Smithers Pira forecasts global bioplastic packaging market to reach $8.8 billion by 2024

Smithers Pira has released its latest market report, The Future of Bioplastics for Packaging to 2024, which has found that bioplastic in packaging applications will grow at an average annual rate of 16.2 per cent, with market value more than doubling from $4.4 billion in 2019 to $8.8 billion in 2024, growing at an average rate of 15 per cent.

With demand for new materials within the global packaging markets, the report has highlighted a number of key trends driving the biopolymer industry.

These trends include polymers from bio-derived monomers, polymers synthesised by microorganisms, and the arrival of new biotechnology companies into the market.