Bioplastics Packaging Market Revenue to Witness Stellar Growth, Driven Largely in the North America Region

Introduction

Bioplastics for packaging are proven safe for non-carbonated, carbonated & alcoholic beverages, dairy products, personal care, and homecare products, it is likely that the demand for bioplastics for packaging will remain robust throughout the forecast period 2017-2027. The US$ 4 Bn market for bioplastics for packaging is projected to observe vigorous growth at over 14% CAGR over 2017-2027, as indicated by Future Market Insights’ research on bioplastics for packaging market.

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Global Bioplastics Packaging Market: Dynamics

More than 200 mn tonnes of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focussing on increasing the use of use of bioplastic packaging, which can reduce this plastic waste to a great extent. PLA, which is a biodegradable plastic developed by NatureWorks LLC., is highly supported by the U.S department of energy. Government organizations across the globe are working in partnership with private sector companies that focus on manufacturing bioplastics packaging products. The government has also exempted tax on bioplastic resin manufacturing.

This move is anticipated to promote the growth of the packaging market across many regions. The U.S government is passing new bills such as the Federal Farm Bill Energy title 9, which encourages sale of bioplastics items. However, a lack of proper compositing grounds is expected to hinder revenue growth of the market. Bioplastics do not get the required environment for their degradation everywhere. Bioplastics require the presence of microorganisms at a high temperature for degradation.

Microbes break down bioplastics into CO2, H2o, and CH4. There are different types of decomposition based on bioplastic composites, such as soil biodegradable, marine biodegradable, anaerobically digestible, and home compostable.

Global Bioplastics for Packaging Market: Segmental Analysis

• Based on region, North America is expected to lead the market with the highest market value and the fastest market growth of 14.6% during the forecast period. However APEJ is also progressing and is expected to project a high CAGR during the period of assessment.
• Based on material type, Bio PET is expected to exhibit the highest market value of over US$ 4,600 Mn by the end of 2027. However, the starch blends segment is expected to witness the fastest growth rate during the forecast period.
• Based on application type, the films segment is anticipated to dominate the global market with the maximum market size of over US$ 6,300 Mn by the end of 2027.
• Based on end use, the food and beverage industry is projected to witness the fastest growth and highest market value during the forecast period. In terms of growth, the consumer goods segment is behind the food and beverage segment.

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Market Taxonomy

The market taxonomy is the process of bifurcating the market into smaller segments based on various parameters. This makes understanding and analyzing the market easier. The report on the global bioplastics for packaging market has four major segmentation types – based on material type, end use, application type and region. The report depicts an individual analysis of each of these segments. The regional segmentation helps readers identify the most lucrative regions where their business is likely to grow.

Material Type

• Bio PET
• Bio PA
• Bio PE
• Bio-PP
• Bio-PS
• PLA
• PHA
• Starch Blends
• Others (PCL, PBAT etc.)

End Use Industry

• Food & Beverages
• Cosmetics & Personal Care
• Pharmaceuticals
• Consumers Goods
• Industrial Goods
• Others(Automotive, Electrical & Electronics

Application Type

• Bottles
• Cups
• Trays
• Clamshell
• Films
• Bags
• Pouch & Sachet
• Others

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• MEA
• Japan