DUBLIN--(BUSINESS WIRE)--The "Biopolymer Packaging Market - Industry Trends, Opportunities and Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.
Biopolymer packaging market is projected to grow to US$3.161 billion by 2023 from US$2.073 billion in 2018, growing at a CAGR of 8.8% over the forecast period. The demand for biopolymer packaging is majorly driven by growing environmental sustainability issues and the high cost of fossil fuel products.
Growing environmental concern among consumers is forcing the manufacturers to adopt sustainable packaging solutions, thereby impacting the growth of global biopolymer packaging market. Moreover, supportive government initiatives coupled with stringent environmental regulations is further boosting the market growth. The burgeoning demand for reduction in carbon footprint by various industries will expand the market for biopolymer packaging in the forthcoming years.
North America will experience a high growth of packaged food and beverage industry due to high purchasing power and higher living standards, thereby impacting positively the global biopolymer packaging market. There is a good potential for the market to expand in the European region owing to increased political awareness regarding environmental sustainability issues.
However, APAC region is anticipated to be a major contributor due to rising disposable income and growing awareness regarding good health and fitness, environmental concerns, and adoption of western lifestyle. All these factors are resulting in rising demand for biopolymer packaging mainly for food and beverage packaging industry. However, factors such as high prices, limited production capacity, and lack of infrastructure for effective composting will hinder global biopolymer packaging market growth over the forecast period.
- Bio-based Films
- Bio-Based Containers
By Material Type
- PLA (Polylactide)
By End User
- Food and Beverages
- Novamont S.p.A
- BASF SE
- NatureWorks LLC
- Innovia Films
- Cardia Biopastics
- Biome Technologies plc
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