Bio container or biodegradable container are easily decomposed in nature by bacteria or other living organisms. Recently, recyclable bio container are also getting popular and being launched by several bio container manufacturers. In April 2012, Cardia Bioplastics Limited claims that it has launched the world’s first food contact compliant and fully recyclable container namely “Biohybrid” for the global nutritional supplement market and cosmetics industries. Bio container are used to keep biodegradable materials, food waste, organic materials etc. Recently, rising demand from the end use industries and increasing application of bio container attributed to significant growth to the bio container market in terms of value.
Geographically, the bio container market can be segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA). The growth of global bio container market is expected to witness a healthy CAGR over the forecast period between 2016 and 2024. North America is expected to hold a significantly high market share of the bio container market in terms of volume during the forecast period. Currently, North America and Europe together holds more than half of the market share in the global bio container market in terms of value. In Europe, countries such as U.K and EU4 creates significant demand for plant-based plastic packaging in the market.
However, Asia Pacific region is projected to be the fastest growing region in terms of volume sales followed by Europe. Large scale foreign investment is also expected to rise in the region, and is anticipated to fuel the demand of bio container over the forecast period. Many small Chinese players hold significant market share in the Asia Pacific bio container market in terms of value. In Asia Pacific, countries including China, Japan and Australia are the major growth driving markets for bio container in terms of revenue contribution. In Latin America, countries such as Brazil and Mexico are expected to grow significantly during the forecast period in terms of revenue.
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The global bio container market is expected to witness a strong growth due to the rising consumer awareness about nature friendly products and changing inclination of consumers towards sustainable products. Other growth drivers for the bio container market include rise in implementation of plastic containers bans, increased focus on sustainable packaging by brand owners and retail companies, etc. Moreover, high demand from food and beverage and pharmaceutical industry for bio container creates a lucrative opportunity for the global bio container market. Bio container has higher costs than ordinary container, consequently bio container is not getting wide acceptance, especially among the small and medium enterprises. However, increasing demand from large scale industrial companies is expected to create significant opportunity to increase the revenue of the global bio container market.