Bioplastic Packaging Market Growth Accelerated by Rising Demand for Sustainable Packaging Materials

 

Bioplastic packaging materials are derived from renewable biomass sources, such as vegetable fats and oils, corn starch, or microbiota and are a more environmentally friendly alternative to conventional petroleum-based plastic materials. Bioplastic packaging helps reduce carbon footprint, is recyclable, and decomposes quickly. Products like food packaging, bottles, bags, clamshell containers among others are increasingly adopting bioplastic packaging. 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:

The growth of the bioplastic packaging market is accelerated by the rising demand for sustainable packaging materials from industries like food and beverages, cosmetics among others. Governments across regions are encouraging the use of bioplastics by various policy changes to curb plastic waste and drive the adoption of environment-friendly alternatives. Various studies have shown that bioplastic packaging decomposes three times faster than regular plastic in compost or landfill conditions. This property of bioplastics is further fueling their increased preference among manufacturers and brand owners who want to promote their brands as sustainable.

Segment Analysis
The bioplastic packaging market is dominated by the rigid packaging segment, which accounts for over 60% share of the overall market. Rigid packaging finds widespread application in food and beverage packaging where rigidity during handling and transportation of products is crucial. Being compostable and recyclable, rigid bioplastic packaging helps in reducing environmental footprint of packaged foods and beverages.

Key Takeaways
The global bioplastic packaging market is expected to witness high growth.

Regional analysis comprises The North America region currently dominates the bioplastic packaging market and is expected to maintain its lead throughout the forecast period. Stringent regulations regarding use of conventional plastics along with presence of major bioplastics producers in the US and Canada drives the growth of bioplastic packaging in North America.

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 is the global leader in bioplastics with wide range of compostable and recyclable bioplastic materials. Koninklijke DSM N.V is a leading producer of biodegradable polyester bioplastics. NatureWorks supplies Ingeo PLA biopolymer widely used for food packaging and disposable tableware applications.

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