The Bioplastics & Biopolymers market is projected to grow from USD 6.95 billion in 2018 to USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023. Increasing demand for bioplastics from the packaging industry, favorable government policies, increase in waste management regulations in Europe, and increasing concern for human health are projected to drive the bioplastics & biopolymers market. Increase in regulations is expected to propel the growth rate of the market.
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The high growth of the packaging industry coupled with increasing regulations related to renewable packaging materials are leading to the increasing use of bioplastics over conventional plastics. This has propelled the consumption of bioplastics in packaging, which, in turn, is projected to drive the bioplastics & biopolymers market.
Market Dynamics
Drivers
- Increasing use of bioplastics in the packaging end-use industry
- Increase in waste management regulations in Europe
- Favorable government policies
- Increased focus on bio-based content rather than biodegradability
- Increasing concern for human health
Restraints
- High price of bioplastics
Opportunities
- Development of new applications
- High potential in Southeast Asian countries
Challenges
- Segregation and processing of bioplastics
- Fluctuation of oil prices
- Performance limitations of bioplastics & biopolymers
- Limited regulations related to bioplastics in developing countries
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Packaging is the largest end-use industry for bioplastics & biopolymers. The need for sustainable solutions has encompassed several industry verticals, including food & beverage. In addition, enhanced industrial & manufacturing technologies have enabled the food & beverage companies to incorporate bioplastics in packaging.
Europe is the largest bioplastics & biopolymers market and is one of the major producers of plastics. It is also one of the leading packaging markets, globally. These factors have been responsible for the development of bio-based plastics with collaborative research, which, in turn, is expected to transform Europe’s plastics industry. The political and economic conditions have also driven the market penetration of bioplastics & biopolymers. The EU Commission has focused on the Lead Markets Initiative where bioplastics have been identified as one of the most important potential markets. Europe has, thus, become one of the major consumers of bioplastics & biopolymers.
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