Biopolymer packaging market is projected to grow to US$3.161 billion by 2023 from US$2.073 billion in 2018, growing at a CAGR of 8.80% over the forecast period. Biopolymers are biodegradable polymers and are environment–friendly. These plastics are sustainable, non-toxic, and recyclable petrochemical packaging substitutes of synthetic polymers. The demand for biopolymer packaging is majorly driven by growing environmental sustainability issues and the high cost of fossil fuel products. Growing environmental concern among consumers is forcing the manufacturers to adopt sustainable packaging solutions, thereby impacting the growth of global biopolymer packaging market. Moreover, supportive government initiatives coupled with stringent environmental regulations is further boosting the market growth. The burgeoning demand for reduction in carbon footprint by various industries will expand the market for biopolymer packaging in the forthcoming years.
North America will experience a high growth of packaged food and beverage industry due to high purchasing power and higher living standards, thereby impacting positively the global biopolymer packaging market. There is a good potential for the market to expand in the European region owing to increased political awareness regarding environmental sustainability issues. However, APAC region is anticipated to be a major contributor due to rising disposable income and growing awareness regarding good health and fitness, environmental concerns, and adoption of western lifestyle. All these factors are resulting in rising demand for biopolymer packaging mainly for food and beverage packaging industry. However, factors such as high prices, limited production capacity, and lack of infrastructure for effective composting will hinder global biopolymer packaging market growth over the forecast period.
The report provides a brief introduction to the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segmentation which has been covered as part of the report.
This section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities which exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the biopolymer packaging market growth. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.
The global biopolymer packaging market has been segmented on the basis of products, material type, end user, and geography.
By Material Type
By End User
Food and Beverages
Middle East and Africa