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 cur