June 23, 2024

Sustainable and Eco-friendly Packaging Drives Growth in the Bioplastic Packaging Market

Bioplastics are plastic materials produced from renewable biomass sources such as vegetable fats and oils, corn starch, straw, woodchips, food waste, and agricultural byproducts. Bioplastic packaging products made from biodegradable materials like polylactic acid (PLA) and polyhydroxyalkanoates (PHA) are emerging as viable alternatives to petroleum-based plastics in consumer packaging applications. Bioplastic packaging provides comparable functional performance to conventional plastics while being more environmentally sustainable. The growing awareness of the environmental impact of single-use plastic packaging is driving the demand for biodegradable and compostable alternatives. Bioplastic packaging helps reduce plastic waste and litter as it can be safely discarded without harming the environment. Flexible bioplastic packaging made from bioplastics like PLA,PHA and other bio-based flexible materials are used extensively for food packaging, consumer goods packaging, agricultural films, and various industrial applications.

The global Bioplastic Packaging Market is estimated to be valued at US$ 10.60 Bn in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

There has been a significant increase in research and development of innovative bioplastics and advance bioplastic materials in recent years. Continuous technological advancements are expanding the range of bioplastics suitable for different types of packaging applications. Major bioplastic manufacturers are developing novel bio-based materials from non-food feedstocks to address concerns around food competition. Bioplastic films made from bio-based polyethylene (PE) and polypropylene (PP) are emerging as attractive alternatives to petroleum-based PE and PP films used in flexible packaging. Advancements in recycling technologies are also improving the ability to recover and recycle post-consumed bioplastic packaging materials. This is expected to boost sustainability and drive greater adoption of bioplastic packaging solutions across various end-use industries over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the bioplastic packaging market is growing. However, setting up production units requires high capital investments and R&D capabilities.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players offering innovative and sustainable packaging solutions. Buyers can negotiate on prices and demand customized products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have established long-term relationships with bioplastic manufacturers. However, fluctuations in raw material prices can impact the overall costs.
Threat of new substitutes: The threat of new substitutes is moderate as conventional plastics are inexpensive but not eco-friendly. Continuous innovations help bioplastics gain acceptance as sustainable substitutes for petroleum-based plastics.
Competitive rivalry: The competitive rivalry is high owing to the presence of global players offering innovative products and adoption of competitive pricing and marketing strategies to gain shares.

Key Takeaways
The global bioplastic packaging market is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific accounted for the largest share of the global market in 2022. China, India, Japan, and Southeast Asian nations are witnessing strong demand for convenient and eco-friendly packaging solutions from various end-use industries including food and beverages, consumer goods, pharmaceuticals. Moreover, supportive government policies and initiatives regarding the use of sustainable alternatives are boosting market expansion in the region.

Key players operating in the bioplastic packaging market are BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company. BASF SE has a wide product portfolio and is one of the leading suppliers of bioplastics and biodegradable polymers. DSM offers compostable, biodegradable, and recyclable packaging resins and films made from renewable feedstock.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it