Good Growth Opportunities in Smart Plant Based Food Packaging Market Till 2027
The global smart plant based food packaging market is driven by various factors which includes eminent advantages of smart plant based food packaging and demand from food & beverage industry. Smart plant based food packaging not only extend the life of the food product but also eliminates the need for environment-harming plastic. The global smart plant based food packaging market can be segmented on the basis of product type, material type and as per the region. On the basis of product type, the global smart plant based food packaging market is segmented into blow moulded, pot designed and others. On the basis of material type, the global smart plant based food packaging market is divided into cellulose based film and blow moulded film. On the basis of region, the global smart plant based food packaging market is segmented into North America, Europe and the emerging countries of Asia Pacific.
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Safety of food products has become a top priority of consumers on a global scale. Increasing awareness among the consumers regarding the environmental concerns and gradual change in buying habits, which in turn is anticipated to propel the smart plant based food packaging market. Biodegradable plant based polymers in smart plant based food packaging is manufactured by cultivating carbohydrates via bacteria, while bio plant based polymers are macromolecules derived from plant residues. This provides the smart plant based food packaging improved food preservative properties. It is mainly designed to extend shelf life of the food and also to protect the contents from its surroundings. Standard packaging permits the entry of air which places limitations on shelf life of the food.
There are lot of opportunities that exists for smart plant based food packaging in the food packaging market in the developing economies as the food packaging technology is making huge progress in these regions, which in turn is anticipated to drive the global smart plant based food packaging market globally. North America is leading the smart plant based food packaging market followed by the Asia Pacific and Europe market for smart plant based food packaging. However, the growth rate shown in these regions have subsided considerably as the smart plant based food packaging market is close to its peak. This growth is however restored by the high growth rate of smart plant based food packaging market in regions of Asia Pacific which includes China, India and Latin America.
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Smart plant based food packaging is one of the areas where food packaging companies can emphasize on refining their practices. Reutilizing in-house and using eco-friendly and/or recyclable packaging is another step, but making smart plant based food packaging materials means using more biodegradable products. Heinz, Coca-Cola and SINTEF are the major companies participating in the movement towards the use of smart plant based food packaging. Coca-Cola uses Brazilian sugarcane but is also looking into other plant based materials. Currently all of the company’s bottles are made of fully recyclable plastic using bio-based products whereas SINTEF is now ready to present the first demonstration of packaging made from polyactic acid. The company has partnered with other collaborators like Logoplaste and Greek company Agro to develop smart plant based food packaging. Other food packaging companies need to find if they can alter their packaging necessities and fit smart plant based food packaging material in their budget for which the USDA has proposed a loan guarantee program which will give smart plant based food packaging manufacturers easy access to loan and also cheaper interest rates in order to build a new plant.
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