Global Bioplastics Packaging Market for Food and Beverages to Reach US$29 Billion by 2020: PMR
The global disposable plastic blood bags market is estimated at USD 2,44,286.8 thousand in 2014 and expected to reach USD 4,13,084.8 thousand in 2020, growing at a CAGR of 9.1%.
New York, United States – July 23, 2015 /MarketersMedia/ —
According to a new market study published by Persistence Market Research (PMR), “Global Market Study on Bioplastics Packaging for Food and Beverages: Beverages Packaging to Witness Highest Growth by 2020”, the global bioplastics market for food and beverages will display a whopping 36.8% CAGR from 2014 to 2020. The market, having a valuation of US$3191.3 million in 2013, is expected to reach US$28,503.6 million in 2020, states the study.
In the last few decades, increasing consumer demand for safe and convenient packaged foods has led to surging demand for plastics for such needs. In the context of food and beverage packaging, labels such as ‘organic’, ‘locally sourced’, ‘green’,and ‘fair trade’ have been drawing consumers’ attention in the last few years. With global climate changes taking place, environmental considerations and health awareness are duly regarded. Increased access to information through multiple communication media is also influencing consumers’ purchasing decisions.
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Bioplastics packaging for food and beverages covers a multitude of industries, such as organic foods, beverages, catering, bread and bakery products, and fruits and vegetables, which need disposable utensils (mugs, plates, cups, trays, and cutlery).
In recent years, bioplastics have been drawing the attention of policymakers owing to them being sourced from renewable sources and thus favorable for sustainable, ecofriendly development. To promote the use of bioplastics, several governments across the world have formulated policies that are against non-biodegradable conventional plastics to be used for landfills, which will curb the use of these plastics.
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Moreover, excessive use of conventional plastics has increased atmospheric carbon dioxide concentration, polluted water bodies, and contaminated landfills, which is raising concerns for public health and soil fertility. To support the use of bioplastics, the U.S. government launched ‘Title IX’, the 2008 farm bill energy title (P.L. 110-240), which encourages federal agencies to purchase bioplastics products.
The growing demand for bioplastics packaging for food and beverages is attributed to several advantages that bioplastics offer over conventional plastics, such as a glossy and attractive appearance, printability, higher shelf life of perishable foods, antistatic behavior, and enhanced barrier effect. Additionally, technological advancements that are underway for improved physical properties of bioplastics are also a major driver for the growth of the bioplastics packaging market for food and beverages.
Increasing crude oil prices and diminishing oil resources are also expected to boost the use of bioplastics in the long run. To prepare for the future, major economies of the world are making heavy investments in energy infrastructure reforms, which will be an important growth driver for bioplastics packaging in its application in the food and beverage industry in the years to come.
Next-gene packaging products, such as nanotechnology-based bioplastics, have opened new prospects for bioplastics packaging for food and beverages over the years.Packaging products that are nanotechnology-based offer advantages such as enhanced food safety and improved barrier properties, which make the product suitable for packaging of moisture-rich foods.
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However, the complex separation process of bioplastics from the disposal site, which is based on their resin type, challenges the growth of this market.
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and a high pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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