"Bioplastics for Packaging Market Poised to Reach US$ 30.9 Billion by 2033, with a Striking 10.3% CAGR from 2023

The Bioplastics for Packaging market is on a rapid trajectory, expected to achieve a valuation of US$ 30.9 billion by 2033, propelled by a robust 10.3% CAGR over the forecast period. FMI's study indicates that the market is set to expand 1.7 times its base year value, creating lucrative investment opportunities for manufacturers. With a year-on-year growth of 10.3% in 2022, the global consumption of bioplastics for packaging is surging.

The film segment is anticipated to dominate, accounting for over 40.8% of the market share by 2033, underscoring the transformative role of bioplastics in reshaping the packaging industry.

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The growth of the market is being driven by a number of factors, including:

Increased awareness of the environmental impact of traditional plastics.
Government regulations that promote the use of sustainable materials.
Growing demand for food and beverage products that are packaged in sustainable materials.

The bioplastics for packaging market is segmented by type, application, and region. By type, the market is segmented into biodegradable and non-biodegradable bioplastics. By application, the market is segmented into food and beverage, personal care, and household products. By region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

The biodegradable bioplastics segment is expected to be the fastest-growing segment of the market. This is due to the increasing demand for sustainable packaging materials from food and beverage companies. The personal care and household products segments are also expected to grow at a significant rate due to the increasing demand for sustainable packaging materials from these industries.

The bioplastics for packaging market is a rapidly growing market that is expected to continue to grow in the coming years. The market is being driven by a number of factors, including increased awareness of the environmental impact of traditional plastics, government regulations that promote the use of sustainable materials, and growing demand for food and beverage products that are packaged in sustainable materials.

The report titled 'Bioplastics for Packaging Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027', the global bioplastics for packaging market recorded a market valuation of over US$ 4,000 Mn in 2017 and is expected to reach a value of US$ 15,600 Mn by the end of 2027. According to the forecast, the global bioplastics for packaging market is expected to witness a robust CAGR of 14.4% during the projected period 2017-2027.

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Global Bioplastics Packaging Market: Dynamics

More than 200 mn tonnes of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focussing on increasing the use of use of bioplastic packaging, which can reduce this plastic waste to a great extent. PLA, which is a biodegradable plastic developed by NatureWorks LLC., is highly supported by the U.S department of energy. Government organizations across the globe are working in partnership with private sector companies that focus on manufacturing bioplastics packaging products. The government has also exempted tax on bioplastic resin manufacturing. This move is anticipated to promote the growth of the packaging market across many regions. The U.S government is passing new bills such as the Federal Farm Bill Energy title 9, which encourages sale of bioplastics items.

However, a lack of proper compositing grounds is expected to hinder revenue growth of the market. Bioplastics do not get the required environment for their degradation everywhere. Bioplastics require the presence of microorganisms at a high temperature for degradation. Microbes break down bioplastics into CO2, H2o, and CH4. There are different types of decomposition based on bioplastic composites, such as soil biodegradable, marine biodegradable, anaerobically digestible, and home compostable.

Bioplastics For Packaging Market By Category

By material:

Bio PET
Bio PA
Bio PE
Bio-PP
Bio-PS
PLA
PHA
Starch Blends
Others (PCL, PBAT etc.)

By application:

Bottles
Cups
Trays
Clamshell
Films
Bags
Pouch & Sachet
Others (Jars, Cans, etc.)

By end use:

Food & Beverages
Cosmetics & Personal Care
Pharmaceuticals
Consumer Goods
Industrial Goods

Global Bioplastics for Packaging Market: Segmental Analysis

*Based on region, North America is expected to lead the market with the highest market value and the fastest market growth of 14.6% during the forecast period. *However APEJ is also progressing and is expected to project a high CAGR during the period of assessment.
*Based on material type, Bio PET is expected to exhibit the highest market value of over US$ 4,600 Mn by the end of 2027. However, the starch blends segment is expected to witness the fastest growth rate during the forecast period.
*Based on application type, the films segment is anticipated to dominate the global market with the maximum market size of over US$ 6,300 Mn by the end of 2027.
*Based on end use, the food and beverage industry is projected to witness the fastest growth and highest market value during the forecast period. In terms of growth, the consumer goods segment is behind the food and beverage segment.

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Global Bioplastics for Packaging Market: Competitive Landscape

This research report on the global bioplastics for packaging market includes a brief profile of all the major players in the industry. Some of these key players mentioned in the report are Amcor Limited, Berry Global, Inc., BARBIER GROUP, Jolybar GROUP, Virent, Inc., Biome Bioplastics Limited, Plastipak Holdings, Inc, Toray Industries Inc., SECOS Group Limited etc.

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.