Global bioplastic packaging market is expected to witness growth on account of increasing consumer awareness towards eco-friendly products. Shifting preference from synthetic derived chemicals products to eco-friendly substitutes is expected to stimulate the bioplastic packaging market. Chemical manufacturers have increased their expenditure for the development of bio-based chemicals with a prime intention to reduce reliance on petrochemical feed stocks which is expected to increase the availability of raw materials for bioplastic packaging products. Textile industry is expected to be a lucrative application for bioplastic packaging in light of increase awareness towards deployment of environment protection practices. Increasing production of crude oil and natural gas in the Middle East and Russia by companies leading to reduction of oil prices is expected to have a negative impact on bioplastic packaging market in the near future. High complexity associated with the production of bioplastic packaging materials through agro-based raw materials is expected to be a challenging factor for market in the near future. Surging demand for bio-based PET in packaging on account of increasing R&D expenditure by beverage manufacturers such as The Coca Cola Company and PepsiCo is likely to tap new markets over the forecast period.
Bioplastic packaging materials are derived from bio-based resins such as poly lactic acid (PLA), bio-PET, bio-PP, PHA. Aforementioned resins provide properties such as tensile strength and enhanced impact resistance which increase their application in food & beverages, kitchen utensils, and electronics industries over the forecast period. Bioplastic packaging market demand in emerging countries such as BRICS is likely to grow on account of increasing application of electronics and food & beverage industries at domestic level. Change in lifestyle pattern and increasing disposable incomes in emerging economies of China, India and Middle East is expected to increase the demand for convenience foods and thus likely to increase application scope over the forecast period. Pharmaceutical industry growth in China, India, and Brazil in light of growing domestic demand for medical drugs coupled with increasing foreign investments is expected to amplify bioplastic packaging market demand in the near future.
Europe is expected to be one of the largest markets for bioplastic packaging over the forecast period on account of stringent regulations against consumption of non-recyclable plastics along with gaining popularity of sustainable packaging in manufacturing industry. Supportive government policies in Europe that include Europe 2020 strategy which supports bio-economy encourage public authorities to give preference towards procurement of bio based products and allowing member states to reduce taxes for bio based products. In 2012, the European Commission published action plan on bioeconomy to promote the consumption and production of bio-based chemicals at domestic level. The plan is aimed for the development of new processes and technologies for manufacturing bioplastics materials through financing of pilot plants and enhancing public private partnerships. Asia Pacific is anticipated to be a potential market in near future on account of growing packaging industry in countries of India and China in light of positive outlook on consumer goods, food & beverage and pharmaceutical industries. In 2008, the government of China launched policy to ban plastic bags and focus on bioplastic products for packaging. The policy is aimed at encouraging manufacturers to set up bioplastics manufacturing units through ease in availability of raw materials and tax redemption regarding set up of factories and thus likely to open new ventures for bioplastic packaging market. Abundance availability of raw materials such as sugarcane and oilseeds in Brazil is expected to force bioplastics manufacturers to keep their facilities in vicinity over the forecast period.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.