Bioplastic Packaging Market Set to Encounter Paramount Growth Till 2026
A bioplastic is a biodegradable group of polymers that are manufactured using renewable-based sources. Conventional plastics is hazardous due to the impact on the environment and their heavy reliance on the oil and gas industry for raw materials such as naphtha. Conventional plastic is widely used for packaging of casings, electronics, and food products, amongst others. This, in turn, is negatively impacting the environment, leading to increasing land and marine pollution.
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Major factors driving growth of the global bioplastic market is rising adoption of bioplastic packaging solutions, due to their environment friendly and biodegradable nature. Bioplastics packaging solutions are effective packaging option as compared to plastic based packaging due to the large scale availability of degradable and renewable based raw materials used in the production of bioplastic packaging. Bioplastics significantly help in the reduction of poisonous VOC emissions as compared to conventional plastic packaging solutions.
However, biodegradable packaging is relatively expensive than conventional plastic. This is owing to high manufacturing cost of biodegradable material to offer properties similar to conventional plastic packaging. This is expected to be a major restraining factor for growth of the market. According to the European Bioplastics Organization, as of 2017, bioplastics represent a mere 1% of around 320 Mn tons of the global plastic production.
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Food and beverages segment is expected to be dominant, accounting for 76.12% of the market share in terms of revenue in 2016, and is expected to reach 77.12% by 2025. It is expected to exhibit a CAGR of 27.94% over the forecast period. This is owing to high demand for bioplastic packaging in the food and beverages industry as companies are looking to switch to biodegradable packaging options especially for organic food and premium & customized products that have specific requirements. Rigid based bioplastic packaging options are available for consumer goods including creams, lipsticks as well as beverages. Companies are increasingly using products such as PLA, bio-PE, and bio-PET for these applications. For instance, companies such as Coca Cola, Volvic, and Heinz are using bio-PET in the production of bottles for beverages and other fluid products. P&G uses bio-PE for the packaging of cosmetics. Flexible bioplastic packaging such as films are useful in packaging of fruits and vegetables, in order to increase the shelf-life. There are numerous thermoplastic packaging options available for application in the food and beverages industry depending on the requirement.
Bioplastic packaging is refined and easily flexible solution in order to meet specific preservation and requirement needs. Bioplastics aid in increasing the shelf life of products. This is due to its properties such as antimicrobial coating. Bioplastics are expected to replace conventional plastic packaging in numerous industries as a result of their unique properties. Bioplastic packaging offer the same properties with added advantages over conventional plastics in the market. Manufacturers are adopting numerous organic and inorganic growth strategies such as mergers and acquisitions in order to increase their market share in the global bioplastic packaging market. For instance Cardia Bioplastics merged with Stellar Films Group in 2015. The merger will result in Cardia Bioplastics acquiring Stellar Films and thus resulting in the company entering the bioplastic films business. This has resulted in diversifying the company’s product portfolio.
Some of the major players operating in the global bioplastic packaging market are BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company., among others.
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