Analysis on Impact of COVID-19- Bioplastic Packaging Market 2020-2024 | Evolving Opportunities with Amcor Plc and BioPak Pty Ltd. | Technavio
LONDON–(BUSINESS WIRE)–Sep 8, 2020–
The global bioplastic packaging market is expected to grow by USD 5.78 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 18%.
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Technavio has announced its latest market research report titled Global Bioplastic Packaging Market 2020-2024
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Read the 120-page report with TOC on “Bioplastic Packaging Market Analysis Report by Type (Rigid and Flexible), Geography (Europe, North America, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024”.
The market is driven by increasing government support. In addition, the rising awareness of sustainable packaging solutions is anticipated to boost the growth of the bioplastic packaging market.
The ecological damage caused by the use of hazardous polymers and plastic materials has urged many governments to introduce various initiatives to encourage the use of bioplastics. For instance, in December 2018, the Department for Business, Energy, and Industrial Strategy in the UK announced its plans to reduce the use of plastic by encouraging bio-economy. The initiative is aimed at supporting projects that use household food scraps to create environmentally friendly plastic bags and cups and smart labels. Similarly, in September 2018, the Japanese Environment Ministry announced subsidies to the companies and universities that develop technologies to replace plastic packaging with bioplastic packaging. Such initiatives are significantly influencing the growth of the global bioplastic packaging market.
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Major Five Bioplastic Packaging Companies:
Amcor Plc operates its business through segments such as Flexibles and Rigid Packaging. The company offers bioplastic packaging solutions for products such as capsules and closures, cups and trays, and bottles and jars among others.
BioPak Pty Ltd.
BioPak Pty Ltd. operates its business through the Unified Segment. The company offers a wide range of products such as single wall hot cups, double wall hot cups, cold cups, takeaway containers, plates, bowls & trays, straws, cutlery, napkins, and bags among others.
Cardia Bioplastics operates its business through segments such as Cardia compostable and Cardia biohybrid. The company offers a line of products such as Cardia compostable and Cardia biohybrid among others.
GOOD NATURED PRODUCTS Inc.
GOOD NATURED PRODUCTS Inc. operates its business through the Unified Segment. The company offers a line of solutions such as compostable food packaging, compostable take out containers, and stretch wrap among others.
Huhtamäki Oyj operates its business through segments such as Foodservice Europe-Asia-Oceania, North America, Flexible Packaging, and Fiber Packaging. The company offers packaging products such as beverage-to-go, food-to-go, retail and catering, and beverage packaging among others.
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Bioplastic Packaging Market Type Outlook (Revenue, USD Billion, 2020-2024)
Bioplastic Packaging Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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PUB: 09/08/2020 01:45 AM/DISC: 09/08/2020 01:45 AM