Bioplastics for Packaging Market: Key Drivers and Challenges
The bioplastics for packaging market is forecast to expand at 10.3% CAGR over the estimated time, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 11.6 billion in 2023 and USD 30.9 billion by 2033 The demand for bioplastics solutions to package products is expected to be driven by government initiatives to lower ecological waste, particularly plastic packaging waste, and better the waste management processes. Governments across the globe are creating restrictions on the use of traditional plastics, which is pushing the growth of bioplastic as a steady substitute in the packaging industry. Developing economies, such as India, strongly rely on single-use plastics. These economies have been observing a vigorous phase-out of single-use plastics due to legislation surrounding the ban on single-use plastics. The country is projected to observe heavy developments in bioplastics for the packaging industry, in line with the go...