The global bioplastics for packaging market is expected to grow at a CAGR of 10.3% from 2023 to 2033. Bioplastics are plastics that are made from renewable resources, such as plants or microorganisms. They are a sustainable alternative to traditional plastics, which are made from fossil fuels. Bioplastics can be used to make a variety of packaging products, including bags, bottles, and containers.
Get a Report Sample Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-6087
The growth of the market is being driven by a number of factors, including:
Increased awareness of the environmental impact of traditional plastics.
Government regulations that promote the use of sustainable materials.
Growing demand for food and beverage products that are packaged in sustainable materials.
The bioplastics for packaging market is segmented by type, application, and region. By type, the market is segmented into biodegradable and non-biodegradable bioplastics. By application, the market is segmented into food and beverage, personal care, and household products. By region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
The biodegradable bioplastics segment is expected to be the fastest-growing segment of the market. This is due to the increasing demand for sustainable packaging materials from food and beverage companies. The personal care and household products segments are also expected to grow at a significant rate due to the increasing demand for sustainable packaging materials from these industries.
The bioplastics for packaging market is a rapidly growing market that is expected to continue to grow in the coming years. The market is being driven by a number of factors, including increased awareness of the environmental impact of traditional plastics, government regulations that promote the use of sustainable materials, and growing demand for food and beverage products that are packaged in sustainable materials.
The report titled ‘Bioplastics for Packaging Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’, the global bioplastics for packaging market recorded a market valuation of over US$ 4,000 Mn in 2017 and is expected to reach a value of US$ 15,600 Mn by the end of 2027. According to the forecast, the global bioplastics for packaging market is expected to witness a robust CAGR of 14.4% during the projected period 2017-2027.
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.
Bioplastics For Packaging Market By Category
By material, bioplastics for packaging market is segmented as:
Others (PCL, PBAT etc.)
Toc of the Report: https://www.futuremarketinsights.com/toc/rep-gb-6087
By application, bioplastics for the packaging market is segmented as:
Pouch & Sachet
Others (Jars, Cans, etc.)
By end use, bioplastics for packaging market is segmented as:
Food & Beverages
Cosmetics & Personal Care