The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Bioplastic Packaging Market.
It was estimated prior to this unanticipated outbreak Bioplastic Packaging Market reach CAGR of 14.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Bioplastic Packaging Market Insights
Bioplastic packaging market is likely to witness a steady CAGR of 14.2% during the forecast period. Increasing concerns for environment due to climate change and global warming is forcing government and organizations to shift towards bioplastic products. Reduction in plastic products will result into reduction in greenhouse effects, a major factor responsible for climate change and global warming. These efforts to reduce greenhouse gas emissions coupled with growing awareness to reduce the amount of organic waste is driving the bioplastic packaging market.
Market Share Analysis
Bioplastic Packaging Market Share: By Product Type
Based on the product type, the bioplastic packaging market is segmented as rigid packaging and flexible packaging. The rigid packaging segment is expected to be the higher-growing segment during the forecast period owing to its vast application in beauty & personal care products and as bottles for beverages.
Bioplastic Packaging Market Share: By Region
In terms of regions, Europe is estimated to be the largest region for the bioplastic packaging market during the forecast period. Growing awareness among the population towards harmful effects of plastics coupled with government initiatives and regulations have resulted into increased use of bioplastics in the region.
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