Asia Pacific Polylactic Acid PLA Packaging Market

• Rapid expansion of packaging sector to accelerate market growth

One of the biggest sector for PLA is the packaging sector. In 2021, the polylactic acid (PLA) packaging market's sales share was slightly over 68% due to packaging. In addition, worries regarding food safety and cleanliness have gained more attention on a scale in light of the pandemic. According to the Indian Institute of Packaging, India's annual per capita packaging usage has grown from 4.3 to 8.6 kg, a 200% rise over the previous ten years. Nevertheless, China controls the market CAGR and is the world's biggest producer and exporter of goods and materials for packaging.

Furthermore, bottles, envelopes, shopping or carrier bags, bread bags, bakery boxes, windows in display cartons, and fruit and vegetable packaging are the main applications for PLA. Moreover, biodegradable materials are becoming more and more popular for food packaging in the restaurant chains and food processing industries. Since certain plastics have been linked to cancer, people are being more conscious of food safety. Moreover, the statistics following the lockdown show a systematic shift in the preferences of consumers' offline versus online shopping.

Over the coming years, it is anticipated that demand in the polylactic acid (PLA) packaging industry would rise as consumers all over the world grow more accustomed to buying online.

Furthermore, the pandemic has had a beneficial effect on the packaging industry's expansion. As a result, there is a growing market for plastic packaging, including environmentally friendly alternatives to plastic like PLA packaging materials. Food manufacturers began employing PLA-based packaging after initially choosing other forms of packaging since the products are affordable, durable, and safe. Biopolymer packaging materials, such as those based on PLA, are also becoming more common as a result of the packaging industry's increased focus on sustainability and the preservation of product quality. PLA breaks down into carbon dioxide and water after 47 to 90 days.

The increasing consumer awareness regarding environmental sustainability drives the Global Asia Pacific Polylactic Acid PLA Packaging Market Industry. As businesses seek to reduce their carbon footprint, PLA packaging emerges as a viable alternative to traditional plastics. This shift is evident in various sectors, including food and beverage, where companies are adopting biodegradable materials. The market is projected to reach 1500 USD Million in 2024, reflecting a growing preference for eco-friendly packaging solutions. Governments across the Asia Pacific region are also implementing regulations to promote sustainable practices, further enhancing the demand for PLA packaging.

Over the course of the forecast period, the Asia Pacific polylactic acid (PLA) packaging market is anticipated to expand at a notable CAGR. The market in the area is expanding as a result of several causes.  This includes the region's substantial auto industry as well as the expanding food processing and packaging sector. In the Asia Pacific region, the plastics sector is also growing quickly. Particularly in the ASEAN nations of Thailand, Indonesia, Vietnam, and the Philippines, the market is expanding rapidly. Furthermore, plastic manufacturers are concentrating on implementing the newest technologies in order to produce innovative materials like PLA.

These factors include urbanization, the rising demand for energy, climate change, and technological breakthroughs. In addition, the Asia Pacific region's chemical sector is expanding significantly due to the presence of significant chemical producers like BASF SE and DuPont de Nemours, Inc. Moreover, in the upcoming years, there will likely be a major increase in demand for sophisticated chemicals and polymers, like PLA, for use in packaging applications. This will likely fuel the Asia Pacific polylactic acid (PLA) packaging market expansion in the region.

Figure 2: ASIA PACIFIC POLYLACTIC ACID [PLA] PACKAGING MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the polylactic acid [PLA] packaging market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, polylactic acid [PLA] packaging industry must offer cost-effective items.