LONDON--(BUSINESS WIRE)--Mar 14, 2019--The global bioplastic packaging market is expected to post a CAGR of over 18% during the period 2019-2023, according to the latest market research report by Technavio.

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The global bioplastic packaging market is expected to post a CAGR of over 18% during the period 2019-2023. (Graphic: Business Wire)

Factors such as increasing environmental concerns are leading to higher consumer preference for biodegradable packaging materials. To cater to the consumer demands, many end-users such as retailers and food processing companies are focusing on offering products in bioplastic packaging. Therefore, the rise in adoption of bioplastic packaging by various end-users will fuel market growth during the forecast period.

As per Technavio, the adoption of innovative materials for manufacturing bioplastic packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global bioplastic packaging market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

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Global bioplastic packaging market: Adoption of innovative materials for manufacturing bioplastic packaging

The demand for bioplastic packaging is growing rapidly, owing to the rising need for eco-friendly and sustainable packaging from various end-user industries. There has been a rise in the adoption of various plant-based raw materials such as fruit skins, hemp, and sugarcane for manufacturing bioplastic packaging. Hemp is being adopted as a useful raw material for producing bioplastic. Furthermore, bioplastic polymers such as polyhydroxyalkanoate are being derived from microorganisms that feed on seaweed as well. Thus, the use of such eco-friendly raw materials for manufacturing bioplastic packaging is likely to drive the market during the forecast period.

“Apart from the adoption of innovative materials for manufacturing bioplastic packaging, the continuous development of new products, advances in nano-reinforcement of bioplastic packaging, government initiatives, and the rising awareness of sustainable packaging solutions are factors that will boost the growth of the global market,” says a senior analyst at Technavio.

Global bioplastic packaging market: Segmentation analysis

This market research report segments the global bioplastic packaging market by type (rigid and flexible) and geographical regions (Europe, North America, APAC, South America, MEA).

The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the significant increase in the use of bioplastic packaging for pharmaceutical applications.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

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INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 03/14/2019 09:05 AM/DISC: 03/14/2019 09:05 AM

Copyright Business Wire 2019.

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