Bioplastic Packaging Market Size to Attain USD 87.98 bn by 2033

The global bioplastic packaging market size reached US$ 17.99 billion in 2023 and is projected to hit around US$ 87.98 billion by 2033, expanding at a CAGR of 17.2% during the forecast period from 2024 to 2033.

Download Statistical Data: https://www.towardspackaging.com/download-statistics/5215

Increasing launch of the new fast-moving beverages is rising the demand for the bottle caps which is expected to drive the growth of the global bioplastic packaging market over the forecast period.

Key Takeaways

• Europe dominated the beer cans market in 2023.
• Asia Pacific is expected to grow at a significant rate in the market during the forecast period.
• By material, the biodegradable segment dominated the market with the largest share in 2023.
• By type, the flexible segment is expected to grow at significant rate during the forecast period.
• By application, the food & beverages segment dominated the market in 2023.

Market Overview

Bioplastics are synthetic materials made of renewable biomass, including sawdust, maize starch, straw, vegetable fats and oils, wood chips, and recovered food waste. Bioplastic, a biodegradable substance derived from renewable resources, has the potential to mitigate the issue of plastic waste, which is strangling the world and degrading the ecosystem. Organic or bio-plastics are a type of plastic that comes from renewable biomass sources, such bacteria, pea starch, or maize starch, as opposed to fossil fuel-derived plastics that come from oil. The intended biodegradability of certain bio-plastics varies. Bio-plastics offer businesses and consumers an innovative way to contribute to environmental protection and a sustainable future. They are either bio-based or biodegradable. Based on a novel class of biodegradable materials, biodegradable plastic is primarily produced with less energy by utilizing natural resources like corn and wheat starch.

Bioplastics are primarily divided into two categories, namely PLA (polylactic acid) and PHA (polyhydroxyalkanoate). The sugars found in maize starch, cassava, or sugarcane are commonly used to make PLA (polylactic acid), which is edible, carbon-neutral, and biodegradable. Corn kernels are dissolved into carbohydrate, protein, and fiber by immersion in sulfur dioxide and hot water, which turns corn into plastic. After the kernels are processed, the starch and corn oil are separated. Long carbon molecule chains make up the starch, just as long carbon chains in plastic made from fossil fuels do. Add some citric acid to create a long-chain polymer, which is a big Wheat starch is transformed into plastic. Picture: The CSIRO molecule, which is the building block of plastic, is made up of repeated smaller units. PLA can have characteristics similar to those of polyethylene, which is used to make plastic.

The bioplastic material reduces carbon footprint. Bioplastic material saves energy in production. The non-renewable raw materials are not used for manufacturing the bioplastics. The use of bioplastics reduces non-biodegradable waste which is hazardous for environment. Bioplastic material do not contain contaminates and additives that are harmful for health such as bisphenol A or phthalates. The global packaging market size is estimated to grow from USD 1.20 trillion in 2022 to reach an estimated USD 1.58 trillion by 2032, growing at a 3.16% CAGR between 2023 and 2032.

Growth Factors

• Emerging markets for bioplastic packaging is expected to drive the growth of the global bioplastic packaging market over the forecast period.
• The key players operating in the market are focused on adopting inorganic growth strategies like merger to expand the manufacturing capacity of the bioplastic packaging bag which is expected to drive the growth of the market over the forecast period.
• Increasing regulatory support is estimated to drive the growth of the market over the forecast period.
• Increasing focus on cost reduction and production efficiency can drive the specialty market growth further.
• Increasing in adoption of the advanced technology for the production of bioplastic bags is estimated to drive the growth of the global bioplastic packaging market in the near future.
• Increasing launch of the new policy by the government to support plastic waste monitoring is expected to drive the growth of the market over the forecast period.
• The key players operating in the market are focused on geographic expansion and launching their brand in other countries which is expected to drive the growth of the global bioplastic packaging market in the near future.

Market Dynamic

Driver

Shifting Trend Towards Sustainable Options for Packaging Due to Environmental Concerns

Growing public awareness of environmental sustainability is expected to propel the growth of the global bioplastic packaging market. The market for bioplastics will continue to be driven by growing worries about plastic pollution and efforts to wean off of plastics derived from petroleum. Growing consumer awareness of and preference for environmentally friendly and sustainable products is one of the main factors driving the worldwide bioplastic packaging market’s expansion.

