The California-based company estimates that by 2020 the size of the US bio-plastics market will increase by approximately ten-fold to reach an estimated value of $10bn, compared to sales of $1bn in 2007.
The predicted boom will see a huge take up from a variety of consumer goods makers, including the beauty industry, and is likely to mean that bio-plastics could represent a 30 percent share of the total US plastics market by 2020.
Global take-up of bio-plastics
According to the Helmet Kaiser statistics, the market for bio-plastics in Europe and Asia is likely to show growth patterns similar to that of the US, with estimates put at 31 percent and 28 percent respectively, of the total market for plastics by 2025.
Although the market growth for bio-plastics is likely to be driven by new applications such as the automotive and electronic industry, consumer packaging is likely to be by far the most significant area.
One of the most significant trends driving this growth is likely to be increased interest in green products and eco-friendly packaging materials.
Eco-friendly and green issues
Eco-friendly and recycling initiatives introduced by the Obama administration, combined with greater consumer awareness of green consumer products and packaging are helping to drive this trend, the company says.
“We believe that breakthrough products like our Cereplast Compostables and Cereplast Hybrids are enabling manufacturers to make the switch to environmentally responsible, sustainable packaging,” said Frederic Scheer, Cereplast CEO.
Scheer also acknowledges that the trend has been largely consumer driven, stating that “American consumer are pushing major manufacturers and retailers to make the switch to environmentally conscious solutions.”