The bioplastics for packaging market is expected to grow at a CAGR of 10.3% from 2023 to 2033, driven by government initiatives to reduce plastic packaging waste and the increasing demand for eco-friendly packaging solutions. The market is expected to reach a value of USD 11.6 billion in 2023 and USD 30.9 billion by 2033. The demand for bioplastics is expected to be driven by the use of bioplastics in the packaging of cosmetic products, food and beverages, and other consumer goods. The Asia Pacific region is expected to be the fastest-growing market for bioplastics, with a CAGR of 12.2% from 2023 to 2033.
Some of the key players in the bioplastics for packaging market include Braskem S.A., Corbion N.V., Novamont S.p.A., and NatureWorks LLC. The market is expected to be driven by the increasing demand for eco-friendly packaging solutions and the growing awareness of the environmental impact of traditional plastics. The report also provides insights into the key trends, drivers, and challenges in the bioplastics for packaging market.