The Indian bioplastic for packaging is expected to expand at a CAGR of 10.9% during the forecast period. Europe is projected to hold a sizeable market share over the forecast period. Braskem S.A and Corbion N.V. are the top players in the bioplastics for the packaging industry.
NEWARK, Del, June 05, 2023 (GLOBE NEWSWIRE) — The bioplastics for packaging market is forecast to expand at 10.3% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 11.6 billion in 2023.
The demand for bioplastics solutions to package products is expected to be driven by government initiatives to lower ecological waste, particularly plastic packaging waste, and better the waste management processes. Governments across the globe are creating restrictions on the use of traditional plastics, which is pushing the growth of bioplastic as a steady substitute in the packaging industry.
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Developing economies, such as India, strongly rely on single-use plastics. These economies have been observing a vigorous phase-out of single-use plastics due to legislation surrounding the ban on single-use plastics. The country is projected to observe heavy developments in the bioplastics for packaging industry, in line with the goals mentioned in the Plastic Waste Management Amendment Rules, 2021.
Rigid bioplastics are utilized in the packaging of cosmetic products like lipsticks, compact powders, creams, etc. The extensive application of cosmetics makes way for heightened demand for bioplastics for packaging.
Due to the increasing buzz around bio-plastics, several bioplastics application technologies are being found in developed countries with the aid of substantial research and development funding. For example, Brown University students created a bioplastic ‘Fette’ cup to swap solo cups, in July 2021. The solo cups are composed of number six plastic, which is toxic to the environment.
Top Highlights for Packaging Market:
- The Europe region obtained a 36% value share in 2022.
- The North America bioplastics for packaging industry acquired a 30.5% market share in 2022.
- The United States bioplastics for packaging industry gained a total of 26.8% value share in the year 2022.
- The German bioplastics for packaging industry acquired a 6% market share in 2022.
- The Japanese bioplastics for packaging industry procured a 5.7% market share in 2022.
- The Australian bioplastics for packaging industry obtained a market share of 1% in the year 2022.
- The Chinese bioplastics for packaging industry are projected to expand at a prominent CAGR of 12.2% from 2023 to 2033.
- The Indian bioplastics for packaging industry are anticipated to register a CAGR of 10.9% in the forecast period.
- The United Kingdom bioplastics for packaging industry accounted for a CAGR of 4.9% over the estimated time frame.
- On the basis of material, Bio PET is expected to gain more than 30.1% market share in 2023.
- Based on end use, the food and beverages segment is expected to gain an attractive 78.9% market share in 2023.
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Innovation Watch: Key Developments in this Market:
- LG Chem Ltd., which is a large Korean chemical company, in August 2022 revealed its collaboration with Archer Daniels Midland Co. (ADM), which is a United States-based food processing company. Both companies came together to construct two manufacturing plants in Illinois, the United States. The production units produce biodegradable plastics that are widely used in food packaging applications.
- Vikas Ecotech Limited officially declared in January 2022 its plans to devote in the eco-friendly BioPlastics (PHA) technology. The company is in the advanced stage of finalizing a technology joint venture or tie-up with Aurapha Private Ltd. to manufacture biodegradable plastics. The solution is to deploy biodegradable plastics like polyhydroxyalkanoates (PHA).
Key Players are:
- Braskem S.A
- Corbion N.V.
- Novamont S.p.A
- NatureWorks LLC
- Amcor Plc
- Mondi Group
- Tetra Pak International SA
- ALPLA-Werke Alwin Lehner GmbH & Co KG
- Berry Global Inc.
- Uflex Ltd.
- Toray Industries Inc.
- BARBIER GROUP
- Jolybar Group
- Biome Bioplastics Limited
- Plastipak Holdings, Inc.
- Virent, Inc.
- SECOS Group Limited
- Evo & Co.
Market by Categorization:
By material, bioplastics for packaging market is segmented as:
- Bio PET
- Bio PA
- Bio PE
- Bio-PP
- Bio-PS
- PLA
- PHA
- Starch Blends
- Others (PCL, PBAT etc.)
By application, bioplastics for packaging industry is segmented as:
- Bottles
- Cups
- Trays
- Clamshell
- Films
- Bags
- Pouch & Sachet
- Others (Jars, Cans, etc.)
By end use, bioplastics for packaging industry is segmented as:
- Food & Beverages
- Cosmetics & Personal Care
- Pharmaceuticals
- Consumer Goods
- Industrial Goods
- Others (Automotive, Electrical & Electronics)
By region, bioplastics for packaging industry is segmented as:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific except for Japan
- Japan
- Middle East & Africa
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Table of Content (ToC):
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-6087
Explore Trending Reports of Packaging:
FMCG Packaging Market Demand: Demand in the global FMCG packaging market is projected to grow at a 5.8% CAGR over the forecast period, in comparison with the 4.0% CAGR registered between 2018 to 2022.
Beverage Packaging Market Analysis: According to the study conducted by FMI, beverage packaging sales will rise 1.3 times from the base year value over the forecast period, generating lucrative investment opportunities for the manufacturers. A large share of 37.3% of the global beverage packaging market is expected to come from the Asia Pacific region by 2022.
Flexible Packaging Paper Market Size: The flexible packaging paper market is expected to grow considerably due to the increasing adoption of eco-friendly packaging products by consumers. Flexible packaging paper is widely preferred due to its properties such as lightweight, cost-effectiveness and durability.
Biodegradable Packaging Market Share: The biodegradable packaging market is projected to bolster the increasing demand for sustainable and eco-friendly packaging in various end use industries. A new forecast by FMI analysis estimates that biodegradable packaging sales will augment from 2022 to 2032 and is anticipated to create a growth opportunity of US$ 1.8 Billion.
Protective Packaging Market Outlook: According to the FMI study, China is expected to account for around 54% of the Asia Pacific excluding Japan’s protective packaging market in 2033. End-use industries such as automotive, electronics, and chemical in China are slated to increase protective packaging demand.
Dairy Products Packaging Market Growth: The global dairy product packaging market has seen volatile market growth during the last few years due to sluggish growth on the part of global dairy production and unbalanced supply & demand. Due to the large inventory of milk in powdered form keeping overall profitability margins low, producers are reluctant to make fresh investments.
Next Generation Packaging Market Sales: Future Market Insights predict a comparison and review analysis of the dynamics of the next-generation packaging market, which is principally subjected to an array of industry factors along with a few definite influences concerning the high cost of installation of next-generation packaging technology expected to curb market growth.
Meat Packaging Market Volume: Meat packaging is a type of packaging used to protect meat and meat products from mechanical, chemical, and biological hazards during processing, storage, and distribution. It is typically made from materials such as polyethylene, polypropylene, and polyvinyl chloride, and helps end users significantly improve the shelf life of meat products while retaining the original characteristics of the packaged items.
Liquid Carton Packaging Market Value: Sales of liquid carton packaging are expected to rise as demand for packaged foods and beverages increases, as is the ease of carrying and transporting them. In addition to this, demand for liquid carton packaging is rising on account of packaging advancements and the recyclable characteristic of cartons.
Plastic Healthcare Packaging Market Types: Demand for plastic healthcare packaging in Germany is expected to rise at nearly 3.8% CAGR over the forecast period. Germany is well known for its technology-driven industry and its developments in the healthcare sector owing to the stringent government rules and initiatives.
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