The global bioplastics packaging market is expected to grow at a CAGR of 12.5% from 2023 to 2033, driven by the increasing focus on environmental sustainability and the need for eco-friendly packaging solutions. The food and beverage industry is expected to be a major driver of this growth, with companies opting for biodegradable and compostable packaging to reduce plastic pollution. The UK, India, and China are expected to be key markets, with the UK projected to grow at a CAGR of 7.3%, India at 17.4%, and China at 15.6%. Key challenges include high production costs, the dominance of traditional plastics, health concerns related to additives, and recycling complexities. However, advancements in research and the adoption of sustainable packaging solutions are expected to drive continued growth in the bioplastics packaging market. Companies such as BASF, Braskem, and Novamont are prominent players in this market, with several others expected to enter the market in the coming years. Overall, the bioplastics packaging market is poised for significant growth, driven by the growing demand for sustainable packaging solutions.
The global bioplastics packaging market is expected to reach a value of US$23.81 billion.
