This study intends to analyse diverse aspects of the global bioplastic packaging market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Market Analysis in Brief
According to a preliminary study carried out by Fairfield Market Research, the bioplastic packaging market is expected to continue to grow at a robust CAGR of over 14% till 2030. The market is a segment of the packaging industry that focuses on the development and production of packaging materials made from renewable, biodegradable, or compostable materials. Bioplastics can be derived from a variety of sources, including starches, cellulose, and bio-based polymers. They offer a sustainable alternative to traditional petroleum-based plastics, which are non-renewable and have a significant impact on the environment. Bioplastic packaging can be used in a wide range of applications, including F&B packaging, cosmetics & personal care products, as well as pharmaceuticals. The demand for bioplastic packaging is growing rapidly due to increasing consumer awareness about sustainability and the need to reduce plastic waste.
Key Report Findings
Rising Environmental Concerns and Awareness About Bioplastics
The demand for bioplastic materials for packaging applications has been on an upswing for the few years, on the back of their low environmental impact. In addition, increasing focus on sustainability and recyclability coupled with swelling emphasis by respective governments on the use of efficient packaging solutions, as well as the growing awareness among customers have triggered a higher use of bioplastic packaging.
Additionally, increasing bans/restrictions on the usage of single-use plastic bags and other single-use plastic packaging solutions have fuelled the growth of the bioplastic packaging market. Overreaching issues about climate change along with the scarcity of fossil fuel resources have also pushed research efforts aimed at improving efficient plastic packaging concepts. Moreover, strict governmental regulations regarding the use of sustainable packaging solutions and subsequent restrictions on the use of conventional plastic materials have boosted the demand for bioplastic packaging solutions.
The ability of bioplastics to overcome detrimental environmental impacts caused by petroleum-based plastics has favored the growth of the bioplastic packaging market. Moreover, by being developed through the combination of several biodegradable materials such as biomass, bioplastics can help in reducing dependence on petroleum-based plastics, thus lowering the burden of fossil fuels.
In addition, government authorities across the globe are responding to various concerns apropos to packaging waste, in particular plastic packaging waste that ends up in landfills. These bodies are now enforcing new norms and stringent regulations concerning plastic packaging waste thus minimizing related environmental issues. This factor is still instrumental in pushing the adoption of bioplastics thus driving the growth trajectory of the bioplastic packaging market.
Spotlight on Global Sustainability
Sustainability is the new objective that is looked upon by governmental bodies as a measure to safeguard environment health. This has significantly revolutionized the packaging domain by introducing a biodegradability quotient in the industry. That said, packaging with high sustainability and biodegradability is set to prevail as a dominant trend transforming the packaging industry worldwide.
Furthermore, several brands today are more concerned about greenhouse gas emissions, which they produce that contributes towards global warming. This has further triggered the use of environment-friendly packaging that supports the minimization of carbon footprints alongside the reduction of shipping costs. With this backdrop, companies are now making sustainable packaging commitments with an emphasis on plastics reduction and complete recyclability. That said, the growing focus on sustainability is expected to augment bioplastic packaging market growth in the coming years.
High Costs, Limited Raw Material Availability, and Lack of Consumer Awareness
The production of bioplastic packaging is higher than conventional plastic solutions, and the limited availability of raw materials necessary to produce bioplastic packaging could act as deterrents and may even create supply-chain challenges. Moreover, the required infrastructure needed to recycle and compost these materials is not as widespread as facilities that are used for conventional plastics. Factors such as these are expected to have a negative influence on the growth potential of the global bioplastic packaging market.
Growth Opportunities Across Regions
Europe Remains Significant
On the regional front, lucrative opportunities for the bioplastic packaging market lie in European countries. The European Union has been working on its 2050 net-zero emissions goal. It is also tackling the growing sustainability and environmental crisis by executing the European Green Deal. An increasing inclination towards a sustainable society is entangled with the production, adoption, and disposal of plastic in the European region, which is influencing the growth of the market.
In addition, Europe has gained a centre-stage with regards to the production of bioplastics. In addition, customers in the region are becoming more aware of the negative impacts of plastic on environment. This has triggered the need for green packaging, in turn complementing bioplastic packaging market growth prospects.
Opportunities Abound in Asia Pacific
On the other hand, the bioplastic packaging market in the Asia Pacific region is also gaining traction. Increasing bans on single-use plastics on the back of growing environmental concerns have given an impetus to the use of biodegradable materials. This has had a positive influence on the production of bioplastic materials, thus contributing towards market growth.
For instance, in India, according to the Press Information Bureau, campaigns were undertaken to implement a ban on single-use plastic products from the 1st-31st of July 2022. This called for packaging solutions that are environment friendly and have a low carbon footprint. That said, going forward, the market is likely to witness an opportunistic scenario in the Asia Pacific region.
Bioplastic Packaging Market: Competitive Landscape
Some of the major players in the market include BASF SE, Amcor Limited, Taghleef Industries Group, Alpagro Packaging, Mitsubishi Chemical Corporation, Coveris, Alpha Packaging, ALPLA, Novamont S.p.A., Arkema S.A (Stand Alone), and The Dow Chemical Company, to name a few. Key players in the bioplastic packaging market are focused on new growth strategies such as new product launches, acquisitions, mergers, and collaborations to strengthen their position.
Regional Classification of the Global Bioplastic Packaging Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Bioplastic Packaging Market
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