The worldwide bio-plastic packaging market was valued at 19.7 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 18.1% over the course of the forecast period. The industry is expanding rapidly due to rising demand for bio-based and renewable products. expanding demand from the flexible packaging sector and the unique qualities of bioplastics, namely their reduced environmental impact and quicker rate of decomposition than plastic.

Demand for environmentally friendly substitutes is being driven by growing awareness of plastic pollution and environmental damage. The usage of bioplastics is being promoted by government rules and prohibitions on single-use plastics. Eco-friendly and sustainable packaging options have become more popular among major companies and merchants.

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Growth Drivers

Growing customer demand for environmentally friendly goods and their willingness to pay more for packaging that is sustainable. The need for biodegradable packaging is also fueled by the trend toward natural and organic products. In addition to food and drink, the pharmaceutical, cosmetic, and e-commerce industries are embracing bioplastic packaging. The demand for environmentally friendly packaging options is rising as more people shop online.

The market is expanding thanks to tax breaks, financial aid, and subsidies for the development and manufacturing of bioplastics. Regulations that promote sustainable packaging options include the U.S. Plastics Pact and the European Union's Green Deal. The usage of recyclable and compostable bioplastics is being encouraged by the growing emphasis on lowering carbon footprints.

Segmentation

Type

·         Biodegradable

o   Polylactic Acid

o   Starch Blends

o   Polybutylene Adipate Terephthalate (PBAT)

o   Polybutylene Succinate (PBS)

o   Others

·         Non-biodegradable

o   Bio Polyethylene

o   Bio Polyethylene Terephthalate

o   Bio Polyamide

o   Others

Material

·         Flexible

·         Rigid

Application

·         Food & Beverages

·         Consumer Goods

·         Cosmetic & Personal Care

·         Pharmaceuticals

·         Others

By Region

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         Alpha Packaging

·         Constantia Flexibles

·         Mondi

·         Transcontinental Inc.

·         ALPLA

·         Amcor. Plc.

·         Coveris

·         Sealed Air

·         NatureWorks, LLC.

·         Novamont S.p.a.

·         Other Players

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