Bioplastic packaging products are produced from bio-based polymers and include items such as bags, bottles, cups, and containers. These products are safer for the environment than traditional plastics as they can be composted or decompose more quickly. They help reduce reliance on depleting petroleum resources and lower carbon emissions. Key end users include food and beverages, pharmaceuticals, consumer goods, and industrial goods packaging.
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The bioplastic packaging market is expected to witness significant growth over the forecast period, owing to rising government initiatives and regulations to curb the use of single-use plastics. Various countries have implemented bans or partial bans on specific single-use plastic items. For instance, the European Union has banned certain single-use plastic products starting July 2021. Additionally, shifting consumer preference towards sustainable packaging solutions is also fueling demand for bioplastic packaging. However, high production costs of bioplastics compared to conventional plastics may hamper market growth to some extent over the short term.