Bioplastics for Packaging Market Estimated to Experience a Hike in Growth by 2027
Bioplastics are the type of plastics that are either biodegradable or non-biodegradable and are largely used in the packaging of products from various industries such as food and beverages, pharmaceuticals, consumer goods etc. Bioplastics can be rigid or flexible. Rigid bioplastics are used for packaging of bottles, cups, trays, clamshells etc. Manufacturers are investing in research and development to develop bioplastics that are developed from algae and bacteria – these are known as 3rd generation bioplastics.
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According to the market analysis, the food and beverage industry is expected to witness maximum demand for bioplastics. The F&B segment is expected to hold a market value of over US$ 12,700 Mn by the end of 2027, growing at a CAGR of 15.2% during the forecast period. However, the consumer goods market is also projected to experience growth at a high rate, with a CAGR of 13.3% during the forecast period 2017-2027.
The growing demand for bioplastics from the food and beverage industry is helped by an increasing inclination towards packaged food items
The busy lifestyles of people have created a high demand for packaged foods and buyers have begun contributing more towards packaged food and beverages. Consumer spending on packaged products has considerably increased in the last few years due to a high disposable income. In this way, huge amounts of plastic packaging waste is created every month, leading to landfill issues. Makers are leaning toward bioplastics over customary plastics. Manufacturers are concerned about the rising packaging waste across the globe.
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A high consumption rate of plastic packaging products has created tons of waste across industries. With the rising concern towards sustainability, urban consumers have started buying bioplastics products. As a safe living environment has become one of the major concerns of consumers, they have started preferring bioplastics packaged products over plastic packaged products.
Policy makers are playing major role in creating a sustainable environment. Governments across the world are emphasizing on biodegradable and bioplastics packaging material. Use of bioplastics will also reduce the compositing problem. Countries like China – which largely produces starch based products that are used for manufacturing bio plastic resin – are helping the market to grow. Packaging manufacturers are gaining support from government organisations to promote bioplastics. The manufacturers of packaging products are even receiving extra incentives to use bioplastics materials.
Underdeveloped countries still prefer plastic over bioplastic packaging owing to the high manufacturing costs
Consumers in underdeveloped or developing countries prefer using cheap products over costlier ones as per person spending of consumers is lower in these countries as compared to the developed regions. Bioplastics can be considered costlier due to the high production cost of resins. It requires advanced machinery as the basic plastic packaging machinery is incompatible with bioplastics. Also, the processing cost and labor cost of bioplastics packaged products is comparatively higher than plastic packaged products. This results in a massive increase in the overall cost of the packaging products. Urban consumers who are well aware of the rising landfill issue prefer ecofriendly products such as jute bags, plates made from banana leaves, and bamboo furniture. Yet, in a country like India, the bioplastics packaging market still faces adaptability issues.
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