Global bioplastic packaging market is anticipated to grow at a compound annual growth rate of 19.85% during 2013 and 2018, according to a report from the Research and Markets.
The increase is mainly due to the rising concern for environmentally-friendly packaging.
According to the report, the bioplastic packaging product demand has also experienced increase in demand from emerging countries, while its premium pricing is posing a challenge against its growth.
Research and Markets analyst said bioplastic packaging is increasingly gaining importance in emerging regions such as the APAC region, with increasing demand for effective, advanced, and eco-friendly packaging.
"Markets in countries in the APAC region such as China and India are forecast to witness the fastest growth (a CAGR of approximately 7-8 percent) during the forecast period," the analyst added.
"Some of the key drivers propelling the growth of the Bioplastic Packaging market in the emerging countries are the increase in manufacturing output for various consumer goods, the increasing demand for packaged food and beverages due to the increase in the population, and the increase in urbanization in these countries."
Therefore, increasing demand from the emerging countries is another trend that is expected to have a positive impact on the Global Bioplastic Packaging market during the forecast period."
Bioplastics are made from natural and renewable resources and also claimed to keep the food products safe and fresh, while protecting them from contamination as well as degradation of the food quality.