(MENAFN - MarketersMEDIA) Growing Demand From Food Packaging Industry Driving the Growth of Bio-Polylactic Acid Films Market.
Hyderabad, India - July 23, 2021 /MarketersMedia/ — Bio-polylactic Acid (PLA) Films Market size is forecast to reach $736.2 million by 2026, after growing at a CAGR of 14.1% during 2021-2026. Bio-based materials are increasingly being used as food packaging materials due to its advantages over fossil-based plastics, such as the use of renewable resources in their manufacture and, in many cases, the finished product's biodegradability & compostability, offering an alternative to landfill disposal. The bio- polylactic Acid (PLA) films market is driven by positive growth indications in the food and beverage industry, as well as an increase in demand for food packaging for long-term preservation. Furthermore, the fast adoption of these films as a synthetic plastic in agricultural applications, such as soft fruit and vegetable growing has minimized negative environmental impacts, resulting in market growth. Similarly, the production of environmentally friendly films, combined with government support, and technological breakthroughs such as Multilayer films and atomic layer deposition (ALD) could present a lucrative potential for market participants in the near future.
Bio-polylactic Acid (PLA) Films Market Segment Analysis – By End-Use Industry
Packaging industry held the largest share in the Bio-polylactic Acid (PLA) Films market in 2020 and is growing at a CAGR of 14.2% during the forecast period. The COVID-19 is progressively affecting companies that help fulfill critical necessities, such as transferring food and needed supplies to consumers safely, because the packaging industry is a significant participant. According to the United States Department of Agriculture (USDA), in 2018, the total value of all retail food and beverage sales in Japan was $479.29 billion (¥53,339 billion), an overall increase of 2.3 percent. Thus, increasing food production will require more packaging material, thus acts as a driver for the market during the forecast period. According to the United States Department of Agriculture (USDA), in 2018, the total value of all retail food and beverage sales in Japan was $479.29 billion (¥53,339 billion), an overall increase of 2.3 percent.
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Bio-polylactic Acid (PLA) Films Market Segment Analysis – By Geography
Asia Pacific dominated the Bio-polylactic Acid (PLA) Films market in 2020 with a share of 35%. Due to growing urbanization, the economy of APAC is largely influenced by the economic dynamics of nations such as China and India. People's lifestyles are constantly changing as a result of rapid urbanization. According to the Ministry of Industry and Information Technology (MIIT), retail sales of grain, oil, and food reached 499.63 billion yuan (about $70.41 billion), up 13.8 percent from last year in China. During the period, beverage sales stood at 63.46 billion yuan in China, a 6.3-percent growth year-on-year. With the increasing retail sale, the demand for packaging materials will also see an upsurge in its demand. According to the Sea-Circular Organization, the packaging industry in China is projected to record a Compound Annual Growth Rate (CAGR) of 13.5 percent during the forecast period (2020-2025) retail thereby, accelerating the growth of the bio-polylactic acid (PLA) films in Asia Pacific during the forecast period. Additionally, the packaged food market of India is expected to reach US$ 70 billion by 2025 by IBEF. Therefore, these are the factors influencing the bio-polylactic acid (PLA) films market in the region.
Bio-polylactic Acid (PLA) Films Market Drivers
Growing Demand from Food Packaging Industry
Bio-based materials are increasingly being used as food packaging materials due to their advantages over fossil-based plastics, such as the use of renewable resources in their manufacture and, in many cases, the finished product's biodegradability and/or compostability, which provides an alternative to landfill disposal. Polylactic acid is the most common bio-based plastic made from a bio-based monomer. Russia has the eighth largest market for packaged food goods, with a trading volume of 27.5 million tonnes, according to the International Trade Administration (ITA). In 2018, total processed food production in Ukraine was $15 billion, and processed food exports amounted to $9.4 billion, representing 50% of Ukraine's agricultural products and processed food exports. The packaging material production industry accounted for 1.7 percent of Mexico's GDP in 2017, 5.8 percent of GDP in the industrial sector, and 8.5 percent of GDP in manufacturing. This in turn is driving Bio-polylactic Acid (PLA) Films demand.
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Bio-polylactic Acid (PLA) Films Market Landscape
Major players in the Bio-polylactic Acid Films market includes NatureWorks LLC, Futerro, Tale & Lyle, Total Corbion PLA, Hiusan Biosciences, Toray Industries, Inc., Taghleef Industries, Amcor Ltd. Toyobo, and Avery Dennison Corporation among others.
The global bio-plastic acid (PLA) films market is booming, because to reasons such as rising demand from the food and beverage industry and the fact that it contains starch, which is a nourishment for the body. Furthermore, growing demand from the packaging industry for bio-plastic acid (PLA) films is expected to fuel demand in the next year due to its bio-based features.
Multilayer films and atomic layer deposition (ALD) are examples of technological breakthroughs that have resulted in the introduction of unique bio-PLA films with distinct properties. The aforementioned trend, as well as increased consumer knowledge of the benefits of using bio-based goods and government initiatives encouraging their use, are projected to open up multiple prospects for market growth.
In the future, increased output of genetically modified corn and increased use of bio-PLA in 3D printing are likely to create opportunities.
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