UNITED KINGDOM: The global bioplastic packaging market is expected to post a CAGR of over 18% during the period 2019-2023, according to the latest market research report by Technavio.
Factors such as increasing environmental concerns are leading to higher consumer preference for biodegradable packaging materials. To cater to the consumer demands, many end-users such as retailers and food processing companies are focusing on offering products in bioplastic packaging. Therefore, the rise in adoption of bioplastic packaging by various end-users will fuel market growth during the forecast period.
As per Technavio, the adoption of innovative materials for manufacturing bioplastic packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bioplastic packaging market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global bioplastic packaging market: Adoption of innovative materials for manufacturing bioplastic packaging
The demand for bioplastic packaging is growing rapidly, owing to the rising need for eco-friendly and sustainable packaging from various end-user industries. There has been a rise in the adoption of various plant-based raw materials such as fruit skins, hemp, and sugarcane for manufacturing bioplastic packaging. Hemp is being adopted as a useful raw material for producing bioplastic. Furthermore, bioplastic polymers such as polyhydroxyalkanoate are being derived from microorganisms that feed on seaweed as well. Thus, the use of such eco-friendly raw materials for manufacturing bioplastic packaging is likely to drive the market during the forecast period.
“Apart from the adoption of innovative materials for manufacturing bioplastic packaging, the continuous development of new products, advances in nano-reinforcement of bioplastic packaging, government initiatives, and the rising awareness of sustainable packaging solutions are factors that will boost the growth of the global market,” says a senior analyst at Technavio.
Global bioplastic packaging market: Segmentation analysis
This market research report segments the global bioplastic packaging market by type (rigid and flexible) and geographical regions (Europe, North America, APAC, South America, MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the significant increase in the use of bioplastic packaging for pharmaceutical applications.