Bioplastics Market | Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Bioplastics Market | Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The bioplastics market is estimated at 1,522.12 kiloton in 2022. The market is expected to record an estimated CAGR of 22.32% over the forecast period (2022-2027).

Key Highlights

• A major factor driving the market studied is the environmental issues encouraging a paradigm shift to promote bioplastics. Additionally, growing demand for packaging is likely to favor the market’s growth.
• However, the availability of cheaper alternatives is likely to hamper the market’s growth.
• Growing use in the electronics industry will likely provide new growth opportunities for the market.

Bioplastics Market TrendsFlexible Packaging is Expected to Dominate the Market

• Bioplastics are used in flexible packaging as they are not harmful to nature and are easily degradable.​
• They are used in packaging films for food items, medicines, beverage bottles, packaging films, and packaging of non-food products, such as napkins and tissues, toilet paper, nappies, sanitary towels, cardboard and coat paper for food wrapping paper, and coated cardboards to make cups and plates. Moreover, they are used in flexible and loose-fill packaging.​
• Bioplastics made of cornstarch have applications in flexible and loose-fill packaging. ​
• Polylactic acid (PLA) is used mainly in packaging food items, while bio polyethylene terephthalate (PET), bio polyethylene, and bio polypropylene are majorly used as packaging films.​
• The consumption of bioplastics is increasing in making plastic bags, as they are nature-friendly. They are also used for organic waste collection bags, mostly used in hospitals, hotels and restaurants, commercial and retail outlets, and houses. Local governments of different countries have also initiated their usage. ​
• The global packaging industry is growing. Asia-Pacific has the largest manufacturing capacity for bioplastics, i.e., 45%. Moreover, the increasing awareness among consumers and the strict ban by the governments in countries like China, India, and Japan have promoted the consumption of bioplastics in the region.​
• Thus, the above-mentioned factors are expected to have a positive impact on the market during the forecast period.

Europe to Dominate the Market

• Europe dominated the overall bioplastics market, with most of the demand coming from Germany, France, Italy, and United Kingdom.
• In Germany, the food and beverage industry is characterized by its small and medium-sized enterprise sector of over 6,000 companies.​ The revenue in the food and beverage market was estimated at USD 3,222 million in 2021. The market is expected to grow annually by 6.83% during the forecast period, which is expected to drive the flexible and rigid packaging industry and the consumption of bioplastics in the country.
• France is home to the largest agricultural sector in Europe. It is among the top producers in the global agriculture market and produces sugar beets, wine, milk, beef and veal, cereals, and oilseeds. However, the country experienced severe droughts. According to France’s main agricultural trade union, FNSEA, 14,000 farms out of 440,000 filed compensation claims following the extreme heat and lack of rain that ravaged France during the spring and summer.
• Italy’s packaging industry is one of the largest in the world. There are nearly 7,000 major and minor packaging companies active in the country. The growing importance of supermarket retailing and the changing consumer purchasing habits are increasing the packaging demand in the country. Besides, exports are adding to the demand for packaging materials. ​
• United Kingdom is the fourth-largest consumer of plastics in Europe. The country has been identified as one of the most innovative and advanced countries in terms of developing advanced and modified plastics. However, the country is focusing on bioplastics due to the increasing awareness about the environmental impact of petroleum-based non-biodegradable plastics.
• Hence, the market scenario in the region is expected to boost the demand for bioplastics throughout the forecast period.

Bioplastics Market Competitive Analysis

The bioplastics market is fragmented. Some of the key players in the market (not in any particular order) include NatureWorks LLC, Novamont SpA, Braskem, BASF SE, and Indorama Ventures Public Company Limited.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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