Eco-Friendly ingenuities are motivating huge growth in the industry of plant-based plastic packaging market. The industry is chiefly driven by eco-friendly characteristics of these plastic. North America is foretold to be the utmost revenue making sponsor in the global plant-based plastic packaging market. With eternally rising worldwide apprehensions as regards to pollution triggered by other compounds of plastic, the innovation of plant-based plastic packaging has been a gigantic change that is rapidly gaining approval.
Increasing fears regarding the adverse effects of the conventional plastic packaging on the environment has given rise to plant-based plastic packaging. These plastics are made from sugarcane, switch grass, corn, and agricultural waste. Plant-based plastic are decomposable in nature, and even though considerably pricier than the traditional plastic, numerous global businesses are concentrating on substituting their packing material to gain from increasing environmental attentiveness amongst the consumers. In addition, numerous makers are using plant-based oil in plant-based plastic packing for treating plastic, as an alternative to petrochemicals, which makes them even more eco-friendly. Plant-based plastic packaging helps lessen greenhouse gases by up to 35% and takes up to 36% less energy to be manufactures in comparison with the traditional plastic packages.
Few years back, P&G launched Pantene, a collection of shampoos that were wrapped in plant-based plastic packing. The Coca Cola Company is engrossed on totally switching to plant-based plastic packaging from conventional packaging in accordance with their green initiative plan 2020. Another conglomerate AT&T at present uses packaging that comprises 3% plant-based materials obtained from sugarcane ethanol. In August 2016, Canada-based Solegear Bioplastic Technologies, Inc. and r-pack international joined forces to come across the swelling demand for plant-based plastic packaging from the consumer industries. In October 2016, Woolworths launched a ground-breaking eco-friendly milk bottle in South Africa, comprising of 30% plant-based plastic.
Numerous government sponsored private firms are capitalizing in R&D to make plant-based plastic packaging economical and feasible in the market. Due to the existence of disposable income amongst the buyers, government regulatory for the makers to adopt eco-friendly materials, and high implementation rate of new technology, developed economies in North America are the foremost market for plant-based plastic packaging. Together with Europe, North America holds more than half of the market share in the universal plant-based plastic packaging market in terms of price. Asia Pacific market is also estimated to expand at a vigorous rate due to widespread urbanization and vast population.
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