A recent market research report by Transparency Market Research (TMR) presents a detailed overview of the global market for bioplastic packaging. The report, analyzes the present growth dynamics of the market and forecasting its projected growth over the period between 2016 and 2024 is titled “Bioplastic Packaging Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”
The rising concern regarding the mounting piles of a variety of plastics in dumping grounds, oceans, and all possible habitable spaces across the globe and harsh impact of the situation on the health of the environment is the prime factor driving developments in the field of bioplastics and packaging products made from biodegradable plastics. Rising awareness among consumers about the harsh impact of conventional plastics on the environment is also driving the increased usage of bioplastic packaging in the global packaging industry. In the next few years, bioplastic packaging is expected to become one of the key segments of the packaging industry, acquiring a significant share in its overall valuation.
However, the high costs of biodegradable plastics owing to the amount of time and money spent in research and development activities somewhat restrain their usage, restricting them to some high end applications and developed economies. For the market to gain widespread acclaim and exploit the vast growth opportunities that lie in developing economies across regions such as Asia Pacific and Latin America, companies require to erase the gap between high level of functionality and cost of products.
The report examines the market for bioplastic packaging across regional markets such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, the market in Europe is presently the leading contributor of revenue to the global market for bioplastic packaging. The Europe market is chiefly driven due to the stringent environment protection policies adopted by member countries and the U.K. In an attempt to encourage adoption, several European countries have incentivized bioplastics, thus driving the bioplastic packaging market.
Asia Pacific presents vast scope of development for the global bioplastic packaging market owing to the thriving packaging industry, increased consumption of packaged and ready-to-consumer food stuff, and rising awareness among consumers. The only factor restricting the development of the Asia Pacific bioplastic packaging market is the high cost of products. Research and development efforts aimed at the production of low cost products could help lower down the impact of this factor on the market’s growth.
Some of the leading vendors operating in the global bioplastic packaging market are The Dow Chemical Company, Metabolix, Inc., Koninklijke DSM N.V., BASF SE, and NatureWorks, LLC.