Global bioplastics market is projected to be decent CAGR over the forecast period(2018 to 2023).various factors such as favorable government policy supports for their use and their wide utilization by the customers across many industry verticals such as construction, textile and automotive among others. Though, some factors like high cost as compared to its alternative, poor waste processing infrastructure may impede the market growth.
Geographically, Europe will drive the global market of bioplastics due to their increased adoption in Italy, United Kingdom, and Germany. Asia Pacific region will also drive the market of bioplastics because of increasing number of huge investments being made by the global major players in the region owing to presence of huge renewable feedstock.
Growing Preference For Eco Friendly Packaging
The overall impact on environment due to the use of bioplastics is significantly lower than that of conventional plastics, so these are considered to be eco-friendly.growing government initiatives regarding promotion of bio degradable materials is expected to add on to the changing preference for eco-friendly packaging.
For example, the initiative taken by the Indian government to eliminate all single use plastic by 2022 is expected to fuel the demand for eco friendly alternatives such as bio plastics.
Global Bioplastics Market By Application
By application, the global bioplastics market is segmented as construction, packaging, agriculture, textile, automotive, FMCG and others. Packaging segment is expected to grow at a substantial rate owing to the increasing focus on sustainable packaging along with budding packaging industry. Further, rising preference for flexible packaging with eco friendly material is anticipated to fuel the packaging segment for the bioplastics market. Furthermore, various partnership and initiatives by major players focusing on bioplastic packaging is expected to broaden its scope in global bioplastics market during the forecast period.
The bioplastics market for packaging is projected to grow at a CAGR of XX%, rising from US$XX million in 2018 to reach US$XXmillion in 2024. Packaging industry is witnessing growth in the present scenario. The growing demand for packaging in order to increase the shelf life of the products along with safe storage and transportation is promoting the growth of packaging industry. Further, the growing preference for use of bioplastic for packaging along with various initiatives by major players with the focus on sustainable packaging is boosting the market for bioplastics. For instance, Biotechnology leader Danimer Scientific and global food and beverage company PepsiCo, Inc. announced an agreement that includes development of Danimer Scientifics’ biodegradable film resins to meet the sustainable flexible packaging requirements of PepsiCo’s global food and beverage business.This collaboration is also expected to help expedite PepsiCo’s transition to packaging that is completely biodegradable for their snack food portfolio by incorporating NodaxTM PHA bioplastic into certain of its next-generation snacks packaging.Even Coca Cola has been constantly focusing on sustainable packaging.
Moreover, increased research and development activities for innovation in packaging of products is anticipated to widen up the growth opportunities for the packaging segment in the global bioplastics market. Furthermore, a wider range of product launch of bioplastic packaging by market players in developing economies to increase their market share is further expected to propel the market growth opportunities during the forecast period. For example, Bio-on launched Bioplastic packaging for fruits and vegetables. Additionally, the growing trend of ordering food online is also expected to create opportunities for the bioplastics market.
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