The global polylactic acid market is anticipated to grow at a considerable CAGR during the forecast period (2021-2027). The market growth is mainly attributed owing to its biodegradability and environmentally friendly features. Rising environmental awareness among consumers is leading to increasing demand for sustainable packaging across industry verticals such as consumer packaging goods (such as P&G), retail trade, wholesale, healthcare (such as Johnson & Johnson), food & beverage (such as McCormick & Company). In a very fast-pace PLA is becoming a widespread substitute for conventional petroleum-based plastics. There are several countries following the strategy of banning the commercialization of plastic grocery bags to save the environment. These countries include China, South Africa, Ireland, San Francisco, and Uganda, and others. This resulted in an increasing demand for PLA that acts as a viable and biodegradable replacement to petroleum-based products.
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Using PLA products have many advantages without harming the environment. Due to change in the lifestyle and eating habits of consumers across the globe, the market for convenience food that requires less cooking time including frozen foods, canned vegetables, and packaged chips among others is rapidly growing. This resulted in an increasing demand for biaxially-oriented PLA films that are currently utilized for flexible packaging of snacks and confectionary, fresh produce and bakery goods, cereal and nutrition bars, frozen foods, and cookies. Shifting towards a fast lifestyle is creating and pushing the need for rigid and flexible food packaging solutions. All convenience foods need proper packaging to be delivered in good condition to the customers, which in turn, is contributing to the growth of the market.
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Global Polylactic Acid (PLA) Market Report Segment
By Application
- Packaging
- Construction Material
- Catering and Tableware
- Agriculture Material
- Consumer Goods
- Electronic Material
- Automobile
- Others
By Raw Material
- Corn Based PLA
- Sugar-Based PLA
- Cassava Based PLA
- Other Raw Materials-Based PLA
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