Global Bioplastic Packaging Market is valued to reach USD 38.28 Billion by 2025, growing at CAGR of 16.2% over the forecast period 2020-2026. The key factors driving the market are increasing consumer awareness towards eco-friendly products, increase the demand for convenience foods and growing applications in textile, electronics, chemical, food & beverage industries.
Bioplastic is polymer which is manufactured using renewable sources. Most plastics are hazardous for environment and peoples’ health. Plastics are used for various purposes, including packaging, casting, electronics, and food packaging. Bioplastics are eco-friendly and degradable in nature as compare to other types of plastics.
Increasing consciousness among people regarding the ill effects of plastic on the environment is fueling the demand for the sustainable packaging. Governments are supporting the manufacture and use of bioplastic packaging, as they are eco-friendly. This, in turn, is boosting the growth of the bioplastic packaging market. Bioplastic packaging is costly, which is likely to restrain market growth. Rise in use of agro-based raw materials is also likely to hamper the growth of the bioplastic packaging market. New technology and advancements in packaging are expected to create opportunities in the bioplastic packaging market
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Segment by Key players:
DowDupont Inc.
BASF SE
Mitsubishi Plastics Inc.
Novamont S.p.A.
Braskem S.A.
NatureWorks LLC
Koninklijke DSM N.V.
Innovia Films Ltd.
ECM BioFilms Inc.
Segment by Type:
Rigid Packaging
Flexible Packaging
Segment by Application:
Food & Beverages
Consumer Goods
Cosmetic & Personal Care
Pharmaceuticals
Others
Segment by Regions:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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