Plant-based Plastic Packaging Market | Technological Innovations & Growth Forecast To 2024

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 plant-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. For instance, in April 2011, P&G (currently acquired by Coty Inc.) introduced its range of shampoos under the brand name Pantene rapped with plant-based plastic packaging. Coca Cola Company is another example of switching to plant-based plastic packing from traditional packaging. The company is focused to convert all the Coca Cola packaging made of plant-based by 2020 as per its green initiative plan. Nevertheless, AT&T uses packaging that contains 30% plant-based materials sourced from sugarcane ethanol.

Also, partnerships ramp up in the global plant-based plastic packaging market to meet the increasing demand for plant-based plastics packaging from the end user industries. For instance, in August 2016, Canada-based Solegear Bioplastic Technologies Inc. and r-pac International, a leading global supplier of retail packaging introduced plant-based packaging for leading smartphone case. Plant-based plastic packaging costs six to seven times more than conventional plastics.

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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.