Bio-Polylactic Acid (PLA) Market Size: Industry Development ...| MENAFN.COM

Tuesday, 21 March 2023 06:39 GMT

Bio-Polylactic Acid (PLA) Market Size: Industry Development Scenario And Forecast 2023-2033

(MENAFN- America News Hour)

The market for bio-polylactic acid is expected to reach USD 1,638.76 million, by registering a CAGR of around 14.96% during the forecast period. The major factor driving the growth of the market studied is favorable government policies toward bio-plastics. On the flip side, the high cost of PLA and the negative economic impacts of COVID-19 are expected to hinder the growth of the market studied.
– The packaging industry dominated the global market share, owing to its usage in fruit and vegetable packaging in the supermarkets, for bread bags and bakery boxes, bottles, envelopes and display carton windows, and shopping or carrier bags, among others.
– The growing production of genetically modified corn and the growing usage of bio-PLA in 3D printing are likely to act as opportunities in the future.
– Asia-Pacific dominated the market across the globe with the largest consumption from countries, such as China and Japan.

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Key Market Trends
Packaging Segmented Expected to Dominate the Market

The packaging industry is one of the largest consumers of bio-PLA. Packaging accounts for a little over 68% of the global bio-PLA market, in 2019, in terms of revenue. Moreover, that concerns about hygiene and food safety in the context of the pandemic has become a higher priority globally. As the packaging industry is the key player, the industries that help provide essential needs, such as getting food and required supplies safely to consumers, are increasingly affected by the COVID-19.
The food packaging being the packaging industry's largest area of activity, the USD 900 billion per year worldwide industry has been impacted enormously. The demand for packaging in the segments, such as groceries, home entertainment products, household supplies is likely to increase during the pandemic period. At the same time, several segments such as packaging for the food and pharmaceutical industries continue to see vigorous demand. The shutting down of restaurants due to pandemic has shifted the packaging demand drastically in the food area as the consumers will thus continue to move to grocery purchases. The demand has increased across the various health care packaging segments. In addition to it, the demand is expected to increase for the dietary supplements, such as vitamins, and for essential supplies, such as allergy medication. Moreover, the apprehension for the environment and climate change is driving the countries worldwide to choose biodegradable packaging materials.
China to Dominate the Market in Asia-Pacific
In Asia-Pacific, China is the largest economy, in terms of GDP. In 2019, the country witnessed about 6.1% growth in its GDP, despite the trade disturbance, due to the trade war with the United States.​ The country was the worst affected nation in the first few months of 2020, with the virus outbreak originating in the country itself. All the major manufacturing industries took a major hit, as the entire nation faced a lockdown situation to contain the virus outbreak during most of Q1 2020 and early period of Q2 2020. According to the International Monetary Fund's (IMF) projections, the Chinese GDP growth declined to 1.9% in 2020, due to the COVID-19 outbreak in the country. It is expected to recover and reach 8.2% by the end of 2021. According to the National Bureau of Statistics of China, in the first three months of 2020, the total industrial output in the country fell by 13.5%, 13.5%, and 1.1%, respectively.

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China's industrial production rebounded sharply in April, due to the government's push for work resumption and the easing of lockdown measures. In April 2020, total industrial output in the country witnessed 3.9% growth over April 2019. The packaging industry in China is expected to witness tremendous growth, and it may record a CAGR of nearly 6.8% to reach CNY 2 trillion by 2025. This positive momentum in the packaging industry is expected to ignite the market demand. However, China's plastic ban and shift toward sustainable and biodegradable packaging are expected to drive the market during the period. Additionally, the food processing industry of China is moving toward maturity, witnessing moderate growth. Processed and packaged frozen food products are increasingly becoming popular, especially dairy, baby food, and confectionery products, which is a driver for the food processing industry. In the beverage industry, the trend of consuming healthy, natural, and convenient, ready-to-drink smoothies, juices, and yogurts is emerging. Processed fruits, pork, dairy, and some specialty grains and legumes are the food products that may drive the growth of the food processing industry in the country. Thus, the food and beverage industry is offering opportunities for investment, which is further expected to create demand in the market studied.
Competitive Landscape
The bio-polylactic acid market is highly concentrated, and the major four players have a share of around 86% market in terms of production capacity. The market is further expected to consolidate in 2021, owing to the planned capacity expansions by major players. The major players of the market studied include, NatureWorks LLC, Zhejiang Hisun Biomaterials Co. Ltd, Sulzer Ltd, Futerro, and Total Corbion PLA, among others.

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Favorable Government Policies Promoting Bio-plastics
4.1.2 Other Drivers
4.2 Restraints
4.2.1 High Price and Other Disadvantages
4.2.2 Negative Impact of COVID-19
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Import-Export Trends
4.6 Supply and Production Scenario
4.7 Price Trends

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