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Future Market Insights
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Abhishek Budholiya
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Bioplastics for Packaging Market to increase at a CAGR of 14.4% through 2027
Bioplastics Packaging Market Revenue to Witness Stellar Growth, Driven Largely in the North America Region


future market insights
BriefingWire.com, 2/14/2019 - Bioplastics are bio based plastics that are either made up of food material of corn, sugarcanes soybeans or by non-food materials such as sawdust, weeds, beans, peel, and husk. Bioplastics may be biodegradable or non-biodegradable in nature. Bioplastics are being extensively preferred as they reduce the carbon footprint and prevent landfill issues. A new research report by Future Market Insights focusses on analysing the complete market scenario of the global bioplastics for packaging market. The report titled ‘Bioplastics for Packaging Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’, the global bioplastics for packaging market recorded a market valuation of over US$ 4,000 Mn in 2017 and is expected to reach a value of US$ 15,600 Mn by the end of 2027. According to the forecast, the global bioplastics for packaging market is expected to witness a robust CAGR of 14.4% during the projected period 2017-2027.

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Global Bioplastics Packaging Market: Dynamics

More than 200 mn tonnes of waste is created by plastics causing major landfill issues. Manufacturers of packaging products are focussing on increasing the use of use of bioplastic packaging, which can reduce this plastic waste to a great extent. PLA, which is a biodegradable plastic developed by NatureWorks LLC., is highly supported by the U.S department of energy. Government organizations across the globe are working in partnership with private sector companies that focus on manufacturing bioplastics packaging products. The government has also exempted tax on bioplastic resin manufacturing. This move is anticipated to promote the growth of the packaging market across many regions. The U.S government is passing new bills such as the Federal Farm Bill Energy title 9, which encourages sale of bioplastics items. However, a lack of proper compositing grounds is expected to hinder revenue growth of the market. Bioplastics do not get the required environment for their degradation everywhere. Bioplastics require the presence of microorganisms at a high temperature for degradation. Microbes break down bioplastics into CO2, H2o, and CH4. There are different types of decomposition based on bioplastic composites, such as soil biodegradable, marine biodegradable, anaerobically digestible, and home compostable.

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