HAWTHORNE, Calif.(BUSINESS WIRE) — Cereplast, Inc. (OTCBB:CERP), a leading manufacturer of proprietary bio-based, sustainable plastics, announced today that it expects the U.S. bio-plastics market to top $10 billion in sales by 2020. As of 2007, the U.S. bio-plastics market accounted for approximately $1 billion in sales. Some estimates point to bio-plastics capturing up to 30 percent of the total plastics market within ten years.
New ‘Green’ initiatives by the Obama administration and increasing consumer demand for compostable and renewable plastics are pushing the market. “We believe that breakthrough products like our Cereplast Compostables® and Cereplast Hybrids® are enabling manufacturers to make the switch to environmentally responsible, sustainable packaging,” stated Mr. Frederic Scheer, Founder and CEO of Cereplast. “Our algae-based bio-plastics, currently under development, will soon open up a whole new source of feedstock and result in a broad range of new applications.”
“American consumers are pushing major manufacturers and retailers to make the switch to environmentally conscious solutions. Many of the largest retailers have already made in-roads with programs designed to adopt alternative packaging, including Wal-Mart and Coca-Cola,” added Mr. Scheer.
According to a study by Helmut Kaiser Consultancy 2006, by 2025 Europe will account for 31 percent, the U.S. 28 percent and Asia 32 percent of the total market for bio-plastics. New applications and innovations in the automotive and electronics industries are helping fuel the boom; however, consumer packaging still garners the most attention.