Plant-based Plastic Packaging Market : Market Development, Overview and Forecast
Posted by Kishor on December 11th, 2019
In the age of green chemistry, plant-based plastic packaging is one of the greatest milestones ever discovered. Nevertheless, many private companies and government agencies have been working on research and development to make plan-based plastics packaging more established. Plant-based plastic are made from agricultural waste, sugar cane, switch grass or grasses and corn. Moreover, manufacturers are using plant-based oil in plant-based plastic packaging for processing plastic instead of using petrochemicals in order to make it more environmental friendly. Plant-based plastic packaging helps to reduce greenhouse gases by up to 35% and takes up to 36% less energy to make as compared to conventional plastic packages. Several products are being launched in the global plant-based plastic packaging market.
Plant-based Plastic Packaging – Market Dynamics:
Biodegradable nature of these plastics is expected to be the major factor driving the demand for plant-based plastic packaging market in the forecast period. Also, huge demand generated from giant end user companies including Coca-Cola Co., Ford Motor Co., H.J. Heinz Co. and Nike Inc. is another driving factor for the global plant-based plastic packaging market to increase the revenue.
High cost of plant-based plastic packaging among the small and medium size enterprises, creates restraints to generate more revenue in the global plant-based plastic packaging market. However, with the technological advancement, quality of plant-based plastic packaging has been improving gradually. Consequently it generates more demand from the end user industries and may create a lucrative opportunity for the global plant-based plastic packaging market.
Plant-based Plastic Packaging – Major Players:
Some of the major players identified across the globe in the Plant-based Plastic Packaging market are Solegear Bioplastic Technologies Inc., Clear Lam Packaging Inc, Solegear Bioplastic Technologies Inc. and r-pac International.
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Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and MEA. North America is projected to be the highest revenue generating segment in the global plant-based plastic packaging market followed by Europe during the forecast period 2016-2024. North American plant-based plastic regulations for the North American manufactures and increasing adoption of plant-based plastic packaging in the U.S. are the key factors responsible for the growth of plant-based plastic packaging industry in North America.
North America is expected to be the fastest growing market and is expected to grow at double digit CAGR during the forecast period 2016-2024 attributable to the increasing size and high market share investments made by the global giants in the region. Currently, North America and Europe together holds more than half of the market share in the global plant-based plastic packaging market in terms of value. Where in Europe, countries such as EU4 and U.K. generates significant demand for plant-based plastic packaging in the market. Asia Pacific region is anticipated to be one of the fastest growing markets for plant-based plastic packing market in terms of value.
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About the AuthorKishor
Joined: February 12th, 2019
Articles Posted: 1,616
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