Listen to this article

The MSG (Market Statesville Group) published a new report on the Bioplastic Market. The global Bioplastic market was valued at $5.3 billion in 2020 to $13.1 billion by 2027, at a CAGR of 13.8% from 2021 to 2027. Point to be noted that Bioplastic can reduce carbon dioxide emission by 30%-70% than traditional synthetic plastic. The production of Bioplastic is a cost-effective and efficient process. Bioplastic production is an energy-efficient practice since its production needs 65% less energy compared to conventional plastic. Bioplastics don’t harm the earth or environment because these materials don’t have any toxicity and can degrade easily. Moreover, the greenhouse gas emission of bioplastic is minimal during the time of degradation. Bioplastic represents a 42% reduction in carbon footprints.

The attributes of these advanced technical properties and functionalities, leading companies, such as Coca-Cola, Nestle, Nike, and Ford, are interested in producing and using bioplastic materials across various applications. Moreover, the overall bioplastic market has been segmented into type, application, and region. The global bioplastic market has been segmented into packaging, agriculture, textile, consumer durables, and others based on the application. The packaging accounted for the largest market share of 65.90% in the global bioplastic market in 2020 and had a CAGR of 13.7% during the forecast period. Bioplastics have emerged as key substrates in the packaging industry by replacing synthetic polymers. Packaging is the biggest application market of bioplastic and is used in almost all types of packaging applications.

Moreover, the packaging market of bioplastic includes rigid packaging and flexible packaging. Rigid packaging includes bottles, cups, cans, corrugated cases, and boxes. The companies that produce and consume bio-based plastics in rigid packaging applications include Coca-Cola, Vittel, Volvic, P&G, and Johnson & Johnson. These leading global giants are manufacturing various Bio-PET bottles. Procter & Gamble and Johnson & Johnson are using Bio-PE for packaging personal care products. The Coca-Cola Company has developed a fully recyclable and renewable Bio-PET-based plant bottle. Dasani has launched a 30% plant BioPET bottle that is fully recyclable. The new HDPE package of Odwalla is manufactured from 100% plant-based material. It is noteworthy that the global bioplastic market has been segmented by region as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.