and others. The food & beverages segment is dominating the market with the highest share in 2018 owing to an early adopter of the bioplastic packaging solutions. Several SMEs, as well as bigger F&B companies, are already using bioplastic for their packaging applications. For instance, in 2013, companies such as Coca-Cola, Heinz, P&G, and Unilever among others joined the World Wildlife Fund to introduce the Bioplastic Feedstock Alliance.Product segment includes starch blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, polyethylene and others. The starch blends segment is dominating the Bioplastic Packaging market in 2018.Starch-based bioplastics are often blended with biodegradable polyesters to produce starch/polylactic acid, starch/polycaprolactone or starch/Ecoflex (polybutyleneadipate-co-terephthalate produced by BASF blends.
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Growing consciousness among customers about the adverse impact of conventional plastics is one of the driving force. Also, high demand for sustainable packaging solution and increasing government support for the incorporation of bioplastic in packaging are another two factors fuelling the growth of market.But high cost of bio-based packaging than conventional plastic packaging is expected to hamper the market growth. However,development of new technology and processes will positively impact the growth of the bioplastic packaging market in forthcoming years.
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