Sustainable and affordable packaging for varied range of products across different industry including food and beverage has inclined the demand for bioplastic packaging over the past few years. The bioplastic packaging has gained traction all over the world due to adaptation of the products by different manufacturers. The bioplastic packaging is different from non-bioplastic packaging as former degrades completely and quickly when decomposed without any poisonous emission. The sector of bioplastic packaging is a small segment and is at nascent stage when compared to overall packaging industry of the globeThe biodegradable food packaging is different from non-biodegradable packaging as former degrades completely and quickly when decomposed without any poisonous emission. The sector of bioplastic packaging is a small segment and is at nascent stage as compared to overall packaging industry of the globe. Recent advancement and change in techniques has uplifted the global bioplastic packaging market. Moreover, increasing consumer awareness related to utilization of biodegradable based products is anticipated to intensify the growth of the bioplastic packaging market till 2029.
Change in lifestyle along with increased consumption of packaged food products is expected to drive the growth of global bioplastic packaging market over the forecast period. Besides this, increasing emphasis on sustainable packaging by retail companies and escalation in adoption of plastic bags all over the world is expected to bolster the growth of global bioplastic packaging market growth between 2021 and 2029. Rising environmental concerns all over the world due to increase in pollution along with higher consumer preferences for biodegradable material based products is anticipated to foster the growth of bioplastic packaging market over the forecast period.
Bioplastic packaging market has been estimated to be valued at US$ 6,765.9 Mn by the end of 2021 and is expected to attain revenue of US$ 46,490.6 Mn by 2029, expanding at a CAGR of 31.7% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Bioplastic Packaging Market - Growth, Future Prospects, and Competitive Analysis 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global bioplastic packaging market.
Target Audience
USP and Key Offerings
The report titled “Global Bioplastic Packaging Market - Growth, Future Prospects, and Competitive Analysis 2021 – 2029” offers strategic insights into the global bioplastic packaging market along with the market size and estimates for the duration 2018 to 2029. The said research study covers in-depth analysis of multiple market segments based on product type and application and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading bioplastic packaging vendors, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global bioplastic packaging market, of growth, offering market size and estimates for the period from 2018 to 2029, keeping in mind the above mentioned factors.
On the basis of product type, the bioplastic packaging market is categorized into following types:
Bioplastics have been generally introduced to reduce the problems caused by old and conventional plastics. These are generally produced from biodegradable feedstock which can be decomposed in soil. By product type, the bioplastic packaging market growth is segmented by bio-PET, PLA and PLA blends, starch blends, and others. In 2020, Bio-PET segment contributed highest share in the total revenue of global bioplastic packaging market. Rising demand for bio-PET in packaging sector due to rising research and development expenditure by beverage companies is anticipated to prosper the growth of the segment till 2029.
On the basis of application, the bioplastic packaging market is categorized into following types:
Rising consumer demand towards bioplastic packaging is likely to strengthen the growth of alternative packaging materials growth during the forecast period. Besides this, the ban of lightweight single-use plastic bags is also strengthening the growth of bioplastic packaging market. Increasing demand of consumers for cost effective, better featured and easy to use products, rising requirement for convenience among consumers, growth and development of new packaging material and higher awareness of environmental concerns as well as adoption of new regulations are expected to be the major growth drivers for bioplastic packaging market growth between 2021-2029. By application, the bioplastic packaging market growth is segmented by food and beverages, kitchen utensils, electronics industries and others. In 2020, food and beverages segment contributed highest share in the total revenue of global bioplastic packaging market. Higher adoption of eco-friendly packaging instead of conventional packaging for different other products is anticipate to fuel the growth of segment at a robust CAGR during the forecast period. Rising usage of bioplastics from bottles in packaging to keyboards in consumer electronics as well as an interior parts in automotive sector is anticipated to intensify the growth of electronics industries and others segment growth till 2029.
It has been noticed that consumers are inclining and becoming more apprehensive towards environmental impact on plastic packaging blends. This has prompted the companies to look beyond the usage of bioplastics to other alternatives. Thus, increasing inclination towards naturally manufactured products and changing mindset of consumer towards sustainable goods is anticipated to bolster the growth of bioplastic packaging market over the period 2021-2029. The global bioplastic packaging market is segment on the basis of geography. Europe contributed the highest revenue share in total bioplastic packaging market with a contribution more than 40% by end of 2020. Followed by it, North America stood at second position in the same year. Higher health awareness and consciousness and awareness along with high population spending in these developed regions is anticipated to contribute for double digit growth rate of these regions during the projected period. Increasing government interest in order to strengthen the demand for bioplastic packaging based products and rising trend of people towards spending on biodegradable products is anticipated to bolster the growth of bioplastic packaging market in Asia Pacific region between 2021 and 2029.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Bioplastic Packaging market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Application
| |
Product
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
