The global bioplastic packaging market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing consumer awareness regarding sustainable and inventive packaging solutions and easy availability of raw materials are major factors expected to drive growth of the global market over the forecast period.
The global bioplastic packaging market report has been segmented on the basis of product type, application, and region. On the basis of product type, the target market is segmented into bio-polyethylene terephthalate (PET), polylactic acid (PLA), polyhydroxyalkanoates (PHA), and other (bio-PP, polybutyrate (PBAT), polybutylene succinate (PBS), starch blends, etc.). The bio-PET product type segment is expected to dominate the target market over the forecast period, owing to increasing use of bio-PET in bottling and packaging industries. The PLA product type segment is expected to register highest CAGR over the forecast period. On the basis of application, the target market is segmented into food and beverages, consumer goods, pharmaceutical, and industrial goods. The food and beverages application segment is expected to register significant share in terms of revenue over the forecast period, owing to increasing demand for bioplastic packaging in food and beverages industry.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Europe is expected to attain highest share in terms of revenue over the forecast period, owing to innovative product developments, government initiatives for increasing adoption for synthetic polymers in various countries in this region. In addition, the market in Asia Pacific is expected to register significant growth over the forecast period, owing to increasing adoption of green packaging solutions and growing packaging industry in various countries in this region.
Key players operating in the global bioplastic packaging market include Amcor Limited, Metabolix, Inc., The Dow Chemical Company, Novamont S.p.A, NatureWorks, LLC, Innovia Films Limited, Braskem S.A, BASF SE, Arkema S.A., and FKuR Kunststoff GmbH.