According to a new market report published by Credence Research “Bioplastic Packaging Market Size - Growth, Future Prospects, and Competitive Analysis 2016 - 2023,” the bioplastic packaging market has been estimated to be valued at US$ 6,765.9 Mn by the end of 2016, and is expected to reach US$ 46,490.5 Mn by 2023, expanding at a CAGR of 31.7% from 2016 to 2023.
Market Insights
The requirement for sustainable and affordable packaging for varied range of products across different industry including food and beverage has inclined over the past few years. The bioplastic packaging has gained traction all over the world due to adaptation of the products by different manufacturers. The bioplastic packaging is different from non-bioplastic packaging as former degrades completely and quickly when decomposed without any poisonous emission.
Browse the full Bioplastic Packaging Market by Application, Product Type, and Geography - Growth, Future Prospects, and Competitive Analysis 2016 – 2023 report at http://www.credenceresearch.com/report/bioplastic-packaging-market
The sector of bioplastic packaging is a small segment and is at nascent stage when compared to overall packaging industry of the globe. However, recent advancement and change in techniques has upliftment the global biodegradable food packaging market. However, increasing consumer awareness related to utilization of biodegradable based products is anticipated to intensify the growth of the bioplastic packaging market till 2023.
Increasing significant environmental concerns all over the world due to increase in pollution along with higher consumer preferences for biodegradable material based products is anticipated to foster the growth of bioplastic packaging market over the forecast period. Apart from this, advanced production process and innovation in technology adopted by bioplastic packaging manufacturers is expected to spur the growth of overall bioplastic packaging market during the period 2016-2026.
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Competitive Insights:
Bioplastic packaging market is segmented on the basis of product type such as Bio-PET, PLA and PLA Blends, Starch Blends, others. In 2015, Bio-PET segment contributed the highest revenue share of the total bioplastic packaging market. The starch blends packaging is anticipated to expand at a robust CAGR till 2023. The global bioplastic packaging market is further bifurcated by application which includes food & beverages, kitchen utensils, electronics industries, and others. Food and beverages segment marked the highest revenue share in bioplastic packaging market in 2015. Rising awareness towards sustainable and affordable packaging solutions as well as change in mindset of people i.e. preferences for recycled based products instead of synthetic one is anticipated to expand the growth of segment during the forecast period.
Key Trends:
- New product development
- Educating consumers about bioplastic packaging
- Rising trends of eco-friendly products
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