According to recent analysis, the Bioplastics market was valued at USD 8.19 billion in 2020 and is expected to reach USD 34.82 billion by 2028, with a compound annual growth rate (CAGR) of 19.9%. Bioplastics are created using feedstocks to address the problems associated with conventional plastics. The demand for conventional plastics has decreased due to their harmful effects on the environment, which has led to an increase in demand for bioplastic materials for packaging. The use of bioplastics is being promoted by companies worldwide through industrial and trade technologies. There is growing concern, particularly in developing economies, over the large number of products made from materials that take a long time to degrade. The bioplastic packaging market is positively influenced by rising awareness among the general public about sustainable packaging and the availability of raw materials in developing economies. Additionally, government intervention to raise awareness about reducing the use of non-recyclable plastics is a significant driver of bioplastic market growth. The use of bioplastic packaging is increasing across all market sectors due to rising demand for sustainable and long-lasting products by consumers, driven by growing awareness of environmental concerns.
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Bioplastic Packaging Market: Notable Innovation
The Bioplastics market has seen notable innovations in recent years, including the development of new materials and packaging solutions. Here are a few examples:
- Biodegradable plastic films: Companies such as Futamura and Biome Bioplastics have collaborated to develop bio-based and compostable multilayer films. These films can be used in various applications, including food packaging.
- PHA-based products: Polyhydroxyalkanoates (PHA) is a biodegradable polymer that is produced from renewable sources. It can replace fossil fuel-based plastics in many applications, such as food packaging, paper and cardboard coatings, and medical products.
- Polylactic Acid (PLA) products: Polylactic Acid is a biodegradable and compostable thermoplastic made from renewable sources such as corn starch or sugarcane. It is used in the production of bottles, food packaging, and grocery bags.
- Durability and sturdiness: Everlasting bioplastics, such as polyethylene made from sugarcane, have been developed to provide an efficient substitute for oil-based plastics. These materials offer the necessary durability and sturdiness for packaging products.
- Biodegradable plastic packaging: Biodegradable plastic packaging has properties that resist fragility and heat, making it a promising alternative to non-biodegradable plastics. It has the potential to reduce the volume of solid waste and reduce the need for waste dumping.
Overall, these innovative solutions are helping to reduce the negative impact of conventional plastics on the environment and meet the growing demand for sustainable packaging options.
The report highlights the following key findings:
- Biome Bioplastics, a UK-based natural plastic developer, has partnered with plastic films manufacturer Futamura to showcase a range of bio-based and compostable multilayer films, which will increase the market's overall revenue-generating capacity.
- The food and beverage sector is expected to dominate the market, accounting for 67.3% of the market share in terms of revenue in 2017 and expected to reach 69.0% by 2028.
- The durability and sturdiness of packaging products are important, and bioplastics, such as polythene made from sugarcane, are being used as efficient substitutes for oil-based equivalents.
- Technologically advanced biopolymer industries are presenting biodegradable plastics as a solution to environmental problems caused by conventional non-biodegradable plastics.
- Biodegradable plastic packaging has the potential to reduce the volume of solid waste and the need for waste dumping. It has also demonstrated properties that resist fragility and heat resistance.
- PHAs can replace most fossil fuel-based plastic types and are used as food wrap coatings for paper and cardboard, plates, cups, and medical applications.
- Polylactic acids decompose well in the presence of acids and are used in some medical applications. This bioplastic material is used to make bottles, food packaging, grocery bags, etc.
- The increasing awareness among the general public about the environmental impact of their lifestyles is one of the significant factors driving the global bioplastic packaging market.
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