According to recent analysis, the bioplastic packaging market was valued at USD 8.19 billion in 2020 and is expected to reach USD 34.82 billion by 2028, with a compound annual growth rate (CAGR) of 19.9%. Bioplastics are created using feedstocks to address the problems associated with conventional plastics. The demand for conventional plastics has decreased due to their harmful effects on the environment, which has led to an increase in demand for bioplastic materials for packaging. The use of bioplastics is being promoted by companies worldwide through industrial and trade technologies. There is growing concern, particularly in developing economies, over the large number of products made from materials that take a long time to degrade. The bioplastic packaging market is positively influenced by rising awareness among the general public about sustainable packaging and the availability of raw materials in developing economies. Additionally, government intervention to raise awareness about reducing the use of non-recyclable plastics is a significant driver of bioplastic market growth. The use of bioplastic packaging is increasing across all market sectors due to rising demand for sustainable and long-lasting products by consumers, driven by growing awareness of environmental concerns.

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The report highlights the following key findings:

• Biome Bioplastics, a UK-based natural plastic developer, has partnered with plastic films manufacturer Futamura to showcase a range of bio-based and compostable multilayer films, which will increase the market's overall revenue-generating capacity.
• The food and beverage sector is expected to dominate the market, accounting for 67.3% of the market share in terms of revenue in 2017 and expected to reach 69.0% by 2028.
• The durability and sturdiness of packaging products are important, and bioplastics, such as polythene made from sugarcane, are being used as efficient substitutes for oil-based equivalents.
• Technologically advanced biopolymer industries are presenting biodegradable plastics as a solution to environmental problems caused by conventional non-biodegradable plastics.
• Biodegradable plastic packaging has the potential to reduce the volume of solid waste and the need for waste dumping. It has also demonstrated properties that resist fragility and heat resistance.
• PHAs can replace most fossil fuel-based plastic types and are used as food wrap coatings for paper and cardboard, plates, cups, and medical applications.
• Polylactic acids decompose well in the presence of acids and are used in some medical applications. This bioplastic material is used to make bottles, food packaging, grocery bags, etc.
• The increasing awareness among the general public about the environmental impact of their lifestyles is one of the significant factors driving the global bioplastic packaging market.

The report segments the global bioplastic packaging market based on type (rigid packaging, flexible packaging, and other), material type (starch blend, polylactic acid (PLA), polyethylene terephthalate, polyhydroxyalkanoates (PHA), polythene, and others), applications (food and beverages, consumer goods, cosmetic personal care, pharmaceuticals, agriculture and horticulture, textiles, and others), end-users (raw material suppliers/buyers, product suppliers/buyers, research institutes, manufacturers/producers, agricultural sector, research laboratories, and others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

Bioplastic Packaging Market: Drive factors

The bioplastic packaging market is driven by several factors, including the increasing demand for sustainable packaging solutions, the development of bioplastics to reduce the negative impact of conventional plastics on the environment, and the government's initiatives to promote the use of biodegradable plastics. Growing awareness among consumers about the ecological impact of plastic waste and their preference for sustainable and long-lasting products is another important factor contributing to the growth of the bioplastic packaging market. The availability of raw materials in developing economies and the rise of technological advancements in bio-polymer industries have also played a significant role in the growth of this market. Additionally, the food and beverage sector has been projected to be dominant, accounting for a significant share of the market revenue, and the increasing demand for durable and sturdy packaging products has led to the development of bioplastics such as polyethylene made from sugarcane as a substitute for oil-based plastics.

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