Research Nester has released a report titled “Biopolymers Packaging Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global biopolymers packaging market in terms of market segmentation by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global biopolymers packaging market is anticipated to achieve a CAGR of 21.0% across the globe over the forecast period, i.e. 2021-2028. Growing demand for the bio-degradable and recyclable packaging materials in end user industries are some of the major factors anticipated to promote towards the growth of the global biopolymers packaging market. Biopolymers packaging is defined as the packaging process which deals with bio degradable polymer materials. Biopolymer packaging materials promote greater recycling characteristics over conventional packaging materials. Currently, biopolymers represent about 1% of the total polymer produced and 0.33% of the polymer consumed for the packaging. The global biopolymers packaging market is expected to garner USD 17309.0 million by the end of 2028 from USD 4560.0 million in the year 2019. The market which was valued at USD 3575.0 million in the year 2020 is further expected to gain an absolute $ opportunity of USD 12754.4 million during the forecast period.
Regionally, the global biopolymers packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in Asia Pacific region held the largest market share of 55% in the year 2019. Factors such as increasing exports of biopolymers to regions such as North America and Europe, where the consumption of biopolymers is severely high, is anticipated to drive the growth of the market in the region. Additionally, the market in the region is primarily driven by nations such as China, Japan and South Korea.
Increasing Consumption of Reusable and Recyclable Plastics for Packaging
Plastic is consumed widely in the packaging sector. It is observed that out of the total plastics manufactured in Europe, 40% of the plastics produced is consumed by the manufacturers of packaging material. Although, such increasing consumption of plastic has also poised a threat to the environment with large amount of plastic waste. As such, the government of several nations globally have taken several measures to curb the issue by setting up R&D centers for the production of biopolymers packaging, which can be bio-degradable or reusable or recyclable. In the statistical report European Bioplastics fact sheet 2019, out of the total production of biopolymers, global biopolymers packaging accounted for the 53% volume consumption. Such factors are anticipated to drive the growth of the global biopolymers packaging market.
However, concerns regarding the high cost of biopolymers over conventional packaging raw materials, which also raises the concern of manufacturers of biopolymers packaging for operating their businesses in lower profitability are some of the factors anticipated to restrict the growth of the global biopolymers packaging market.
This report also provides the existing competitive scenario of some of the key players of the global biopolymers packaging market, which includes company profiling of BASF SE (ETR: BAS), NatureWorks LLC and Arkema SA (EPA: AKE). Besides, several players operating in the global biopolymers packaging market are increasingly focusing on research and developmental activities for the development of advanced biopolymers that can contribute significantly towards the growth of the global biopolymers packaging market. Moreover, several other players in the packaging industry are increasingly expanding their processes by investing on the deployment of biopolymer packaging plants. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biopolymers packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.