Biodegradable Packaging Is Fastest Growing Segment Fueling The Growth Of Bioplastic Packaging Market

 

Bioplastic Packaging Market

The global Bioplastic Packaging Market is estimated to be valued at US$ 17.73 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 Overview:
Bioplastic packaging refers to a type of packaging made from renewable biomass sources, such as vegetable fats and oils, corn starch, pea starch and microbiota, rather than petroleum or natural gas. Bioplastic packaging has several advantages over traditional plastic packaging like it is biodegradable, renewable, lighter than conventional plastics, etc. With rising concerns regarding harmful effects of petroleum-based plastics, bioplastic packaging is increasingly being adopted worldwide.

Market key trends:
One of the major trends in the bioplastic packaging market is the increasing demand for biodegradable packaging. With mounting concerns regarding plastic waste and its detrimental environmental impact, there is growing consumer preference for biodegradable and sustainable packaging materials. Also, stringent government regulations pertaining to use of single-use plastics are promoting adoption of biodegradable plastics. Many brands and retailers are opting for biodegradable packaging made from renewable plant-based materials to appeal to environmentally conscious customers. This is expected to drive significant growth of the biodegradable segment in the overall bioplastic packaging market over the forecast period.


Segment Analysis
The global bioplastic packaging market is segmented by type into rigid packaging and flexible packaging. The rigid packaging segment dominates the market and accounts for around two-third share of the total market. This is because rigid packaging provides protection and preserves the integrity and quality of packed food and beverage products during transportation and storage. Furthermore, rigid packaging is reusable and recyclable leading to lower carbon footprint.

Key Takeaways
The Global Bioplastic Packaging Market Size is expected to witness high growth, exhibiting CAGR of 29% over the forecast period, due to increasing environmental concerns regarding use of petroleum-based plastics and growing consumer preference for sustainable packaging solutions.

Regionally, Europe dominates the global market with over 35% share owing to strong government support through policies and regulations favoring use of bioplastics. Asia Pacific is expected to be the fastest growing region on account of rising consumption of packaged food and beverages along with increasing industrial and agricultural activities in countries like China and India.

Key players operating in the bioplastic packaging market are BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company. BASF SE leads the market with wide product portfolio and global presence. NatureWorks, LLC specializes in polylactic acid (PLA) bioplastics used in flexible and rigid packaging applications. The Dow Chemical Company is investing in commercialization of bioplastics made from agricultural waste.

Read More:

https://www.marketwebjournal.com/bioplastic-packaging-market-trends-size-and-share-analysis/

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