BIOPLASTIC PACKAGING MARKET ANALYSIS

Market Concentration and Competitive Landscape

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The increasing consumer awareness and preference for sustainable and eco-friendly products is a major factor influencing the growth of the global bioplastic packaging market. More consumers today are consciously opting for packaging materials that have lesser impact on the environment and are made from renewable plant-based resources. This trend is being driven by the younger environmentally-conscious generation that is willing to pay more for sustainable alternatives. There is a growing sentiment among individuals that single-use plastics have severe environmental consequences and create waste that ends up in landfills and oceans. This has led packaging manufacturers to offer bioplastic options made from biomass sources like sugarcane, corn starch, cellulose and vegetable fats/oils. Examples include packages for food items, bottles for beverages, containers, clamshells and others. According to data from the United Nations Environment Programme, global plastic production increased from 1.5 million tons in 1950 to roughly 380 million tons in 2015. However, less than 10% is recycled while the rest ends up in the natural environment. This alarming statistics has raised more concerns about plastic pollution. The stringent regulations being imposed by various governments worldwide to curb single-use plastics is another important factor responsible for the growth of the bioplastic packaging industry. Countries like European Union, Canada, China and India have either implemented bans or applied heavy taxes on virgin plastic bags and other non-biodegradable packaging items. For instance, the Government of India has prohibited the manufacturing, import, stocking, distribution, sale and use of all single-use plastic items that have low utility and high littering potential. Such policy changes are expected to boost the demand for bioplastics and drive the packaging industry towards more sustainable solutions in the next five years. With supportive regulations and a strong customer push for eco-friendliness, bioplastic packaging volumes are slated to increase significantly. This will play a major role in steering the growth trajectory of the overall market upwards.