Bioplastic Packaging Market Segment Rivalry And Market By Application Forecast 2028

According to Premium Market Insights new research study on "Bioplastic Packaging Market is projected to reach US$ 47,991.9 million by 2028 from US$ 13,273.9 million in 2022. It is expected to grow at a CAGR of 23.9% during 2022-2028.

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Some Of the Major Players Influencing are NatureWorks LLC, Arkema, Novamont S.p.A., BASF SE, Braskem, Corbion N.V., Cardia Bioplastic Packaging, Evonik Industries AG, Koninklijke DSM N.V., and Dow Chemical Company are among the key players operating in the market. These companies have broad product portfolios to cater to their clientele from different developed and developing countries. They also focus on developing high-quality, innovative products to meet customer requirements.

Food & beverages, consumer goods, cosmetic & personal care, and pharmaceutical are among the major end users of bioplastic packaging. Plastic packaging is extensively used in various applications such as FMCG, food & beverages, pharmaceutical, and consumer goods. This increased use of plastic in several applications is responsible for rising plastic pollution. Thus, recycling and reusing plastic is becoming important for innovation and sustainability. Moreover, conventional plastic is expected to become more expensive in the future with diminishing raw material sources. In the past few years, bioplastic has influenced the plastic industry through innovation for more resource efficiency, functionality, and sustainability. Bioplastic is playing a significant role in increasing recycling targets and improving waste management by substituting petroleum resources with renewable resources. Bioplastics are manufactured using renewable plant-based resources, which offer low toxicity, better recyclability, and high biodegradability.

In 2021, Europe held a significant share of the global bioplastic packaging market. Many small- and large-scale manufacturing companies have a presence in the region. The growing consumer preference for organic and natural polymers in food packaging is positively influencing the adoption rate of these sustainable packaging solutions in the food & beverages sector in the region. Besides consumer awareness, the rise in government initiatives encouraging the use of eco-friendly packaging products in different countries is bolstering the market growth.

Impact of COVID-19 Pandemic on Bioplastic Packaging Market

Food & beverages, consumer goods, cosmetic & personal care, and pharmaceutical industries were among the major demand generators in the bioplastic packaging market before the onset of the COVID-19 pandemic. However, the market faced hurdles during the first quarter of 2020 due to business shutdowns, raw material shortages, and labor unavailability. The COVID-19 pandemic led to an economic recession in the initial months of 2020, which created a financial burden on manufacturers and consumers. However, relaxation in social restrictions and rise in government initiatives to boost their economies encouraged industries to start working at their full capacities. This eventually helped in the revival of the bioplastic packaging market in late 2021.

Market Insights

Increasing Awareness Among Customers About Adverse Effect Of Conventional Plastics

Currently, bioplastic is an alternative for nearly every conventional plastic material in diverse applications. Bioplastics offer innovative solutions with enhanced properties along with distinctive ability to reduce emissions and provide same qualities and functionalities as that of conventional plastic. This biodegradable packaging materials are made using renewable resources as well as fossil raw materials such as cellulose ester, PLA (Polylactic acid), PHA (Polyhydroxyalkanoates), starch derivatives, and copolyesters like PBS (Poly Butylene Succinate) and PBAT (Poly Butylene Adipate-Co-Terephthalate). Many of the industry players are inclined toward delivering biodegradable packaging solutions, owing to the rising awareness of consumers about the impact of consumption choices on their lifestyle and environment and the increasing consumer demand for more sustainable products. The increased use of bioplastic packaging materials is contributing to sustainability and reducing the environmental impact associated with the use of conventional polymers. Therefore, the change in consumer demand based on environmental awareness, packaging lifestyle, convenience, and sustainable production systems is boosting the global bioplastic packaging market growth.

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Category Insights

Based on product, the bioplastic packaging market is segmented into starch blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, and polyethylene. In 2021, the starch blends segment accounted for the largest revenue share.

Report Spotlights

Progressive industry trends in the market to help players develop effective long-term strategies

Business growth strategies adopted by companies to secure growth in developed and developing markets

Quantitative analysis of the bioplastic packaging market size from 2020 to 2028

Estimation of global demand for bioplastic packaging

PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry

Recent developments to understand the competitive market scenario

Market trends and outlook and factors driving and restraining the growth of the bioplastic packaging market

Assistance in the decision-making process by highlighting market strategies that underpin commercial interest

The size of the bioplastic packaging market at various nodes

Detailed market overview and segmentation and the bioplastic packaging industry dynamics

Bioplastic packaging market size in various regions with promising growth opportunities

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The "Bioplastic Packaging Market Analysis to 2028" is a specialized and in-depth study of the chemicals industry with a special focus on trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global market has been analyzed on the basis of product, type, application, and geography. Based on product, the market is segmented into starch blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, and polyethylene. In terms of type, the global market is segmented into rigid packaging and flexible packaging. Based on application, the market is segmented into, food & beverages, consumer goods, cosmetic & personal care, and pharmaceutical. By geography, the bioplastic packaging market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.

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