11 November 2009 18:01 [Source: ICIS news]
HOUSTON (ICIS news)--Cereplast expects evolving consumer preferences and the Obama administration’s sustainability initiatives to help drive annual sales of US bioplastics to $10bn (€6.7bn) by 2020, the US bioplastics manufacturer said on Wednesday.
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“American consumers are pushing major manufacturers and retailers to make the switch to environmentally conscious solutions,” said Cereplast chief executive Frederic Scheer.
“Many of the largest retailers have already made in-roads with programmes designed to adopt alternative packaging, including Wal-Mart and Coca-Cola,” he added.
Scheer said Cereplast was developing algae-based plastics that would open a new source of feedstock and a broader range of applications for bioplastics.
Cereplast’s 2020 outlook defines the bioplastics standard as a plastic that is biodegradable, has biobased content, or both, according to the SPI Bioplastic Council.
In a study released earlier this week, Cleveland-based market research firm Freedonia Group said global demand for bioplastics would rise more than four-fold by 2013 to 900,000 tonnes, reaching a value of $2.6bn.
($1 = €0.67)
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