A CAGR of 16.5% between 2018 and 2023 is expected to propel the global bioplastics & biopolymers market size to USD 14.9 billion by 2023 from USD 6.9 billion in 2018. The key drivers for growth in the market would be the high demand for bioplastic based packaging vis-à-vis the rising concerns for human health problems by non-degradable plastics, and the favorable government response to the same.
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The packaging segment is expected to offer the highest growth to the bioplastics & biopolymers market by end-uses.
The food packaging industry is experiencing the largest demand for bioplastics & biopolymers due to the growing preference for environmentally friendly packaging alternatives – notably, the large consumers of packaging end-products such as foods and beverages, among others. At the same time, the advancement in industrial processes concerning the production of bioplastics and polymers are aiding the F&B industry to adopt biopolymer-based packaging readily. Several niche brands and premium market players in the organic food industry are inclining towards bioplastic food wrappings, that complement their sustainability drive. Therefore, the packaging segment is ahead of all other end-users of bioplastics and biopolymers.
Bio-PET is estimated to rope in the highest CAGR during the predicted tenure by sub-type (industry)
When it comes to the types of bioplastics and polymers, the Bio-PET enjoys the most extensive popularity in comparison to others within the global bioplastics & biopolymers market. Bio-PET exhibits high versatility, which is at par with the non-biodegradable plastic PET, often used for bottle and flexible-film production. This enables beverage manufacturers to route for Bio-PET actively. Moreover, with the new environment-friendly regulations being introduced in major countries like Japan, Canada, and the US, the adoption of Bio-PET will only rise. Lastly, brands like PepsiCo and Coca-Cola are planning to incorporate sustainable packaging products for many of their soft drinks offerings, which will further drive the usage of the material for packaging. Bio-PET’s acceptance among key players and physical properties make it the first choice.
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The European region will be at the forefront of the bioplastics & biopolymers market in 2018
Europe is a globally renowned industrial, as well as, economic hub of packaging products while being the largest in the world for bioplastic-based packaging. The same has prompted research in the field of bio-based packaging plastics intending to revamp the region’s large plastic markets. Furthermore, the Lead Markets Initiative backed by EU Commission has differentiated bioplastics among the markets with the most lucrative business potent. The growing political focus and healthy economic conditions make Europe the leading consumer of bioplastics & biopolymers.
The report reflects an analysis of the leading bioplastics & biopolymers market players who have fruitfully contributed to the growth of the market with their business strategies and by exploring market opportunities. These include Braskem (Brazil), NatureWorks (US), Novamont (Italy), Total Corbion PLA (Netherlands), BASF (Germany), Biome Bioplastics (UK), Toray Industries (Japan), Bio-On (Italy), Mitsubishi Chemical Corporation (Japan), and Plantic Technologies (Australia).
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