Bioplastics for Packaging Market to be US$ 16.6 Bn by 2027 | Uflex Ltd., Jolybar Group, Amcor Plc

Bioplastics are bio based plastics that are either made up of food material of corn, sugarcanes soybeans or by non-food materials such as sawdust, weeds, beans, peel, and husk. Bioplastics may be biodegradable or non-biodegradable in nature. Bioplastics are being extensively preferred as they reduce the carbon footprint and prevent landfill issues. A new research report by Future Market Insights focusses on analysing the complete market scenario of the global bioplastics for packaging market.

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The market for bioplastics used in packaging is anticipated to reach USD 16.6 billion by 2027, with a CAGR of 9.5 percent from 2013 to 2021, and is now valued at USD 10.5 billion in 2022.

Market Synopsis

Due to their minimal environmental impact, growing attention on sustainability and recycling, government emphasis on effective packaging management, growing consumer awareness, and expanding single-use plastic prohibitions, bioplastic packaging solutions are increasingly being used in packaging. Bioplastic is a collection of biodegradable polymers produced from renewable resources.

Due to their negative effects on the environment and overdependence on the petroleum and gas industry for raw materials like naphtha, conventional plastics pose a risk to human health. Among other things, conventional plastic is frequently used for packaging food, electronics, and casings.

This hurts the ecosystem and causes an increase in the land- and marine-based pollution. Products constructed of bio-plastic are typically created using renewable ingredients, such as cellulose and starch. Additionally, by the enzymatic action of microbes, biodegradable plastic can break down into inorganic components, including CO2, methane, and water. Due to the substantial amount of bio-based material used in these goods and the possibility of blending them with suitable recycled materials from traditional PE and PET, resource efficiency has significantly increased while carbon dioxide emissions have dropped.

The study conducted by FMI estimates that the bioplastics for packaging market will expand 1.7 times of base year value during the forecast period which is expected to generate lucrative investment opportunities for the manufacturers.

The bioplastics for packaging market analysis shows that global consumption of overall bioplastics for packaging is forecasted to increase at a year-on-year (YoY) growth of 10.3% in 2022. The films segment in the global bioplastics for packaging market is expected to hold a market share of 40.8% by 2027.

Global Bioplastics Packaging Market: Dynamics

More than 200 mn tonnes of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focussing on increasing the use of use of bioplastic packaging, which can reduce this plastic waste to a great extent. PLA, which is a biodegradable plastic developed by NatureWorks LLC., is highly supported by the U.S department of energy.

Government organizations across the globe are working in partnership with private sector companies that focus on manufacturing bioplastics packaging products. The government has also exempted tax on bioplastic resin manufacturing. This move is anticipated to promote the growth of the packaging market across many regions. The U.S government is passing new bills such as the Federal Farm Bill Energy title 9, which encourages sale of bioplastics items.

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Global Bioplastics for Packaging Market: Segmental Analysis

Based on region, North America is expected to lead the market with the highest market value and the fastest market growth of 14.6% during the forecast period. However APEJ is also progressing and is expected to project a high CAGR during the period of assessment.
Based on material type, Bio PET is expected to exhibit the highest market value of over US$ 4,600 Mn by the end of 2027. However, the starch blends segment is expected to witness the fastest growth rate during the forecast period.
Based on application type, the films segment is anticipated to dominate the global market with the maximum market size of over US$ 6,300 Mn by the end of 2027.
Based on end use, the food and beverage industry is projected to witness the fastest growth and highest market value during the forecast period. In terms of growth, the consumer goods segment is behind the food and beverage segment.

Global Bioplastics for Packaging Market: Competitive Landscape

This research report on the global bioplastics for packaging market includes a brief profile of all the major players in the industry. Some of these key players mentioned in the report are Amcor Limited, Berry Global, Inc., BARBIER GROUP, Jolybar GROUP, Virent, Inc., Biome Bioplastics Limited, Plastipak Holdings, Inc, Toray Industries Inc., SECOS Group Limited etc.

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This release was published on openPR.