Plant-based Plastic Packaging Market is mainly driven by biodegradable nature of these plastic; North America is projected to be the highest revenue generating segment in the global plant-based plastic packaging market
Albany, NY -- (SBWIRE) -- 11/25/2016 -- With growing global concerns regarding pollution caused by other compounds of plastic, the invention of plant-based plastic packaging has been a revolution that is quickly gaining popularity, observes Transparency Market Research (TMR). In a new study titled "Plant-based Plastic Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024," TMR offers sharp insight into the workings and performance of the global market.
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The study examines that many private companies, backed by numerous government initiatives, are investing in R&D to make plant-based plastic packaging more established. These next-generation plastics are made from agricultural waste, sugarcane, switch grass, grasses, and corn. The report also states that manufacturers are now using plant-based oils in plant-based plastic packaging for processing plastic instead of using petrochemicals, which makes it more environment friendly. The report notes that plant-based plastic packaging helps reduce greenhouse gases by up to 35% and takes up to 36% less energy to make as compared to conventional plastic packages.
For example, The Coca Cola Company is focused on a green initiative plan wherein plant-based plastic packaging will completely replace traditional packaging by 2020. Additionally, AT&T uses packaging that contains 30% plant-based materials sourced from sugarcane ethanol. The report explores several similar initiatives and partnerships that are primed to propel the global market for plant-based plastic packaging. Significant demand generated from leading end-user companies including Coca-Cola Co., Fort Motor Co., H.J. Heinz Co., and Nike Inc. is another factor propelling the market.
Conversely, the report highlights that the high cost of these packaging is restraining its use in small and medium size enterprises. However, technological advancements in the field are gradually improving the packaging quality, which will help the widespread adoption in the near future.
To present a thorough study, the report segments the global market for plant-based plastic packaging on the basis of materials, application, and end-user compostable. By material, the market can be segmented into bio-PET, bio-PE, PHA, starch blends, polyesters, PLA, and others. By application, the market can be segmented into rigid packaging and flexible packaging. On the basis of end-user compostable, the report divides the market for plant-based plastic packaging into food and beverage, automotive transport, and others.
Geographically, the market has been segmented into North America, Latin America, Europe, Asia Pacific, and MEA. The report projects North America to be the highest revenue generating segment due to regulations issued for manufacturers to adopt eco-friendly options. North America is estimated for a double digit CAGR during the forecast period of 2016–2024.
Some of the prominent players in the global market for plant-based plastic packaging are Solegear Bioplastic Technologies Inc., Solegear Bioplastic Technologies Inc., Clear Lam Packaging Inc., and r-pac International.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.