According to the Market Statsville Group (MSG), the global bioplastic compostable packaging market size is expected to grow from USD 3.2 billion in 2021 to USD 16.0 billion by 2030, at a CAGR of 19.5% from 2022 to 2030. Increasing consciousness among customers' regarding environmental concerns is leading to the high demand for products possessing low impact on the environment . Furthermore, an increasing number of prominent firms are shifting towards compostable plastics. Because of government laws, businesses seek new ways to lessen their environmental impact, including utilizing the sophisticated technical properties of bioplastics. These are some of the factors that are substantially impacting the bioplastics compostable packaging market.
The huge consumption of conventional plastic in packaging has resulted in underlying issues such as climate change and future fossil resource scarcity, prompting a search for better plastic packaging alternatives. Bioplastics are an environmentally beneficial alternative to regular plastics. Almost every traditional plastic material and application now has a bioplastic counterpart.
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Single-use packaging has witnessed exponential growth due to the growing need to keep food items from contamination during the COVID-19 outbreak. Plastic is essential in healthcare for keeping sterility in medical devices, such as syringes and insulin pens. However, the majority of these plastic packaging products are made from conventional fossil fuel feedstocks, contributing to the plastic waste issue. Bio-based plastics are a more environmentally friendly alternative to petroleum-based plastics. During the epidemic, consumers' preference for compostable and biodegradable packaging boosted the demand for bioplastics.
The study categorizes the bioplastic compostable packaging market based on components and deployment at the regional and global levels.
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In 2021, the bio PET segment accounted for the largest market share in the global bioplastic compostable packaging market. Bio PET is a type of biodegradable plastic with mechanical and physical qualities that make it ideal for packaging. It disintegrates quickly, organically, and through industrial composting. Moreover, it is a robust and adaptable material used to make a wide range of items, including bottles and specialized food packaging.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global bioplastic compostable packaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Among these regions, Asia Pacific is witnessing the highest market CAGR growth over the forecast period. The use of single-use plastic packaging is rapidly increasing in the emerging economies, such as China and India. The Indian Compostable Polymer Association was created in 2018 to promote a sustainable circular economy and advocate compostable bioplastics in India at a critical time for bioplastics growth. Moreover, the evolving automobile industry in India is supporting the demand for bioplastic bags, as it is utilized in industrial packaging of automobile parts, dust coverings, and commercial applications. Thus, rising consumer awareness of environmental issues and government-imposed restrictions on single-use plastic use will propel the Asia bioplastics for the packaging market.
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The global bioplastic compostable packaging market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global bioplastic compostable packaging market are: