Bioplastics have been gaining attention of policymakers in the packaging domain in recent years as it is being sourced from renewable resources and carry implications for sustainable development.
New York, NY -- (SBWIRE) -- 02/24/2016 -- Over the last few years, a surge in demand for convenience and safety in packaged food and beverages has been observed all over the world. Media coverage of the mounting health and environmental concerns triggered by unbridled exploitation of natural resources has made consumers more aware about aspects guiding their purchase decisions. Due to the growing awareness among consumers regarding packaged foods, terms such as 'organic,' 'green,' 'locally sourced,' and 'fair trade' have been attracting considerable attention in recent years, which in turn has been fuelling demand from the global bioplastics packaging market.
In its latest report, titled "Global Market Study on Bioplastics Packaging for Food and Beverages: Beverages Packaging to Witness Highest Growth by 2020," Persistence Market Research (PMR) pegs the overall value of the global bioplastics for food and beverages market at close to US$3.2 bn in 2013. By 2020, the market is anticipated to reach US$28.5 bn. If the figures hold true, the market will exhibit a whopping 36.8% CAGR between 2014 and 2020.
Bioplastics packaging in the food and beverages industry encompasses a plethora of segments including fruits and vegetables, organic foods, bread and bakery products, catering, and beverages. All these market segments require disposable utensils such as mugs, trays, cups, trays, and cutlery.
Favorable support from policymakers in the packaging domain has been substantially aiding the expansion of the bioplastics packaging in the food and beverages industry. Since bioplastics are obtained from renewable resources, they carry implications for sustainable development. Governments across several nations have already enforced policies and laws limiting the use of conventional plastics, since it aggravates the persisting concern of landfills. This came as a major blow to the non-biodegradable plastics market. On the flip side, however, such policies fuelled demand from the global bioplastics packaging market.
Furthermore, bioplastics are glossier and look more attractive. They also offer benefits such as antistatic behavior, barrier effect, printability, and enhance the shelf life of fresh products. Furthermore, several technological advancements introduced recently promise to improve the physical properties of bioplastics, thereby boosting their demand from the food and beverages industry.
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Leading enterprises have been also capitalizing on the advent of nanotechnology-based bioplastics. The introduction of the novel technology has enabled new applications for bioplastics in food and beverages packaging. Nano-enabled food and beverages packaging ensures better food safety, improved performance, and environmental safety.
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However, separating bioplastics from the disposal site based on their type of resin is very complex, thereby complicating the associated recycling process. This is one of the factors restraining the growth of this market.
The global bioplastics packaging market catering to the food and beverages industry is consolidated in nature. Nevertheless, favorable legislative reforms provide ample opportunities for new product development. This in turn holds lucrative prospects for the bioplastics packaging market.
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