In the age of green chemistry, plant-based plastic packaging is one of the greatest milestones ever discovered. Nevertheless, many private companies and government agencies have been working on research and development to make plan-based plastics packaging more established. Plant-based plastic are made from agricultural waste, sugar cane, switch grass or grasses and corn. Moreover, manufacturers are using plant-based oil in plant-based plastic packaging for processing plastic instead of using petrochemicals in order to make it more environmental friendly. Plant-based plastic packaging helps to reduce greenhouse gases by up to 35% and takes up to 36% less energy to make as compared to conventional plastic packages. Several products are being launched in the global plant-based plastic packaging market.
For instance, in April 2011, P&G (currently acquired by Coty Inc.) introduced its range of shampoos under the brand name Pantene rapped with plant-based plastic packaging. Coca Cola Company is another example of switching to plant-based plastic packing from traditional packaging. The company is focused to convert all the Coca Cola packaging made of plant-based by 2020 as per its green initiative plan. Nevertheless, AT&T uses packaging that contains 30% plant-based materials sourced from sugarcane ethanol. Also, partnerships ramp up in the global plant-based plastic packaging market to meet the increasing demand for plant-based plastics packaging from the end user industries. For instance, in August 2016, Canada-based Solegear Bioplastic Technologies Inc. and r-pac International, a leading global supplier of retail packaging introduced plant-based packaging for leading smartphone case. Plant-based plastic packaging costs six to seven times more than conventional plastics.
Plant-based Plastic Packaging – Market Segmentation:
On the basis of materials plant-based plastic packaging market is segmented into
- Starch Blends
Based on application plant-based plastic packaging market is segmented into
- Rigid Packaging
- Flexible Packaging
On the basis of end user compostable packaging materials market is segmented
- Food & Beverage
- Automotive Transport
Plant-based Plastic Packaging – Regional Outlook:
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and MEA. North America is projected to be the highest revenue generating segment in the global plant-based plastic packaging market followed by Europe during the forecast period 2016-2024. North American plant-based plastic regulations for the North American manufactures and increasing adoption of plant-based plastic packaging in the U.S. are the key factors responsible for the growth of plant-based plastic packaging industry in North America. North America is expected to be the fastest growing market and is expected to grow at double digit CAGR during the forecast period 2016-2024 attributable to the increasing size and high market share investments made by the global giants in the region. Currently, North America and Europe together holds more than half of the market share in the global plant-based plastic packaging market in terms of value. Where in Europe, countries such as EU4 and U.K. generates significant demand for plant-based plastic packaging in the market. Asia Pacific region is anticipated to be one of the fastest growing markets for plant-based plastic packing market in terms of value.
Plant-based Plastic Packaging – Market Dynamics:
Biodegradable nature of these plastics is expected to be the major factor driving the demand for plant-based plastic packaging market in the forecast period. Also, huge demand generated from giant end user companies including Coca-Cola Co., Ford Motor Co., H.J. Heinz Co. and Nike Inc. is another driving factor for the global plant-based plastic packaging market to increase the revenue. High cost of plant-based plastic packaging among the small and medium size enterprises, creates restraints to generate more revenue in the global plant-based plastic packaging market. However, with the technological advancement, quality of plant-based plastic packaging has been improving gradually. Consequently it generates more demand from the end user industries and may create a lucrative opportunity for the global plant-based plastic packaging market.
Plant-based Plastic Packaging – Major Players:
Some of the major players identified across the globe in the Plant-based Plastic Packaging market are Solegear Bioplastic Technologies Inc., Clear Lam Packaging Inc, Solegear Bioplastic Technologies Inc. and r-pac International.
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.