Food and Beverages Bioplastics Packaging Expected to Reach $28.5 billion in 2020
The global bioplastics packaging market for food and beverages was valued at $3.191 billion in 2013 and is expected to grow at a CAGR of 36.8 percent from 2014 to 2020, to reach an estimated value of $28.5 billion in 2020, according to a study recently released by Persistence Market Research.
Over the past few decades, a surge in the use of plastics due to increase in consumer demand for safety and convenience in packaged food and beverages has been observed. When it comes to food and beverages packaging, terms such as ’green’, ’organic’, ‘fair trade’, and ’locally sourced’ have been drawing the attention of consumers in the recent years. With climatic changes taking place, health awareness, and environmental issues are growing. Furthermore, media coverage has made consumers more aware about the factors that are guiding their purchasing decisions.