Bioplastic packaging uses plastics that are manufactured from biomass sources. The sources of these plastics are renewable such as corn starch, vegetable oils, and microbes. Bioplastics are gaining significant traction. This can be attributed to increasing consumer awareness regarding use of bioplastics coupled with innovative product development, which offers improved product performance. The food and beverages end-use industry is the largest consumer of bioplastics. Rampant use of conventional plastics has contributed to land, air and water pollution. The use of bioplastics is expected to reduce the issue of pollution arising from the use of conventional plastics.
Market Dynamics
Europe held the largest market share in the global bioplastic packaging market in 2016. This is owing to high consumer awareness, supportive government initiatives, and continuous innovation in biodegradable packaging the market. Stringent regulations over conventional plastic use in food, beverage, and medical packaging has led to increasing adoption of these. Under the Plastic Bags Directive in the EU, consumers cannot use more than 90 bags a year by 2019, down from the EU average of 200 bags a year. This is expected to boost both demand and manufacturing capacity of bioplastics in the region. Demand for bio-PET product is increasing due to rising application of it in the food & beverages end-use industry segment. Key players in the food and beverage industry such as Coca-Cola Company and PepsiCo have started introducing bioplastic packaging for their products.
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However, biodegradable packaging is relatively expensive than conventional plastic. This is owing to high manufacturing cost of biodegradable material to offer properties similar to conventional plastic packaging. This is expected to be a major restraining factor for growth of the market. According to the European Bioplastics Organization, as of 2017, bioplastics represent a mere 1% of around 320 Mn tons of the global plastic production.
Food and beverages segment is expected to be dominant, accounting for 76.12% of the market share in terms of revenue in 2016, and is expected to reach 77.12% by 2025. It is expected to exhibit a CAGR of 27.94% over the forecast period. This is owing to high demand for bioplastic packaging in the food and beverages industry as companies are looking to switch to biodegradable packaging options especially for organic food and premium & customized products that have specific requirements. Rigid based bioplastic packaging options are available for consumer goods including creams, lipsticks as well as beverages. Companies are increasingly using products such as PLA, bio-PE, and bio-PET for these applications. For instance, companies such as Coca Cola, Volvic, and Heinz are using bio-PET in the production of bottles for beverages and other fluid products. P&G uses bio-PE for the packaging of cosmetics. Flexible bioplastic packaging such as films are useful in packaging of fruits and vegetables, in order to increase the shelf-life. There are numerous thermoplastic packaging options available for application in the food and beverages industry depending on the requirement. Bioplastic packaging is refined and easily flexible solution in order to meet specific preservation and requirement needs. Bioplastics aid in increasing the shelf life of products. This is due to its properties such as antimicrobial coating.
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Bioplastics are expected to replace conventional plastic packaging in numerous industries as a result of their unique properties. Bioplastic packaging offer the same properties with added advantages over conventional plastics in the market. Manufacturers are adopting numerous organic and inorganic growth strategies such as mergers and acquisitions in order to increase their market share in the global bioplastic packaging market. For instance Cardia Bioplastics merged with Stellar Films Group in 2015. The merger will result in Cardia Bioplastics acquiring Stellar Films and thus resulting in the company entering the bioplastic films business. This has resulted in diversifying the company’s product portfolio.
Some of the major players operating in the global bioplastic packaging market are BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company., among others.
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