Bioplastic Packaging Market: Snapshot
Bioplastics are primarily a biodegradable group of polymers that can be manufactured from renewable sources. Conventional plastics are increasingly becoming unpopular due to the fact that they can last for a very long time, can be hazardous to current life and the ecosystem in general, and rely heavily on the oil and gas industry for raw materials. Conventional plastics are used in nearly all industries as material for casings, electronics, packaging, and many other products. This high volume of products made out of materials that will not be degraded for centuries is creating a high level of concern, especially in developing economies, and emerging ones are swiftly following suit.
Statistics show that plastics are currently the third most commonly used byproducts from the oil and gas industry and the global consumption rate of plastics has crossed 200 mn tons per year. Several countries are banning the use of conventional plastic bags. Massive deposits of plastics in the ocean are responsible for the large scale death of marine and aerial species due to either ingestion or by getting stuck in them. Nations, individuals, and private agencies are protesting very strongly against the large scale use of plastics, while promoting the use of biodegradable plastics, or bioplastics. Bioplastics can be manufactured from naturally occurring polymer chains in agricultural waste, potatoes, corn starch, and cellulose. These plastics are completely biodegradable, have a far shorter lifespan than conventional plastics, and are already in large scale use in healthcare and pharmaceuticals, packaging, textiles, and agriculture.
Bioplastic Packaging Market: Overview
Plastics have widespread applications across just about every imaginable human endeavor, and the packaging industry is a prime example. Plastics are among the most commonly used packaging materials today. Their high durability, eponymous plasticity, poor thermal and electrical conductivity, and impermeability to water have made the use of plastics essential in the packaging industry.
Unfortunately, most plastics are manufactured from petrochemicals and are thus synthetic and nonbiodegradable. This has caused one of the most pressing environmental issues of today: Plastic waste. Plastic doesn’t degenerate into the soil when discarded, and can cause soil pollution as well as posing a major threat to the health of any animals that may happen to consume it. Due to the close association of plastics with food packaging, many animals are attracted to plastic waste due to the presence of leftover food or a scent. Due to the insolubility of plastics in water, plastic waste also poses a threat to marine life.
Bioplastics have been developed to eliminate the problems caused by conventional plastics. Bioplastics are made from biodegradable feedstock, which means they can degrade into the soil like any other organic matter. The global market for bioplastic packaging has been driven by the rising awareness among the global population about the adverse effects of conventional plastics, which has led to both consumers and regulatory bodies opt for bioplastics instead. Bio-PET and polylactic acid are the major types of bioplastics used for packaging around the world.
Bioplastic Packaging Market: Drivers and Restraints
The major driver for the global bioplastic packaging market is the rising support given by governments encouraging the incorporation of bioplastics in place of conventional plastics. The net benefit to a country adopting bioplastics on a mass scale is prevention of the ecological damage that would have been caused by conventional plastics. Furthermore, this also removes the need for further resources to fix the damage.
The growing awareness among the general population about the ecological impact of their lifestyles is another key driver for the global bioplastic packaging market. Bioplastic packaging can, in fact, be used as a USP by packaging companies targeting environmentally conscious consumers.
On the other hand, even though bioplastics are biodegradable, they can’t be degraded as easily as naturally occurring organic matter. Since they have to replace plastics in their applications, they need to possess similar qualities. This requires a particular molecular structure. Unfortunately, since microbes can’t break down the similar structures in conventional plastics, it is also not easy for them to break down these structures in bioplastics.
The need to balance the physical properties of plastics and the biodegradability of organic matter leads to high production costs, which leads to premium prices. Technological innovations and government incentives are likely to erase the price gap between conventional and bioplastics eventually, but the global bioplastics packaging market faces an uphill battle till then.
Bioplastic Packaging Market: Geographical Overview
Europe is currently among the largest regional markets for bioplastic packaging. The EU has been supportive of several environmental protection initiatives and several countries in Europe have incentivized bioplastic packaging, driving the regional bioplastic packaging market. Once the price gap between bioplastics and conventional plastics is eradicated, Asia Pacific could make rapid progress in the global bioplastic packaging market.
Key players in the global bioplastic packaging market are BASF SE, Koninklijke DSM N.V., NatureWorks, LLC, Metabolix, Inc., and The Dow Chemical Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.