Global Bioplastic Packaging Market - 2023-2030

Global Bioplastic Packaging Market - 2023-2030

Global Bioplastic Packaging Market reached US$ 8.9 billion in 2022 and is expected to reach US$ 14.8 billion by 2030, growing with a CAGR of 12.5% during the forecast period 2023-2030.

Traditional plastics have long been a cornerstone of the packaging industry due to their versatility, durability, and low cost. However, their non-biodegradable nature poses a serious threat to the environment, with plastic pollution wreaking havoc on ecosystems globally. The escalating environmental concerns associated with conventional plastics have been the primary catalyst for the bioplastic packaging market's expansion.

In the global bioplastic packaging market, the bio-polyethylene (PE) sector stands out as the leading raw material segment, holding an impressive 25% market share. At the same time, the Asia-Pacific region takes the lead, commanding over a quarter of the market share. This dominance can be attributed to rapid urbanization and the expanding middle-class population, fueling a surge in demand for environmentally-friendly packaging solutions.

Market Dynamics

Growing Investments in the Bioplastics Industry

The bioplastics industry has witnessed a surge in investments from both private and public sectors. Companies are increasingly investing in research and development to create innovative bioplastic materials, while governments are fostering the growth of domestic bioplastic industries through financial support.According to the European Bioplastics, the global production capacity of bioplastics reached approximately 2.11 million tons in 2020, and investments in bioplastics are estimated to surpass US$ 2.5 billion by 2025.

Governments around the world are supporting the bioplastic packaging market through various policies and incentives. Incentives such as tax benefits, grants, and subsidies are provided to companies involved in the production and usage of bioplastics. Such measures encourage businesses to adopt bioplastic packaging solutions and stimulate investment in the industry.

Rising Consumer Awareness and Preference for Sustainable Products

Consumers are becoming increasingly conscious of their environmental footprint and are actively seeking products packaged in sustainable materials. This growing consumer preference for eco-friendly packaging has led to a surge in demand for bioplastic packaging solutions across various industries, including food and beverages, cosmetics, and pharmaceuticals.

According to a survey conducted by Nielsen, over 80% of consumers worldwide now consider environmental factors when making purchase decisions. This shift in consumer behavior has driven companies to adopt bioplastic packaging to meet the growing demand for sustainable products.

Higher Production Costs Compared to Traditional Plastic Alternatives

The bioplastic packaging industry faces challenges associated with higher production costs compared to traditional plastic alternatives. As a result of limited feedstock availability, the cost of procuring raw materials for bioplastics can be substantial. Additionally, bioplastic production processes are often more complex, requiring advanced technologies and infrastructure, further contributing to increased manufacturing expenses.

According to data from the U.S. Department of Energy (DOE), the production cost of bioplastics is approximately 2.5 to 4 times higher than that of conventional petroleum-based plastics. These elevated costs can discourage businesses from adopting bioplastic packaging solutions, limiting the market's overall growth.

COVID-19 Impact Analysis

COVID-19 pandemic had both positive and negative effects on the global bioplastic packaging market. While the initial disruptions impacted production and demand, the pandemic also highlighted the urgent need for sustainable packaging solutions. Government regulations, changing consumer preferences, and increased awareness of environmental concerns have played a role in driving the demand for bioplastic packaging.

Moreover, the pandemic resulted in changing consumer behavior and preferences. There was a heightened awareness and interest in sustainable and eco-friendly products, including packaging. As the world continues to navigate the challenges posed by the pandemic, the importance of sustainable packaging will likely remain a key focus, providing growth opportunities for the bioplastic packaging market.

Segment Analysis

The global bioplastic packaging market is segmented based on type, solution, organization size, end-use and region.

Favorable Government Policies and Consumer Demand for Eco-Friendly Alternatives

The growth of Bio-Polyethylene (PE) in the global bioplastic packaging market is an encouraging sign toward a more sustainable future. Supported by favorable government policies and consumer demand for eco-friendly alternatives, the Bio-PE market has witnessed exponential growth in recent years. Additionally, several countries have imposed bans or restrictions on single-use plastics, creating a fertile ground for the growth of the bioplastics market.

As the world continues to prioritize environmental preservation, Bio-PE is poised to play a pivotal role in reducing plastic pollution and promoting a greener and more sustainable packaging industry. Governments globally must continue to support research, innovation, and the adoption of bioplastics to accelerate this positive trajectory and build a more sustainable world for future generations.

Geographical Analysis

Consumer Awareness About Environmental Issues

Consumer awareness about environmental issues has played a crucial role in the growth of bioplastic packaging in the Asia-Pacific region. A study by the United Nations Environment Programme (UNEP) revealed that consumers in countries such as China and India are increasingly opting for eco-friendly products, including bioplastic packaging.

Countries such as Japan, South Korea, and Australia have been at the forefront of encouraging bioplastic adoption through regulatory measures and financial incentives. Japan's Ministry of Environment has actively promoted the ""Plastic Smart"" campaign, focusing on the reduction of single-use plastics and encouraging the use of bioplastics in packaging materials.

Competitive Landscape

The major global players in the market include Wärtsilä, Rheinmetall AG, General Dynamics Information Technology, Inc., AVEVA Group plc, Presagis Canada Inc., ST Engineering, BMT Group Ltd, ARI Simulation, PC Maritime and FORCE TECHNOLOGY.

Why Purchase the Report?
• To visualize the global bioplastic packaging market segmentation based on raw material, packaging, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of bioplastic packaging market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global bioplastic packaging market report would provide approximately 61 tables, 59 figures and 183 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies