A bioplastic is a biodegradable group of polymers that are manufactured using renewable-based sources. Conventional plastics is hazardous due to the impact on the environment and their heavy reliance on the oil and gas industry for raw materials such as naphtha. Conventional plastic is widely used for packaging of casings, electronics, and food products, amongst others. This, in turn, is negatively impacting the environment, leading to increasing land and marine pollution.
Global bioplastic packaging market was valued at US$ 10.60 Bn in 2021 in terms of revenue, exhibiting a CAGR of 29.34 % during the forecast period (2022 to 2030).
The increasing support offered by the governments across the world for utilizing sustainable packaging solutions, such as bioplastics, as an alternative for traditional and petrochemical based plastic products is generating significant revenue generation opportunities in the global bioplastic packaging market. Furthermore, the rising awareness amongst the global population pertaining to the environmental impact of the conventional and single use plastic packaging solutions, is also triggering an increased demand for the novel and sustainable solutions from the global bioplastic packaging market. Additionally, the increasing ban of several governments across the world on using single use plastic products for packaging is also bolstering the rising usage of the products and solutions offered by the leaders in the global bioplastic packaging market.
The flexible plastic packaging industry’s growth was significantly impacted by the COVID-19 pandemic. In the pandemic scenario, various countries went under lockdown, to curb the escalating cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The unpredictable costs of the key raw materials that are used for developing packaging alongside the pandemic restricted the market’s development rate. On the bright side, the situation is getting back to normal, which can translate into a swift market recovery in the future.
Figure 1. Global Bioplastic Packaging Market Value Share (%), By Region, 2021
The recycling process of plastic packaging waste can be extremely tedious, requiring state-of-the-art technologies and infrastructural facilities. This time-consuming procedure requires personnel expertise, which can mean slowed-down growth of the worldwide market.
Bioplastic Packaging Market Report Coverage
|Base Year:||2021||Market Size in 2021:||US$ 10.60 Bn|
|Historical Data for:||2017-2020||Estimated Year:||2022|
|Forecast Period 2022 to 2030 CAGR:||29.34 %||Forecast Period:||2022-2030|
BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company.
|Restraints & Challenges:||
In the recycled material packaging segment, paper packaging is the largest market, followed by metal, glass and plastic. While the demand for recycled plastics remains strong, the material faces several challenges, including lack of affordable cost infrastructure for collection and sorting, international market competition for existing recovered materials and compliance with requirements related to food and drug content.
Driven by demand for sustainable packaging in countries like China and India, the biggest growth comes from the Asian market. The demand for sustainable practices is driving the market for greener packaging, which is boosted by a growing affluent and health-conscious middle-class population. Smithers Pira forecasts that Asia will be the largest market for sustainable packaging in 2018, accounting for 32 percent of the overall market.
Figure 2. Global Bioplastic Packaging Market value Share (%), By End-use Industry, 2021
Major players operating in the global bioplastic packaging market include BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company., among others.
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