NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) — Key factors contributing to high CAGR in Bioplastic Packaging Market are technological developments, government rules and regulation for betterment of the environment. Improvement in the quality offered, durability and general awareness for sustainable packaging for reduction of harmful plastics all over the world is resulting in growing of high market demand rate.
Market Size – USD 5649.5 Million in 2018, Market Growth – CAGR of 19.9 %, Market Trends – Product Launches and Research for Advanced Tech Developments
Based on current analysis, the Global bioplastic packaging market was valued at USD 5649.5 Million in year 2018 and is anticipated to reach USD 24289.7 Million by year 2026, at a CAGR of 19.9 %. Development of bioplastics is made through the use of feedstock to minimize the problem caused by conventional plastics. Falling demand for conventional plastics due to its harmful effects on the ecology has further fueled to rise high demand for use for bioplastic materials for packaging. With commencement of industrial and trade technologies, companies from all around the world have induced greater standing for the use of bioplastic plastic.
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The large number of products manufactured with the help of materials which will not be degraded for a longer period of time are creating high level of concern, especially in economies with are still undergoing development. Rising mindfulness for sustainable packaging among the general public and sufficient availability of raw material in developing economies have an affirmative influence on the growth on the bioplastic packaging market. Moreover, government intervention in generating awareness about subtracting consumption of non-recyclable plastic is also one of the significant drivers to induce the growth of bioplastic market. Rise in the use of bioplastic packaging in almost all market sectors is determined by growing demand for sustainable and long-lasting products by consumers because of increasing alertness and education in the field of ecology and environment.
Further key findings from the report suggest
- UK based company, Biome Bioplastics is a natural plastic developer, has collaborated with plastic films manufacturer Futamura to display a range of bio based and compostable and multilayer films. This will boost the overall revenue generating capacity of the market
- Food and beverages sector are projected to be dominant, accounting to 67.3% of the market share in terms of revenue in 2017 and is expected to reach 69.0% by 2026
- Durability and sturdiness of the packaging product is important, therefore, everlasting bioplastics, namely, polythene produced from sugar cane is used to provide efficient substitute for oil-based equals
- Technologically advanced bio-polymer industries are presenting biodegradable plastic as solution to environmental complications over the conventional non-biodegradable plastic
- Biodegradable plastic material used for packaging has a potential to diminish the volume of solid waste and reduce the needs for waste dumping. Biodegradable plastic packaging has also proved to suggests properties to resist fragility and resistance towards heat
- PHAs can replace most of the consumption of fossil fuel based plastic types. PHA is used as food wraps coating for paper and cardboard, plates, cups and also has distinguished medical uses
- Polylactic Acids decompose well in the presence of acids; therefore, they are used in some medical applications. This material of bioplastic is used in making bottles, food packing, grocery bags, etc.
- The ever-increasing awareness among general public about the ecological status of their lifestyle is one of the important key factors for global bioplastic packaging market
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Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the global Antibody production market on the basis of Type, Material Type, Applications, End Users and Region:
Type (Revenue, USD Million; 2016–2026)
- Rigid packaging
- Flexible Packaging
- Other
Material Type (Revenue, USD Million; 2016–2026)
- Starch Blend
- Polylactic Acid (PLA)
- Polyethylene Terephalate
- Polyhydroxyalkanoates (PHA)
- Polythene
- Others
Applications (Revenue, USD Million; 2016–2026)
- Upstream Processing
- Downstream Processing
- Filtration
End Users (Revenue, USD Million; 2016–2026)
- Raw Material Suppliers/Buyers
- Product Suppliers/Buyers
- Research Institutes
- Manufacturers/Producers
- Agricultural Sector
- Research Laboratories
- Others
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Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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