The Global Bio-Plastic Packaging market is accounted for $3.16 billion in 2014 and is expected to reach $8.53 billion by 2022 growing at a CAGR of 13.2% during the forecast period 2014 to 2022. Textile industry is expected to get profitable impact for bio-plastic market with the raise in awareness towards deployment of environment protection practices. Bio-plastic packaging is a highly concentrated market accounting for more than 50% of bio-degradable plastics market demand. Market is expected to witness growth on increasing customer attentiveness to ecological products. Changing partiality from artificial chemical products to environmental substitutes is expected to boost the Bio-plastic packaging market growth. Raw materials are expected to be a challenging factor for market in the near future.

Global Bio-Plastic Packaging Market is segmented by product, by end-user and by geography. Based on product, market is segregated into Polyhydroxyalkanoates, cellulose, moulded fibre, Aliphatic-Aromatic Co-polyesters (AAC), Bio PET, bio-derived, Water Soluble Polymer (WSP), starch and Polylactic acid. Based on end-user, market is segregated into beverage packaging, non-food, food service packaging and food packaging. Based on geography, market is segmented into North America, Europe, Asia Pacific and Rest of the World. Europe is expected to be one of the largest markets for bio-plastic packaging over the forecast period, the large share is attributed to stringent rules against utilization of non-reusable plastics along with gaining popularity of sustainable packaging in manufacturing industry.

The Key players in the market include, Sphere SA, Evonik Industries AG, Green Dot Holdings LLC, Corbion nv, BASF SE, Cardia Bio-plastics Limited, Arkema SA, DuPont (EI) de Nemours, Innovia Films Limited and Cargill Incorporated.

Source : medgadget.com