Europe is leading the global bioplastic packaging market
Arizton’s recent market research report on the global bioplastic packaging market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The market study includes insights on segmentation by packaging type (flexible and rigid), application (food and beverage, personal care, and other applications), bioplastic type (bio-based and non-biodegradable and biodegradable), and geography (North America, APAC, Latin America, MEA, and Europe).
The global bioplastic packaging market is projected to grow at a CAGR of over 4% during the period 2018–2024.
The global bioplastic packaging industry is expected to witness steady growth, with supply-side parameters having a higher impact on the packaging industry than demand-side parameters. On the demand side, volumes are growing while prices have been stable. Geographically, Europe is leading the global bioplastic packaging market. From the packaging perspective, bio-based and non-biodegradable bioplastics are expected to witness high growth. The return on investment is expected to be higher for rigid packaging as well as for non-bio-based and biodegradable packaging.
The global bioplastic packaging market is divided into four major segments – packaging, application, bioplastic type, and geography.
Decreasing Reserves of Fossil Fuels
Fossil fuel reserves used in plastic manufacturing have dwindled in recent years. Plastic packaging is one of the major industries where the consumption of conventional plastic is growing rapidly over the past few years. Although mature markets such as Europe and North America are exploring the use of bioplastics as an alternative option, the shift is yet to pick up the pace. However, with fossil reserves dwindling, the growth rate of sustainable packaging is expected to increase during the forecast period. Since plastic packaging has a higher share in the overall packaging market, the environmental impact associated with the usage of plastic as a packaging material is also high.
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Increased Compliance for Packaging Regulations
Regulations related to the use and disposal of packaging materials are growing across the world. Developed countries are leading the front by framing new regulations and implementing novel directives in the packaging industry, which largely uses fossil fuel-based plastic raw materials. Major brands are facing pressure for the usage of highly non-recyclable and other single-use plastics.
The flexible packaging of products, which provides very low-cost packaging solutions to brands, is increasing. This has led to the production of low-quality flexible plastics. Packaging waste has increased significantly, and the same is a major pain point for regulatory authorities in several countries. Hence, the pressure to shift to biodegradable packaging is increasing. Currently, significant remedial measures are taken to reduce the use of petrochemical-based products for packaging purposes. However, this development is largely limited to developed countries.
The rise of Sustainable Packaging
Since plastic packaging is one of the leading segments in the packaging market, the environmental impact associated with the usage of plastic as a packaging material is also high. The increased pressure on food and beverage, consumer goods, and pharmaceutical companies to reduce their dependence on plastic is increasing, which is driving packaging vendors to look for substitutes, including sustainable packaging. This type of packaging offers benefits, which include:
- Reduced raw materials consumption
- Decreased greenhouse gas emissions
- Low energy consumption
- High reusability and recycling capacities
Amcor, Clondalkin, Coopbox Air, Futamura, Huhtamaki, Sealed Air, Sonoco, Sphere, and Tagleef Industries are identified as prominent vendors in the global bioplastic packaging market.
The complete overview of the latest market research report on the global bioplastic packaging market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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