The global starch-based bioplastics packaging market is projected to be valued at US$ 15.5 Billion in 2023 and is anticipated to expand at a CAGR of 8.7%. Owing to the advances in packaging, the market is likely to surpass a valuation of US$ 35.7 Billion through 2033.
Some of the factors supporting the market growth are -
As starch is completely biodegradable, inexpensive, renewable, and can be easily chemically modified, bioplastics derived from (modified) starch have received increased attention as biodegradable alternatives to conventional petroleum-based plastics.
Consistent research and development on starch-based bioplastics and raising awareness about environmental conservation are boosting the overall starch-based bioplastics market. Additionally, stringent government rules and regulations by several governments towards reduction in plastic usage have augmented the demand for starch-based bioplastics packaging.
Increasing demand for the food industry is expected to fuel the growth avenues in the starch-based bioplastics packaging market as starch-based bioplastics are simple and used for food packaging due to their good tensile strength. In addition, many brand owners are opting for sustainable packaging solutions to enhance the brand position in the market which is likely to spur the sales of the starch-based packaging market.
Major factors which are driving the growth of the starch-based bioplastics market are the growing flexible packaging industry and technological advancement in packaging solutions and rising disposable income. The demand for the starch-based bioplastics packaging market is growing significantly due to increasing demand from several end-use industries including homecare, healthcare, personal care, food & beverages, automotive industries, and others.
Europe dominates the starch-based bioplastics packaging market, and the market players operating in the region are expected to gain a sizeable opportunity for business during the forecast period owing to the presence of strict government regulation regarding the use of plastic packaging in the region. Also, the growing consumer awareness and increased use of sustainable packaging solutions in various end-use industries boost the sales of the starch-based bioplastics packaging market.
FMI research indicates that starch-based bioplastics packaging solutions show great potential for not only durability but improving outcomes for buyers in different areas. The starch-based bioplastics packaging should meet the objectives:
Some of the market players operating in starch based bioplastics packaging market are Biome Bioplastics, BASF SE, Corbion Purac, Cardia Bioplastics and Braskem S.A. among others the manufacturer of starch-based bioplastics packaging are focusing on advance packaging solutions
For instance, in February 2020, BASF and Fabbri Group developed a sustainable solution for cling film used in fresh-food packaging. Fabbri Group introduces the highly transparent stretch film Nature Fresh which is the first certified compostable cling film that combines optimal breathability for an extended shelf life of fresh food with high transparency and excellent mechanical properties for automatic packaging. Nature Fresh is approved according to US and European standards for food contact.
The new market entrants are developing products that prove to be more reliable, versatile, and improved packaging solutions for different industry verticals. The startups are making use of biodegradable material and developing an innovative packaging solution
For instance, GrowPac is a New Zealand-based startup that develops sustainable packaging solutions by making use of crops rich in starch, such as corn and sugarcane, to produce biodegradable bioplastic packaging. This food packaging keeps the food safe and fresh & is compostable. GrowPac also offers product packaging and compostable bags for companies to lower their carbon footprint.
Growing awareness for the environment has led to the demand for starch-based bioplastics packaging. Shifting preference from petrochemical products to eco-friendly substitutes is expected to have a significant impact on the starch-based bioplastics packaging. Bioplastic is derived from renewable resources such as agro/food sources.
To enhance the mechanical properties and water barrier properties, it can be blended easily with other polymer and nanofillers. Starch-based bioplastics are suitable for manufacturing of compostable packaging products. OEMs have increased their expenditure for the development of bio-based materials to reduce reliability on petrochemicals which is expected to increase the availability for starch-based bioplastics.
Plastics are heavily used in many end-use industries which had led to the filling of landfill wastes through the years. To curb the problems associated with materials which cannot be degraded for centuries is of high concern for various governments. This is expected to increase the market demand for starch-based bioplastics packaging.
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The production of starch-based bioplastics is simple and they are widely used for packaging applications. The tensile strength of starch-based bioplastics is suitable for various packaging applications. The availability of raw materials such as cassava, potatoes, maize, rice and wheat in abundance and this is likely to boost the market demand for starch-based bioplastics packaging.
Furthermore, the significant use of starch-based films in the packaging sector for food packaging, cosmetics packaging, pharmaceuticals packaging, and goods packaging favours market growth. Bio-based material used in combination with suitable recyclable PE and PET have resulted in a decisive growth for the starch-based bioplastics packaging and has resulted in the decrease of carbon-dioxide releases.
In addition, brand owners are choosing sustainable packaging to promote their brand as an eco-friendly brand. This is likely to enhance the brand loyalty and reputation of the brand in the market. Research & development and government subsidies on the use of starch-based bioplastics to reduce the disposal issues of conventional plastics which increases the landfills and sea are likely to increase the market demand for starch-based bioplastics packaging.
However, the starch-based bioplastics are higher in cost compared to conventional plastics due to raw material availability and R & D cost. This might hinder the growth of the market in the short run. The growing environmental concerns are likely to generate hiked market demand for starch-based bioplastics packaging in the years to come.
Europe is likely to dominate the starch-based bioplastics packaging market owing to the stringent regulations against the consumption of conventional plastics along with the popularity of sustainable packaging in various end-use industries. The growth for starch-based bioplastics packaging is aided by government policies and environmental awareness amongst the population.
Furthermore, Asia Pacific is likely to be a potential market in the near future on account of the growing packaging industry in countries of China and India such as consumer goods, food & beverage and pharmaceutical industries.
Principal Consultant
Key players in the Starch-Based Bioplastics Packaging Market are as follows,
Starch-Based Bioplastics Packaging Market can be segmented on the basis of technology, material , type and end-use industry.
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Starch-Based Bioplastics Packaging Market
