Global Bioplastic Packaging Market is Expected to Reach USD 24.85 Billion by 2026 : Fior Markets – Yahoo Finance

Bioplastic Packaging Market by Type (Rigid Packaging, Flexible Packaging), Product (Starch Blends, Polylactic Acid, Polyethylene Terephthalate, Others), Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026

New Jersey, NJ, July 24, 2019 (GLOBE NEWSWIRE) — Fior Markets launched a study titled, “Bioplastic Packaging Market by Type (Rigid Packaging, Flexible Packaging), Product (Starch Blends, Polylactic Acid, Polyethylene Terephthalate, Others), Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026“. As per the report, the global bioplastic packaging market is expected to grow from USD 5.94 Billion in 2018 to USD 24.84 billion by 2026 at a CAGR of 18.69% during the forecast period from 2019-2026. Growing consciousness among customers about the adverse impact of conventional plastics and high demand for sustainable packaging solution are two factors affecting the demand of the market.

Market Outlook of the Bioplastic Packaging

• Bioplastic is defined as a biodegradable group of polymers which are manufactured using renewable-based sources. Conventional plastics has proved to be hazardous due to the impact on the environment and their heavy reliance on the oil and gas industry for raw materials such as naphtha. Conventional plastic is widely used for packaging of casings, electronics, and food products, amongst others which is again negatively impacting the environment, leading to increasing land and marine pollution. Bioplastics packaging has gained attraction and attain a privileged status in the global F&B packaging industry, as consumers are conscientiously paying heed to the materials used for wrapping their favorite food consumables
• Growing consciousness among customers about the adverse impact of conventional plastics is one of the driving force. Also, high demand for sustainable packaging solution and increasing government support for the incorporation of bioplastic in packaging are another two factors fuelling the growth of market. But high cost of bio-based packaging than conventional plastic packaging is expected to hamper the market growth. However, development of new technology and processes will positively impact the growth of the bioplastic packaging market in forthcoming years.

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Type Segment Analysis of the Bioplastic Packaging Market

• Rigid Packaging
• Flexible Packaging

The rigid packaging segment is dominating the market with the highest revenue around USD 3.15 billion in 2018. Rigid bioplastics applications are available for cosmetics packaging of compact powders, creams and lipsticks, well as beverage bottles. Materials such as PLA, bio-based PE, or bio-based PET are used for rigid packaging. The rigid packaging are heavier and also provide a better protection for packed goods.

Application Segment Analysis of the Bioplastic Packaging Market

• Food & Beverages
• Consumer Goods
• Cosmetic & Personal Care
• Pharmaceuticals
• Others

The food & beverages segment is anticipated to dominate the market with the highest market share of 31.37% in 2026 owing to an early adopter of the bioplastic packaging solutions. Several SMEs, as well as bigger F&B companies, are already using bioplastic for their packaging applications. For instance, in 2013, companies such as Coca-Cola, Heinz, P&G, and Unilever among others joined the World Wildlife Fund to introduce the Bioplastic Feedstock Alliance.

Product Segment Analysis of the Bioplastic Packaging Market

• Starch Blends
• Polylactic Acid
• Polyethylene Terephthalate
• Polyhydroxyalkanoates
• Polyethylene
• Others

The starch blends segment is dominating the market with the highest share of 27.11% in 2018. Starch-based bioplastics are often blended with biodegradable polyesters to produce starch/polylactic acid, starch/polycaprolactone or starch/Ecoflex (polybutylene adipate-co-terephthalate produced by BASF blends. The starch blends offers superior sustainability over other material types in the bioplastics for packaging market due to this it is more consumed globally. The preference of the manufacturers for the polyethylenefuranoate (PEF) over conventional PET has increased majorly due to the superior properties of the polyethylenefuranoate (PEF) and hence its consumption in packaging applications has increased.

Region Segment Analysis of the Bioplastic Packaging Market

• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

Europe region dominated the global bioplastic packaging market by accounting USD 2.30 in 2018 where as the Asia Pacific rapidly growing region in the market. Europe is dominating the market owing to strict regulations against consumption of non-recyclable plastics along with gaining popularity of sustainable packaging in manufacturing industry. Supportive government policies in Europe is also influencing the market growth. European government policies stated its Europe 2020 strategy that supports bio-economy to motivate its public authorities for preferring to tracking down of biobased products and permitting member states to reduce the taxes for biobased products. This has strengthened the global bioplastic packaging market in European region. Asia Pacific is a rapidly growing region due to growing packaging industry in countries of India and China in light of positive outlook on consumer goods, food & beverage and pharmaceutical industries.

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Competitive landscape and key vendors

• Major players in the global bioplastic packaging market are Key players in the bioplastic packaging market are DowDupont Inc., BASF SE, Mitsubishi Plastics Inc., Novamont S.p.A., Braskem S.A., NatureWorks LLC, Koninklijke DSM N.V., Innovia Films Ltd., and ECM BioFilms Inc among others. In order to their enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• For instance, in December 2018, Bio-on created a new company, named as ZEROPACK for the exploitation of the patents aimed to revolutionize the world of food packaging in the fruits and vegetable sector through the use of bioplastics.
• For instance, in 2019, Royal DSM entered into the partnership with CEAD, a supplier of 3D printing equipment and filled polymer printing. Both the companies agreed to work for the exploration of Fused Granulate Fabrication (FGF) technologies and materials with aim to develop new applications in tooling and end-use parts.

About the report:

The global bioplastic packaging market is analysed on the basis of value (USD Million), volume (Kilo Tons), consumption (Kilo Tons), imports (Kilo Tons) and exports (Kilo Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.