WILMINGTON, DE / ACCESSWIRE / June 16, 2023 / The Global Polylactic Acid (PLA) Packaging Market was valued at US$ 1.2 Bn in 2022 and is projected to advance at a CAGR of 13.2% from 2023 to 2031. Rise in adoption of bio-based and biodegradable packaging is expected to fuel market development.
Advancements in the processing and manufacturing of PLA packaging films have enabled packaging companies to unveil packaging with antimicrobial properties. An example is usage of nanotechnology to develop novel PLA blends for meeting the demand from packaging companies. Significant focus on adopting renewable technologies in the manufacture of PLA packaging, especially solar and wind power, is expected to broaden market outlook in the next few years.
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Key Findings of Study
- Surge in Adoption of PLA Packaging in Food & Beverages Industry: Significant adoption of polylactic acid (PLA) for disposable food packaging applications is creating lucrative business opportunities. Need to utilize packaging that can keep food fresh for a long time is likely to bolster usage of PLA packaging by food delivery service providers. Surge in demand for sustainable and environmental-friendly packaging for cosmetics, electronics, and a spectrum of consumer goods industries is anticipated to accelerate market development.
Rapid adoption of compostable plastics in the packaging applications in these end-use industries is boosting the polylactic acid (PLA) packaging market. Rise in preference for PLA packaging for food products with short shelf-life presents significant opportunities for companies. PLA is fast emerging as a non-toxic, carbon-neutral, and fully renewable packaging material.
- Rise in Demand for Antibacterial PLA Packaging in Multiple Industries: Rise in usage of additives such as silver and copper has led to development of PLA packaging with excellent barrier properties, especially offering protection against contamination. Copper, for example, has high antiviral and antibacterial activities and thus copper-based additives are likely to gain traction in the polylactic acid (PLA) packaging market.
Significant demand for PLA from antibacterial fabrics manufacturers and suppliers presents substantial opportunities to market players. Surge in utilization of PLA packaging for medical devices is anticipated to bolster market growth. Introduction of PLA packaging that inhibit microbes, molds, fungi, and viruses is likely to accelerate market development.
Regional Growth Dynamics
Asia Pacific is anticipated to account for the leading market share from 2023 to 2031. Surge in adoption of PLA in food & pharmaceutical packaging in India, China, and several developing countries is expected to fuel market development in the region. Rapid inclination of packaging solutions providers and end-use industries toward replacing traditional plastics with bio-based plastics is anticipated to augment market expansion in the region
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Key Growth Drivers of Polylactic Acid (PLA) Packaging Market
- Rise in demand for lightweight, durable, sustainable, and biodegradable packaging materials in several end-use industries, such as food & beverage, cosmetics, electronics, pharmaceutical, and consumer goods, is driving the polylactic acid (PLA) packaging industry.
- Rapid advancement in processing of PLA is expected to pave the way to packaging solutions that meet numerous eco-friendly characteristics of bioplastics. Production of PLA, for instance, needs significantly less energy than required for conventional plastics. Additionally, greenhouse gas emissions of PLA are much lower than traditional fossil fuel-derived plastics when the former is adequately degraded in landfills.
- Rise in demand for specialized packaging for cosmetics, pharmaceutical, and electronics end-use industries is likely to drive the polylactic acid (PLA) packaging market. Examples include utilization of PLA blends for the development of cost-effective antibacterial packaging (for pharmaceutical application) and incorporation of antimicrobial and antioxidant substances into PLA for food packaging application
The business landscape is highly competitive, with numerous local players striving for product advancements to consolidate their positions in the market.
Leading companies operating in the polylactic acid (PLA) packaging market are
- Amcor plc
- Stora Enso Oyj
- Duni AB
- Pactiv LLC
- Vegware Ltd.
- Berry Global Inc.
- Huhtamaki Oyj
- Biome Technologies
- Cornware U.K. Ltd.
- Braskem S.A.
- Natureworks LLC
- Bio-On S.P.A.
- Eco-products Inc
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The global polylactic acid (PLA) packaging market is segmented based on
- Bags & Pouches
- Plates & Bowls
- Online Sales
- Offline Sales
- Catering Services
- Hotels & Lodgings
- Food Court (Malls, Airports, Multiplexes, Railways, etc.)
- Online Food Delivery
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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