Bioplastics packaging are anticipated to make inroads at a value CAGR of ~14% over 2019-2028. According to a study published by Insure Insights on the Bioplastics packaging market, the use of innovative materials for manufacturing and rising awareness about the adverse effects of conventional plastics is anticipated to augment the demand in the global bioplastics packaging market.
Top Driver: Robust Demand for flexible packaging
Bioplastics packaging has abundant demand in food and beverages and pharmaceutical industries. Rising consumer sensitivity to sustainability has been encouraging industries to embrace sustainable packaging solutions. This is due to the rising awareness of the adverse effect of non-degradable materials on environmental pollution. Therefore, there is a growing demand for biodegradable flexible packaging such as bioplastics.
Further, governments across various nations are also promoting the development and use of bioplastics. Governments are also regulating and implementing strict laws to increase the capacity expansion of conventional plastics, which is likely to increase the production of bioplastics. Another major reason is, during the forecast period, it is expected that the demand for bioplastics will increase owing to suppliers focus on developing flexible plastic recyclable packaging.
Food and beverage to Make Crucial Contribution to Growth of Global Bioplastics packaging Market
Among application segments of the global bioplastics packaging market, food and beverages are predicted to show significant growth in the future. To reduce the impact of plastic on products and the environment food and beverage industry, participants have shifted the use of conventional plastics to biodegradable plastics. Bioplastic containers are receiving increased acceptance among consumers as it is more eco-friendly than plastic. The increased use of bioplastics such as polylactic acid and polyhydroxyalkanoates are expected to drive the segment growth.
Replacement of plastic bags with biodegradable alternatives to Benefit North America Market
The rising health and environment consciousness among consumers and manufacturers are increasing focus on sustainable packaging, which does not harm the environment. The European Union (EU) is taking numerous environmental protection initiatives that help in protecting the environment. European Commission also previously presented a strategy of action on bioeconomy, to encourage the consumption and manufacture of bio-based chemicals at a domestic or national level. Such initiatives projected for the development of innovative processes and technologies for manufacturing bioplastics resources.
Further, smart stores, retail stores are also reducing plastic use, and they are focusing the use of bioplastics in the region. For instance, Co-operative Group, UK-based retail businesses, including food retail and wholesale, announced to replace all single-use plastic bags with biodegradable bioplastic bags as a substitute. Similarly, Waitrose Ltd., a UK-based supermarket in September 2018, announced to replace plastic bags with neoplastic bags. Such initiatives are expected to increase the demand for bioplastic packaging materials in the forecasted period.
Players to Focus on Expanding Applications in Complex Computing, Healthcare, Finance
The global bioplastics packaging market is expected to stay fragmented with the increase in the number of new entrants in the coming years. BASF SE, The Dow Chemical Co, Metabolix Inc., UFlex, Braskem, Biome Bioplastics, and Royal DSM among others could be at the forefront of the competition in the global bioplastics packaging market.
UFlex: It is India’s one of largest multinational flexible packaging company in polymer sciences. The company is offering innovative and flexible packaging solution to numerous companies. In March 2019, the company introduced Multi-layer Packaging (MLP) waste recycling technology at IndiaPlast 2019. Also, in March 2020, the company received six awards at Flexible Packaging Awards 2020 for its bio degradable packaging.
Braskem: The company is involved in thermoplastics polyolefins , and in August 2018, the company along with Only Natural Pet, a pet food company introduced a sustainable pet food packaging initiative I’m green biopolymer. Only Natural Pet is using Braskem’s sugarcane based boiplastic as a packaging material into bags of its recently launched product – Mindful Meals dry dog food, for environmental sustainability and carbon reduction.
Biome Bioplastics: In September 2017, the company launched a range of plant-based bio-based plastics cups and lids to enable retailers and packaging manufacturers to offer consumers a more sustainable option.
Scope of the Report
By Packaging Solutions
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Table of Content
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