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Bioplastic Packaging Market Trends

Report ID: GMI12227
Published Date: Nov 2024
Report Format: PDF

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Bioplastic Packaging Market Trends

The bioplastic packaging industry is changing as industries focus on sustainability. Companies in food and drink, medicine, and consumer goods are using more bioplastics to meet regulations, and customer demands for eco-friendly packaging. New materials like PLA, PHA, and starch blends are popular because they break down naturally. Bio-PET, which doesn't biodegrade, is as strong as regular plastic. Better technology is making bioplastics cheaper and better quality, so they can be used more widely. Companies are also working on making bioplastics easier to recycle or compost. With new investments and partnerships, the industry is moving towards a greener future.

For instance, in October 2024, The ReBioCycle initiative is a significant partnership aimed at enhancing the recycling of bioplastics across Europe. This project involves a consortium of 20 partners, including notable organizations like TotalEnergies Corbion and AIMPLAS, and is funded by the Circular Bio-based Joint Undertaking under the EU's Horizon Europe program, with a budget of over USD 8 million.

Authors: Suraj Gujar , Kanhaiya Kathoke

Frequently Asked Questions (FAQ) :

The global market size for bioplastic packaging was valued at USD 17.6 billion in 2023 and is projected to reach USD 73.6 billion by 2032, driven by a CAGR of over 17.3% from 2024 to 2032.

The flexible packaging segment dominated the market with a industry share of over 55% in 2023, driven by its versatility and wide use across various industries.

The North America market held a significant share of over 25% in 2023, driven by consumer demand for sustainable alternatives and strong corporate commitments to reduce plastic waste.

Major players in the industry include Amcor, Bio Futura, Biome Bioplastics, Corbion, FKuR, Futamura Group, Genpak, IIC, and ITC Packaging.