High demand for bioplastics for packaging food and beverage products; consumer goods industry also expected to witness progressive growth in demand during 2017-2027
Bioplastics are the type of plastics that are either biodegradable or non-biodegradable and are largely used in the packaging of products from various industries such as food and beverages, pharmaceuticals, consumer goods etc. Bioplastics can be rigid or flexible. Rigid bioplastics are used for packaging of bottles, cups, trays, clamshells etc. Manufacturers are investing in research and development to develop bioplastics that are developed from algae and bacteria – these are known as 3rd generation bioplastics.
According to the market analysis, the food and beverage industry is expected to witness maximum demand for bioplastics. The F&B segment is expected to hold a market value of over US$ 12,700 Mn by the end of 2027, growing at a CAGR of 15.2% during the forecast period. However, the consumer goods market is also projected to experience growth at a high rate, with a CAGR of 13.3% during the forecast period 2017-2027.
The growing demand for bioplastics from the food and beverage industry is helped by an increasing inclination towards packaged food items
The busy lifestyles of people have created a high demand for packaged foods and buyers have begun contributing more towards packaged food and beverages. Consumer spending on packaged products has considerably increased in the last few years due to a high disposable income. In this way, huge amounts of plastic packaging waste is created every month, leading to landfill issues. Makers are leaning toward bioplastics over customary plastics. Manufacturers are concerned about the rising packaging waste across the globe.
Bioplastics for Packaging Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027Buy Now
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