Plant-based plastic are made from agricultural waste, sugar cane, switch grass or grasses and corn. Moreover, manufacturers are using plant-based oil in plant-based plastic packaging for processing plastic instead of using petrochemicals in order to make it more environmental friendly. Plant-based plastic packaging helps to reduce greenhouse gases by up to 35% and takes up to 36% less energy to make as compared to conventional plastic packages.
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High cost of plant-based plastic packaging among the small and medium size enterprises, creates restraints to generate more revenue in the global plant-based plastic packaging market. However, with the technological advancement, quality of plant-based plastic packaging has been improving gradually. Consequently it generates more demand from the end user industries and may create a lucrative opportunity for the global plant-based plastic packaging market.
Some of the major players identified across the globe in the compostable packaging materials market are Solegear Bioplastic Technologies Inc., Clear Lam Packaging Inc, Solegear Bioplastic Technologies Inc. and r-pac International.