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Bioplastic Packaging Market Share, Size,Growth, Key Players,
Outlook and Forecasts to 2024 | Hexa Research
“ The global bioplastic packaging market to reach USD 34.24 billion by 2024.”
07 March 2019
The global bioplastic packaging market to reach USD 34.24 billion by 2024, driven by the rising consumer
demand for resource efficient and eco-friendly products. Europe was the largest market accounting for 32.7%
of the volume share in 2016 due to supporting regulations coupled with consumer awareness regarding the
conservation of the environment. North America and Asia Pacific followed suit, where the regions together
are expected to contribute USD 3.26 billion by 2024.
Keeping these driving factors in mind, companies are ramping up their production capacity as well as foraying
into R&D of application of new biopolymers into mainstream applications. For instance, in October 2016,
BASF and Avantium entered into a joint venture to form Synvina JV, which will manufacture and market FDCA
and PEF. Synvina JV has a production capacity of 50,000 metric tons per year for FDCA and PEF.
Moreover, companies are focusing on R&D to expand the utilization of different raw materials suc h as PBS,
PLA, and PBAT in various mainstream packaging applications. For instance, in April 2017, UK -based Biome
Bioplastics developed a fully compostable and recyclable coffee cup made entirely from bioplastic materials.
These factors together are expected to provide an impetus to the growth of the bioplastic packaging market
over the next seven years.
PET dominated the global market contributing to USD 1.84 billion in 2016. The polymer was extensively used
in rigid packaging on account of its high durability, transparency, and ease of moldability. Initiatives
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