Bioplastic Packaging Market is expected to reach US$ 47,991.9 million by 2028

Surge in Need for Sustainable Packaging Solutions

According to our latest market study, titled “Bioplastic Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Starch Blends, Polylactic Acid, Polyethylene Terephthalate, Polyhydroxyalkanoates, and Polyethylene), Type (Rigid Packaging and Flexible Packaging), and Application (Food & Beverages, Consumer Goods, Cosmetic & Personal Care, and Pharmaceutical), and Geography,” the bioplastic packaging market is projected to reach US$ 47,991.9 million by 2028 from US$ 13,273.9 million in 2022. It is expected to grow at a CAGR of 23.9% during 2022–2028. The report highlights key factors fueling the market growth and prominent players, along with their key developments in the market.

Today, customers are more aware of the adverse impact of conventional plastic on their lifestyles. Thus, they are demanding more environmentally friendly products which decrease the usage of petroleum and natural gas, thereby reducing the carbon footprints. Bioplastic is an alternative for nearly every conventional plastic material in diverse applications. Bioplastics offer innovative solutions with enhanced properties, along with a distinctive ability to reduce emissions and provide the same qualities and functionalities as that of conventional plastic. These biodegradable packaging materials are made using renewable resources such as cellulose ester, PLA (Polylactic acid), PHA (Polyhydroxyalkanoates), starch derivatives, and copolyesters like PBS (Poly Butylene Succinate) and PBAT (Poly Butylene Adipate-Co-Terephthalate).

Bioplastic Packaging Market Breakdown – by Region

NatureWorks LLC, Arkema, Novamont S.p.A., BASF SE, Braskem, Corbion N.V., Cardia Bioplastic Packaging, Evonik Industries AG, Koninklijke DSM N.V., and Dow Chemical Company are among the key players operating in the global bioplastic packaging market. These companies provide a wide range of products for the market and have a widespread global presence. These market players are highly focused on developing products enabled with advanced technologies to serve their customers better.

Impact of COVID-19 Pandemic on the Bioplastic Packaging Market

The COVID-19 pandemic initially impacted the global bioplastic packaging market growth due to the shutdown of manufacturing units, shortage of laborers, disruption of supply chains, and instabilities in financial conditions. The bioplastic packaging business is a part of the chemicals industry. The economic slowdown caused by the COVID-19 pandemic led to a deceleration of the progress of this industry in 2020, restraining the demand for bioplastic packaging. However, with the relaxation of previously imposed social restrictions in various countries, businesses gained ground in late 2021. The introduction of COVID-19 vaccines and mass vaccination campaigns by governments of different countries further eased situations, creating favorable conditions for business activities worldwide. This led to the revival of food & beverages, consumer goods, cosmetic & personal care, and pharmaceutical industries, thereby triggering the demand for bioplastic packaging.

The report includes the segmentation of the bioplastic packaging market as follows:

Based on product, the bioplastic packaging market is segmented into starch blends, polylactic acid, polyethylene terephthalate, polyhydroxyalkanoates, and polyethylene. In terms of type, the market is segmented into rigid packaging and flexible packaging. In terms of application, the market is segmented into food & beverages, consumer goods, cosmetic & personal care, and pharmaceutical. By geography, the bioplastic packaging market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Mexico, and Canada. The bioplastic packaging market in Europe is segmented into Germany, France, Italy, the UK, and the rest of Europe. The market in Asia Pacific is segmented into Australia, China, India, Japan, and the rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the rest of MEA. The bioplastic packaging market in South & Central America is segmented into Brazil, Argentina, and the rest of South & Central America.

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