Bioplastic Packaging Market - Global Outlook and Forecast 2019-2024
The bioplastic packaging market is expected to grow at a CAGR of over 4% during the period 2018−2024.
Dwindling reserves of fossil resources, increase in rules and regulations, bioplastic for bulk packaging, and focus on sustainable packaging are the factors that are likely to contribute to the growth of the bioplastic packaging market during the forecast period.
The bioplastic packaging market growth is expected to be steady, with the supply side parameters affecting the industry cost structure more than the demand side. Europe is leading the market with the consumption of bioplastic being the highest in the region. The market is expected to be volume-driven, mainly on account of high range of products in the F&B sector, with each requiring a different packaging based on its contents and processing nature. In term of types, biobased and non-biodegradable bioplastic is expected to witness significant growth.
The study considers the present scenario of the bioplastic packaging market and its market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The market study includes insights on segmentation by packaging type (flexible and rigid), application (food and beverage, personal care, and other applications), bioplastic type(biobased and non-biodegradable and biodegradable), and geography (North America, APAC, Latin America, MEA, and Europe). The report covers both the demand and supply aspect of the market. The study profiles and examines leading companies and renewable raw material suppliers and manufacturers operating in the market.
Bioplastic Packaging Market: Segmentation
The biobased and non-biodegradable packaging segment has grown at a steady rate driven by the use of three types of polymers: Bio-polyethylene terephthalate, Bio-polyethylene, and Bio-polyamide. The demand for bio-polyamides is expected to increase during the forecast period as they are environment-friendly and provide a high barrier resistance to oxygen, carbon dioxide, and other similar gases. The price of Bio-polyethylene terephthalate is higher in the APAC region on account of limited production capacities in the region, especially China. Biodegradable bioplastic has a wide application in Europe than in other regions. The development of new materials such as polylactide, polyhydroxyalkanoates, and cellulose or starch-based material offers robust functionalities such as barrier properties, composability, and biodegradability. Hence, the production capacity of the biodegradable segment is expected to increase during the forecast period. However, the market is inhibited by the lack of scope for economies of scale.
With increased emphasis on the circular economy, the market is exploring several eco-friendly alternatives, both flexible and rigid types. The rise in beverage manufacturers is offering a major impetus to the application of bioplastic in rigid form. Europe and North America are the major markets on account of strict legislative emphasis. Currently, APAC is the regional leader in the conventional rigid plastic packing.
The F&B industry dominated the flexible packaging market in North America. The increase in quick-service restaurants and retail sectors has boosted the consumption of food items, thereby driving the sector. The US, along with China and India, is expected to drive the global flexible packaging market demand by the food industry during the forecast period. The growth of several F&B outlets such as QSR, coffee shops, ice cream shops, and full-service restaurants has provided new impetus to the industry.
The food industry is growing across the world. The industry has a wide variety of products that requires sustainable and health-friendly packaging – fresh food, dairy, meat, poultry, seafood, bakery to processed, and RTE food. All these types require different packing (monolayer, multi-layer, multi-material, foil-based, and paper-based). Hence, the rise in the food and beverage industry is a major factor responsible for the growth of the market. The personal care industry is growing rapidly, with a major focus on rigid packaging. The bioplastic demand for bottle and container-based personal care products is growing in the premium category of personal care products as customers can afford this type of packaging.
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