Global Bioplastic Compostable Packaging Market to Reach US$ 16.0 billion by 2030

According to the Market Statsville Group (MSG), the global bioplastic compostable packaging market size is expected to grow from USD 3.2 billion in 2021 to USD 16.0 billion by 2030, at a CAGR of 19.5% from 2022 to 2030. Increasing consciousness among customers' regarding environmental concerns is leading to the high demand for products possessing low impact on the environment . Furthermore, an increasing number of prominent firms are shifting towards compostable plastics. Because of government laws, businesses seek new ways to lessen their environmental impact, including utilizing the sophisticated technical properties of bioplastics. These are some of the factors that are substantially impacting the bioplastics compostable packaging market.

Global Bioplastic Compostable Packaging Market Definition

The huge consumption of conventional plastic in packaging has resulted in underlying issues such as climate change and future fossil resource scarcity, prompting a search for better plastic packaging alternatives. Bioplastics are an environmentally beneficial alternative to regular plastics. Almost every traditional plastic material and application now has a bioplastic counterpart.

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COVID-19 Impact on the Global Bioplastic Compostable Packaging Market

Single-use packaging has witnessed exponential growth due to the growing need to keep food items from contamination during the COVID-19 outbreak. Plastic is essential in healthcare for keeping sterility in medical devices, such as syringes and insulin pens. However, the majority of these plastic packaging products are made from conventional fossil fuel feedstocks, contributing to the plastic waste issue. Bio-based plastics are a more environmentally friendly alternative to petroleum-based plastics. During the epidemic, consumers' preference for compostable and biodegradable packaging boosted the demand for bioplastics.

Scope of the Global Bioplastic Compostable Packaging Market

The study categorizes the bioplastic compostable packaging market based on components and deployment at the regional and global levels.

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By Material (Sales, USD Billion, 2017-2030)

• Bio PET
• Bio PA
• Bio PE
• Bio-PP
• Bio-PS
• PLA
• PHA
• Starch Blends
• Others

By Application (Sales, USD Billion, 2017-2030)

• Bottles
• Cups
• Trays
• Clamshell
• Films
• Bags
• Pouch & Sachet
• Others

By End Use (Sales, USD Billion, 2017-2030)

• Food & Beverages
• Cosmetics & Personal Care
• Pharmaceuticals
• Consumers Goods
• Industrial Goods
• Others

By Region Outlook (Sales, USD Billion, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Bio PET segment is projected to account for the largest market share, by material

In 2021, the bio PET segment accounted for the largest market share in the global bioplastic compostable packaging market. Bio PET is a type of biodegradable plastic with mechanical and physical qualities that make it ideal for packaging. It disintegrates quickly, organically, and through industrial composting. Moreover, it is a robust and adaptable material used to make a wide range of items, including bottles and specialized food packaging.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global bioplastic compostable packaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Among these regions, Asia Pacific is witnessing the highest market CAGR growth over the forecast period. The use of single-use plastic packaging is rapidly increasing in the emerging economies, such as China and India. The Indian Compostable Polymer Association was created in 2018 to promote a sustainable circular economy and advocate compostable bioplastics in India at a critical time for bioplastics growth. Moreover, the evolving automobile industry in India is supporting the demand for bioplastic bags, as it is utilized in industrial packaging of automobile parts, dust coverings, and commercial applications. Thus, rising consumer awareness of environmental issues and government-imposed restrictions on single-use plastic use will propel the Asia bioplastics for the packaging market.

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Key Market Players in the Global Bioplastic Compostable Packaging Market

The global bioplastic compostable packaging market is highly competitive, with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global bioplastic compostable packaging market are:

• Braskem S.A.
• Corbion N.V.
• Novamont S.p.A
• NatureWorks LLC
• Amcor Plc
• Mondi Group
• Tetra Pak International SA
• ALPLA-Werke Alwin Lehner GmbH & Co KG
• Berry Global Inc.
• Uflex Ltd.