Global bioplastic packaging market was valued at US$ 3.93 Billion in 2016, according to Global Bioplastic Packaging Market by Product Type(TPS, PLA, PHA, bio-PE, bio-PA, bio-PET, bio-PP, Others) by End Use(Food and Beverages, Consumer Goods, Pharmaceutical, Industrial Goods, Others) published by Coherent Market Insights . The bioplastic packaging market is expected to register a CAGR of 27.74% over the forecast period (2017–2025) to reach US$ 34.47 billion by 2025. Bioplastics, are plastic materials that are either bio-based or biodegradable.
Major factor driving growth of the global bioplastic market is high inclination of consumers towards using bioplastic packaging solutions due to its eco-friendly nature. Increasing pollution due to use of conventional plastics, rising prices of fossil fuels, and rising dependence on fossil resources for manufacturing convention plastics is also expected to contribute to growth of the bioplastics market. Bioplastics significantly aids in reducing carbon footprint as compared to conventional plastic packaging solutions. The utilization of bioplastic packaging solutions has advantages such as high availability of raw materials such as cellulose, starch and lactic acid amongst others coupled with renewability.
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Some of the major players operating in the global bioplastic packaging market are BASF SE, Koninklijke DSM N.V., Solvay S.A., Braskem S.A., Novamont S.p.A, NatureWorks, LLC, Metabolix, Inc., and DowDuPont Inc., among others.
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