Precedence Research, a worldwide market research and consulting organization, has found that the bioplastic packaging market size is expected to approach $58 billion by 2032, with a corporate annual growth rate (CAGR) of 14.02% over the next decade.

Valued at $15.6 billion in 2022, bioplastic packaging has seen an increase in demand and popularity thanks to its sustainability and environmental benefits in light of tighter government restrictions of single-use plastics.

Bioplastics, a group of biodegradable polymers that are created from renewable resources like cellulose and starch, are flexible in both their practical use and environmental advocacy. These materials are now replacing single-use plastic for packaging such as bottles, shopping bags, and loose packaging, and they can degrade into both organic and inorganic substances.

Single-use plastics have come under fire due to their toxicity to humans and the environment. These plastics often rely on petroleum and gas for some of their raw ingredients, which contributes to air pollution and global warming.

According to the report, biodegradable plastics made up 53% of the revenue share in 2022, mainly thanks to starch blends that are available in large quantities and applicable in many contexts. They were most utilized in flexible packaging within the food and beverage sector.

Europe saw the greatest use of bioplastics in 2022, as they took up 33.5% of the market on the continent. This was mainly due to Europe’s strict regulations on single-use plastic, which increased demand for a more sustainable alternative.

While there are many indicators suggesting a rapid growth of the bioplastic packaging industry, some market restraints have emerged. Supply chain issues brought on from the COVID-19 pandemic has slowed market growth, while the difficulty of creating bioplastic from agriculturally sourced materials also presents a significant issue.

Even with these concerns in mind, however, bioplastics should continue to see a rapid increase in market size as the world continues to recover from the economic impact of COVID-19 and public awareness continues to grow.  

Source: Globe Newswire, “Bioplastic Packaging Market Size to Hit around $58 Billion by 2032”