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The bioplastics for packaging market is forecast to expand at 10.3% CAGR over the estimated time, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 11.6 billion in 2023 and USD 30.9 billion by 2033
The demand for bioplastics solutions to package products is expected to be driven by government initiatives to lower ecological waste, particularly plastic packaging waste, and better the waste management processes. Governments across the globe are creating restrictions on the use of traditional plastics, which is pushing the growth of bioplastic as a steady substitute in the packaging industry.
Developing economies, such as India, strongly rely on single-use plastics. These economies have been observing a vigorous phase-out of single-use plastics due to legislation surrounding the ban on single-use plastics. The country is projected to observe heavy developments in bioplastics for the packaging industry, in line with the goals mentioned in the Plastic Waste Management Amendment Rules, 2021.
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Rigid bioplastics are utilized in the packaging of cosmetic products like lipsticks, compact powders, creams, etc. The extensive application of cosmetics makes way for heightened demand for bioplastics for packaging.
Due to the increasing buzz around bio-plastics, several bioplastics application technologies are being found in developed countries with the aid of substantial research and development funding. For example, Brown University students created a bioplastic ‘Fette’ cup to swap solo cups, in July 2021. The solo cups are composed of number six plastic, which is toxic to the environment.
Top Highlights for Packaging Market:
The Europe region obtained a 36% value share in 2022.
The North America bioplastics for packaging industry acquired a 30.5% market share in 2022.
The United States bioplastics for packaging industry gained a total of 26.8% value share in the year 2022.
The German bioplastics for packaging industry acquired a 6% market share in 2022.
The Japanese bioplastics for packaging industry procured a 5.7% market share in 2022.
The Australian bioplastics for packaging industry obtained a market share of 1% in the year 2022.
The Chinese bioplastics for packaging industry are projected to expand at a prominent CAGR of 12.2% from 2023 to 2033.
The Indian bioplastics for packaging industry are anticipated to register a CAGR of 10.9% in the forecast period.
The United Kingdom bioplastics for packaging industry accounted for a CAGR of 4.9% over the estimated time frame.
On the basis of material, Bio PET is expected to gain more than 30.1% market share in 2023.
Based on end use, the food and beverages segment is expected to gain an attractive 78.9% market share in 2023.
