New Study Predicts Growth in Market for Biopolymer Coatings
OCEAN VIEW, DE – A new study by Global Market Insights estimates that biopolymer market size was valued at more than $2.2 billion in 2015 and is expected to be worth over $6.5 billion by 2023, growing at a CAGR of more than 14%. Growing environmental concerns pertaining to the use of synthetic-based packaging coupled with increasing consumer demand for longer shelf life and high-quality food products are anticipated to drive biopolymer coatings market size during the forecast period.
Packaging was the dominant segment and accounted for approximately 55% of the total volume in 2015. Cost efficiency and environment friendliness are likely to be the key factors driving growth. Cost will be particularly critical, as industry penetration will be ultimately guided by price trends in the biopolymer coatings market.