The bioplastic packaging market offers environment-friendly and sustainable packaging solutions made from renewable biomass sources such as cornstarch, sugarcane, and vegetable fats rather than petroleum. Bioplastic packaging products provides excellent moisture and gas barrier properties while protecting food products from damage and contamination. The global Bioplastic Packaging Market is estimated to be valued at US$ 10.60 Bn in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness about environmental protection and negative impact of fossil fuel-based plastics is a key trend fueling growth of the bioplastic packaging market. Rising consumer preference for sustainable packaging made from renewable resources is driving increased demand for bioplastic packaging products. Bioplastic supports in limiting plastic pollution as it is biodegradable and compostable in commercial composting facilities. Manufacturers are extensively investing in R&D activities to develop new bio-based materials and bioplastic packaging solutions with improved functionality. Various campaigns by environmental organizations and governments to curb plastic usage have increased adoption of bioplastic packaging especially for food and beverage applications.
Strength: Bioplastic packaging is made from renewable resources like corn, sugarcane or cellulose and helps reduce dependence on fossil fuels. It is also compostable and biodegradable.
Weakness: Bioplastics have higher production costs than traditional plastics. The technology for bioplastics is still evolving and not widely available.
Opportunity: Growing concerns about environmental impact of single-use plastics is driving demand for sustainable alternatives like bioplastics. Supportive government policies and regulations further boost the bioplastic packaging market.
Threats: Traditional plastics are strongly entrenched in the market given their competitive costs and versatile properties. Public perception of bioplastics being less durable than conventional plastics acts as a challenge.
The global bioplastic packaging market is expected to witness high growth during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the bioplastic packaging market currently due to stringent regulations against single-use plastics and supportive initiatives for sustainable alternatives. Asia Pacific is expected to witness fastest growth in bioplastic packaging market during the forecast period.
Key players operating in the bioplastic packaging market are BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, and Metabolix, Inc. Growing consumer demand for eco-friendly packaging coupled with regulatory push for sustainable materials is prompting key players to invest in bioplastics. Partnerships across the value chain help improve technical expertise and drive market growth.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it