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The rapidly growing food & beverage and medical & healthcare industries are the prime determinant fueling the Biopolymers Market growth. For instance, according to the European Union, in the year 2020, the total poultry meat production was 13.6 million tons in the European Union, this was an all-time high for the European Union. Additionally, the surging developments associated with the food & beverage and medical & healthcare industries across the world have led to growth in the demand for polyesters, polylactic acid, polyhydroxybutyrate, polybutylene succinate, polybutylene succinate adipate and more. This, in turn, is driving the biopolymers market growth. The biopolymers market size is projected to grow at a CAGR of 11.1% during the forecast period 2022-2027 and reach US$26.3 billion by 2027.
Biopolymers Market: Leading Segment is the Packaging
On the basis of the application, the Biopolymers market can be segmented into packaging, fibers, medical implants and others. The packaging application is evaluated to be the leading segment in the Biopolymers market in 2021. During the forecast period 2021-2027, the packaging segment is expected to grow with a CAGR of 11.4%. Biopolymers, including polyesters, polylactic acid, polyhydroxybutyrate, and others are commonly used in packaging because they extend the shelf life of products and reduce the overall carbon footprint associated with food packaging. For instance, according to recent insights published on Interpack in 2020, the global packaging sector is expected to grow by an annual rate of 3.5% within the next four years. Hence, the increasing utilization of biopolymers in packaging will drive the biopolymers market growth during the forecast period of 2022-2027.
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Biopolymers Market: Leading Region is Europe
On the basis of geography, the Biopolymers market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, Europe has emerged as the most dominant region in the market. In 2021, the Europe region held around 43.5% share of the total revenue earned by the market globally. Europe's economic growth is driven by the expansion of various industries such as food & beverages, medical & healthcare and other similar industries. For instance, according to the Federation of Bakers Ltd, in the year 2020, the UK morning snacks bakery production was 1.09 billion, and in 2021 it was 1.18 billion units, an increase of 7.6%. Therefore, the expanding food & beverage industry, including bakery, meat and other products is resulting in the surging demand for biopolymer packaging to maintain the packed food freshness. This is driving the biopolymers market growth.
The Major Players in this Market Include
The major companies in the Biopolymers market include NatureWorks, Braskem, BASF, Total Corbion, Novamont, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Biotec, Toray Industries and Plantic Technologies.
The key focus of the companies has shifted towards product launches. For instance, in August 2022, DSM Engineering Materials introduced StanylB-MB (Bio-based Mass Balanced), a more environmentally friendly version of its mainstay polyamide (PA) product that contains up to 100% bio-based material. It allows DSM Engineering Materials to cut the carbon footprint of this product line in half.