Market Trends of Biodegradable Packaging Industry
Plastic will Hold a Significant Market Share
- The demand for bioplastics has increased since the last decade, driven by the growing awareness of environmental protection, the use of bio-based or natural resources in manufacturing materials, and the formulation of different regulations across countries to effectively use natural resources and manage waste. The growing consumer preference towards bio-friendly materials, in combination with the increasing environmental concern, is expected to drive the overall growth in the bio-friendly packaging market.
- The demand for bio-friendly plastics in the packaging industry is enormous and is expected to remain the same in the next five years. Biodegradable plastic packaging solutions are witnessing a rise in the industry owing to their low environmental impact, growing focus on recyclability and sustainability, and government focus on efficient packaging management.
- Bio-based materials have several potential benefits for greenhouse gas balances and other environmental impacts over life cycles. It is anticipated that the use of biodegradable materials shall contribute to sustainability and a high reduction in the environmental effects associated with the disposal of oil-based polymers.
- Biodegradable plastic packaging offers exceptional benefits as compared to fossil fuel-based plastic. It decomposes naturally in the environment through microorganisms and is less harmful than conventional manufactured plastics. Various applications such as food & beverages, healthcare, and others are expected to adapt to biodegradable packaging. Biodegradable plastics can help reduce the cost of plastic production. Biodegradable plastics can be used to make various products designed to be composted, which can develop new markets for these products.
- According to European Bioplastics Nova-Institute, the production capacity of biodegradable plastics in 2023 was 1,136 metric tons globally, and it is expected to reach 4,605 metric tons by 2028. Such an increase in the production capacity of biodegradable plastics is expected to drive their demand.
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Asia-Pacific is Expected to Show Significant Growth Rate
- Government initiatives and the development of environmentally friendly packaging products are the main reasons for the growing demand for the Biodegradable Packaging Market in India. Consumers are increasingly aware of the environmental risks caused by plastic waste, and the development of advanced technology has prompted many Indian manufacturers to create biodegradation packaging solutions. As a result, the biodegradation packaging market in India is multiplying.
- The food & beverage sector is the first adopter of biodegradable packaging, followed by personal care products and cosmetics among India's most important sectors. Significant innovation in packaging and labeling has occurred within the food packaging sector. The market for eco-friendly food packaging is divided into material choices, applications, types, and techniques.
- Plastic waste generation in India is growing every ten years. In 2021, it was 17.5 million metric tons, which will increase to 31.40 million metric tons by 2031, and it is forecasted to reach 55 million metric tons by 2041. With increasing plastic waste generation in India, this region is proving an opportunity for manufacturers to convert and recycle the waste plastic into bioplastic packaging and cater to Asia-Pacific.
- Japan’s packaging trends have changed a lot in recent years. One of the main reasons for this is the increased awareness of environmental issues. This has led to a focus on reducing container weight and streamlining packaging materials. This eco-friendly approach has resulted in products using recyclable materials. In addition, there is a strong focus on creating high-performing products that focus on safety and convenience.
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