Nowadays, a greater number of consumers are choosing packaging materials made of renewable plant-based resources and with less of an adverse effect on the environment. The younger generation, who care more about the environment and are prepared to spend more for sustainable options, is driving this trend. People are becoming more and more aware of the negative environmental effects of single-use plastics and the waste they produce, which ends up in landfills and the ocean. As a result, producers of packaging are now able to provide bioplastic alternatives derived from biomass sources such as cellulose, sugarcane, maize starch, and vegetable fats and oils. Food packaging, drink bottles, containers, clamshells, and other objects are among the examples given.

The United Nations Environment Programme reports that the amount of plastic produced worldwide rose from 1.5 million tons in 1950 to almost 380 million tons in 2015. Less than 10% of it gets recycled, with the remainder finding its natural home in the environment. Concerns over plastic contamination have increased in light of these concerning data. The bioplastic packaging sector is expanding due in large part to the strict laws being enforced by governments throughout the world to reduce the use of single-use plastics. Virgin plastic bags and other non-biodegradable packaging products are subject to restrictions or steep surcharges in nations like the European Union, Canada, China, and India.

For instance,

• In March 2023, the Indian government forbids the production, importation, stockpiling, distribution, sale, and use of any single-use plastic product that has a low utility and a high potential for littering. Over the next five years, it is anticipated that these policy changes will increase the demand for bioplastics and push the packaging sector toward more environmentally friendly options. Volumes of bioplastic packaging are expected to soar due to favourable legislation and a strong consumer demand for eco-friendliness. This will be crucial in directing the bioplastic packaging market’s overall growth trajectory in an upward direction.

Restraint

Fluctuating Cost of Raw Materials as well as Need of Advanced Technology for Manufacturing Bioplastic Material

The high cost required for manufacturing the bioplastic material is estimated to impose restriction on the growth of the bioplastic packaging market. One of the biggest obstacles preventing bioplastic from being widely used in the packaging business is still its high cost of production. Bioplastics still cost more to make than traditional plastics, despite their advantageous environmental qualities. Additionally, the cost of polymers derived from fossil fuels is reduced by the current petrochemical network. Exorbitant expenses restrict bioplastics to specialized uses and affect their ability to compete on price in the market.

Opportunity

Rising Consumer Demand for Sustainable Packaging

Growing customer demand for environmentally friendly packaging offers significant opportunity for the growth of the bioplastic packaging market over the forecast period. Consumer desire for eco-friendly products and growing environmental consciousness are pushing the use of bioplastic packaging when it is available. Stringent laws designed to reduce the use of single-use plastics also encourage the usage of bioplastics. Costs are expected to decrease as manufacturing increases, making bioplastics more accessible and cheap for a larger spectrum of end users. The key players operating in the market are focused on adopting inorganic growth strategies like collaboration to develop bioplastic materials to meet the rising demand of the bioplastic packaging is expected to create lucrative opportunity for the growth of the bioplastic packaging market over the forecast period.

For instance,

• In May 2023, Dow, manufacturing company and firm for advancing technology signed collaboration with New Energy Blue, bio-conversion company to develop new bioplastic material from renewable agricultural residues. The collaboration is aimed to develop bio-based ethylene which will reduce carbon emission and will be utilized for manufacturing footwear, and packaging.

United States Overall E-commerce Growth to Support Bioplastic Packaging Market

• In May, 2024, according to the data published by the U.S. Census Bureau of the Department of Commerce, it was estimated that the e-commerce sales have been increased by 6.9% in 2024 as compared to 2023. It is projected to reach US$ 657.8 billion by 2029.

Buy Premium Global Insight: https://www.towardspackaging.com/price/5215

Get the latest insights on packaging industry segmentation with our Annual Membership – https://www.towardspackaging.com/get-an-annual-membership

If you have any questions, please feel free to contact us at sales@towardspackaging.com

About Us

Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.

Browse our Brand-New Journal:

https://www.towardshealthcare.com

https://www.towardsautomotive.com

For Latest Update Follow Us: https://www.linkedin.com/company/towards-packaging/

Get Our Freshly Printed Chronicle: https://www.packagingwebwire.com/