Wednesday, 16 October 2024 08:00 AM
Company Update
China is a leading exporter of agricultural products to the United States, with exports valued at USD 35.9 billion in 2024. The expanding exports of agricultural products, notably food exports, are putting pressure on providers to adopt sustainable packaging choices, as restrictions banning the use of certain plastics tighten.
NEWARK, DE / ACCESSWIRE / October 16, 2024 / The global algae-based bioplastics market is on the rise, with estimated sales valued at USD 110 million in 2024 and anticipated to soar to USD 175.8 million by 2034. This significant growth represents a CAGR of 4.8% over the forecast period from 2024 to 2034. Notably, revenue generated from algae-based bioplastics reached USD 105 million in 2023, with a year-over-year growth projection of 4.6% for 2024.
The growing environmental concerns amid the rise in the plastic pollution many governments of various countries have imposed banns on the use of certain plastics to reduce or limit the usage. Many governments are also offering grants to companies that are producing bioplastics to boost the innovation and adoption of bio-based materials.
This encouragement by the governments to develop sustainable material is to promote the circular economy across all industries. The best examples of this are the European Union's circular economy action plan and the US governments bio-preferred programs promoting use of biodegradable materials which is expected to drive the algae-based bioplastics market.
The clear instructions given by the governments mandating to reduce carbon emissions and the dependence of the fossil fuels is forcing manufacturers to explore various sustainable options like algae based bioplastics to further fuel the demand for the market.
Growth in the Adoption of Algae-Based Bioplastics in Agricultural Applications to Drive the Market
The agriculture industry with focus on reducing the use of plastics and exploring alternative sustainable options including algae based bioplastics. Many application of agriculture are opting the products such as biodegradable mulch films, plant pots, and seed coatings due to ease in break down naturally and quickly compared to traditional plastics thus benefiting in the growing plastic pollution in agriculture.
Mulch films made of algae-based bioplastics helps soil in retaining the moisture, regulate the temperature and gets decompose without leaving any harmful residue compared to traditional plastic films. The push towards sustainability to comply with the set regulations is expected to drive the demand for the algae-based bioplastics in agriculture industry.
Key Takeaways from the Global Algae-Based Bioplastics Market
Algae-based polyethylene (PE) are anticipated to offer an incremental opportunity of USD 28.3 million and are predicted to reach USD 45.1 million by 2024. The algae based bioplastics are compatible with the current production methods such as the extrusion and injection molding making it easy for manufacturers to switch to this material for producing bioplastics.
Packaging applications are expected to reach a market valuation of USD 49.9 million in 2024 and are predicted to reach USD 85.3 million by the end of 2034. Brands producing packaging are increasing adoption of algae based bioplastics to create a differentiator among products and to promote sustainability.
Macroalgae (Seaweed) are projected to grow at a CAGR of 5.1% reaching USD 30.8 million by 2024. The abundant availability of macroalgae which is easy to cultivate in any environment such as freshwater, salty water and even waste water and is a rich source of polysaccharides which are used for production of bioplastics.
East Asia's algae-based bioplastics industry is set to capture approx. 1/3rd of the total market share in 2024 and is predicted to reach USD 36.3 million by 2024. The region is continuously investing in the advancement of new technologies required for cultivation and processing of bioplastics driving the market growth.
"Many manufacturers in the algae-based bioplastics are investing in the development and innovation of new technologies to build cost-effective solutions."- Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Advancement in Algae Cultivation Techniques
The trend in developing new techniques for the cultivation of algae gaining traction with the focus to improve the algae yield. This is increasing due to the environmental benefits getting highlighted with the products developed using algae as raw material. The cultivation benefits such as the algae can be cultivated in any environment i.e. the freshwater, salty water and the waste water reducing the dependence of fossil fuels.
Traditional cultivation process for algae includes open ponds have certain limitations in terms of water usage, space, and yields. The new methods developed are the vertical farming and photo bioreactors are widely used among other techniques. These techniques offer control over environmental conditions like the light, temperature and other enhancing the overall production with less use of land and water. This trend of advancement in techniques for algae cultivation is expected to drive the market.
Global Algae-Based Bioplastics Market Landscape
Notpla Limited, evoware, BZEOS, FlexSea, BLOM, Eranova, Sway Innovation Co, and PT Seaweedtama Biopac Indonesia International are some of the noticeable players in the market. The tier 1 players in the market hold 20 - 25% of the overall algae-based bioplastics market.
Global Algae-Based Bioplastics Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for algae-based bioplastics, analysing historical demand from 2019-2023 and forecast statistics for 2024-2034.
The study reveals market growth projections based on the product type (algae-based polyethylene (PE), algae-based polypropylene (PP), algae-based polyvinyl chloride (PVC), and other), application (packaging, textiles and fibers, automotive, agriculture, cosmetics and personal care, and consumer goods), and feedstock (Microalgae and Macroalgae (Seaweed)).
Explore In-Depth Analysis- Click Here to Access the Report: https://www.futuremarketinsights.com/reports/algae-based-bioplastics-market
Key Segments of the Algae-Based Bioplastics Industry
By Product Type:
In terms of product type, the industry is divided into algae-based polyethylene (PE), algae-based polypropylene (PP), algae-based polyvinyl chloride (PVC), and other.
By Application:
In terms of application, the industry is segregated into packaging, textiles and fibers, automotive, agriculture, cosmetics and personal care, and consumer goods.
By Feedstock:
The industry is classified by feedstock as Microalgae and Macroalgae (Seaweed).
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and the Middle East & Africa have been covered in the report.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Have a Look at Related Research Reports on the Packaging Domain:
Bioplastics for packaging refer to plastic materials derived from renewable sources, such as plants, rather than traditional petroleum-based plastics. They are designed to be more environmentally friendly, often because they can be composted or biodegraded more easily compared to conventional plastics.
The bio-plastic market size is projected to be worth USD 96.6 billion in 2023. The market is likely to reach USD 1,353.3 billion by 2033. The market is further expected to surge at a CAGR of 30.2% from 2023 to 2033.
The rising demand for plastic bottles is driven by their versatility, affordability, and convenience, making them indispensable across various industries, from beverages to pharmaceuticals, despite growing sustainability concerns.
The global sales of plastic cases are estimated to be worth USD 4.3 billion in 2024 and are anticipated to reach a value of USD 6.2 billion by 2034. Sales are projected to rise at a CAGR of 3.6% from 2024 to 2034.
The increasing versatility and cost-effectiveness of plastic tubes are driving their rising demand across diverse industries, from packaging and construction to medical applications and consumer goods.
The increasing demand for rubber-plastic composites, driven by their superior durability, flexibility, and cost-effectiveness, is revolutionizing industries such as automotive, construction, and electronics, enhancing product performance and sustainability.
The global plastic market is projected to attain a valuation of USD 712 billion in 2023 and is expected to reach USD 1050 billion by 2033, expanding at a CAGR of 4% during the forecast period.
Advancements in plastic compounding are increasingly driven by sustainable practices, incorporating bio-based materials, enhancing recyclability, and leveraging nanotechnology to improve properties, aiming for a circular economy and reduced environmental impact.
Wood Plastic Composite (WPC) floorings blend the natural look of wood with the durability of plastic, offering waterproof, low-maintenance solutions ideal for both indoor and outdoor environments.
The global commodity plastic market size is anticipated to attain a valuation of USD 1170 billion by 2034. It is estimated to witness a CAGR of around 6.7% in the forecast period 2024 to 2034.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analystsworldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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SOURCE: Future Market Insights, Inc.