Thursday, October 3, 2019

Bioplastic Packaging Market size to cross $ 25,395.8 Million by 2025

This Global Robotic Process Automation market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years. This Report has segmented the global Bioplastic Packaging market on the basis of type, product, end user and region. In terms of revenue, the global Bioplastic Packaging Market is expected to grow to US$ 25,395.8 million by 2025 from US$ 4,399.7 million in 2017. Also, in terms of volume, the global bioplastic packaging market is estimated at 1,047.5k Tons in 2017, growing at a CAGR of 18.1% to account for 3,953.0k Tons in 2025. 

The demand for Bioplastic Packaging is largely influenced by a number of factors mainly due to the stringent government regulations for reuse and recycling of plastic waste, and raising awareness for sustainable packaging solutions among customers as well as manufacturers. On the basis of type, starch blends accounted for largest share of the Bioplastic Packaging market in 2017 in terms of revenue.

On the basis of application, food & beverages are the leading segments owing to an early adopter of the bioplastic packaging solutions. Several SMEs, as well as bigger F&B companies, are already using bioplastic for their packaging applications. In 2013, companies such as Coca-Cola, Heinz, P&G, and Unilever among others joined the World Wildlife Fund to introduce the Bioplastic Feedstock Alliance. Also, Nestle is making use of bioplastics such as bio-PE, bio-PET, and PLA for food packaging. In August 2018, Iceland Foods Ltd., a U.K. based supermarket chain announced its plans to eliminate the use of plastic packaging by 2023. This is expected to impact several F&B suppliers to move towards bioplastic packaging. In February 2017, PepsiCo. Inc. partnered with Danimer Scientific to develop biodegradable film resins for PepsiCo's F&B business. This agreement was a part of PepsiCo's 2025 sustainability agenda focused on reducing greenhouse gas emissions.

The Bioplastic Packaging market is fragmented with the presence of several manufacturers and the competitive dynamics in the market is expected to change during the upcoming years. Majority of the companies in the bioplastic packaging market are located in the Asia-Pacific region as well as in Europe. Currently, high demand for bioplastic packaging is noticed in developing as well as developed regions such as Asia and Africa owing to the significant need to control environmental pollution, increasing consumer awareness, and supporting government initiatives.