Eco-Friendly Packaging to Positively Impact Bioplastic Market by 2019
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The Global Bioplastic Packaging Material Market is expected to grow at a CAGR of 23.75% and 22.52%, in terms of revenue and volume, respectively, from 2015-2019, reports research firm Technavio, London, U.K.
Growing environmental concerns and the need to reduce pollution have led to an increased emphasis on the use of recyclable and biodegradable materials for packaging, especially the use of plastic resins derived from renewable resources, according to the new report. Bioplastic (made from biomass supplied by the forest industry) has packaging products that are considered more sustainable than conventional plastic packaging products, as they consume fewer natural resources, and help lessen dependence on dwindling fossil fuel supplies.
Pictured: A bioplastic bottle will degrade in just a few years, as pictured above in this demonstration. Plastic bottles can take from a few hundred to up to a thousand years to biodegrade to the level seen far right where only small pigments/remnants remain. New technology such as this put into commercial use could put a stop to the plastic bottles and debris filling up entire regions of our oceans. In the 21st century, where market emphasis must be put on protecting our environment and eco-systems in a growing world, products like this are a coming and growing necessity.
"To increase the focus on sustainability, several manufacturers are adopting bio-based packaging solutions that offer viable alternatives for chemicals and conventional plastics," sids Faisal Ghaus, VP of Technavio.
The latest report by Technavio also draws attention towards the increased use of bioplastic packaging solutions that are gaining importance in emerging regions like the APAC region and South America because of the increased demand for effective, advanced and eco-friendly packaging.
"Markets in several countries in the APAC region like China and India are expected to witness fast growth at a higher CAGR in the coming years," said Ghaus.
