Biodegradable Plastics Market Size Expected to Garner USD 12,915 Million by 2030 growing at 13.1% CAGR - Exclusive Report by Acumen Research and Consulting
The Global Biodegradable Plastics Market Size is predicted to reach USD 12,915 Million by 2030 from USD 4,345 Million in 2021, at a CAGR of 13.1% between 2022 and 2030, as per the Acumen Research and Consulting
The biodegradable plastics market has been growing rapidly in recent years, driven by increasing concerns about plastic pollution and the need to reduce waste in the environment. Biodegradable plastics are plastics that can be broken down, decomposed, and returned to the environment by natural processes. These types of plastics are usually made from renewable resources such as corn starch or sugarcane and are designed to degrade much faster than traditional plastics.
The increasing demand for biodegradable plastics is driven by various factors such as government regulations and policies to reduce plastic pollution, consumer awareness of the environmental impact of plastic waste, and the rise of sustainable products in the market. The packaging industry is one of the key end-users of biodegradable plastics, as it is an essential part of the supply chain for most products. Other key end-users include agriculture, consumer goods, and the medical industry.
Biodegradable Plastics Market Statistics
- Global biodegradable plastics market revenue collected USD 4,345 Million in 2021, with a 13.1% CAGR between 2022 and 2030
- Europe biodegradable plastics market value gathered more than USD 1,860 Million in 2021
- By type, the starch-based category capture over 41% of total market share in 2021
- BASF is a leading chemical company that offers a variety of biodegradable plastics, including Ecoflex, a line of biodegradable and compostable polymers used in packaging and consumer goods
- Growth in packaging industry, fuels the biodegradable plastics market size
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Biodegradable Plastics Market Trends
One of the key trends driving the biodegradable plastics market is the increasing demand for eco-friendly products. Consumers are becoming more aware of the environmental impact of their purchasing decisions and are looking for products that are more sustainable. This is particularly true for packaging materials, which are a major contributor to plastic waste. As a result, many companies are turning to biodegradable plastics as a way to reduce their environmental footprint.
Another trend driving the biodegradable plastics market is the growing use of bio-based materials in the production of plastics. Bio-based materials, such as corn starch and sugarcane, are renewable and sustainable and can be used to replace traditional fossil-based materials. This is leading to the development of new biodegradable plastics that are more environmentally friendly and have a lower carbon footprint. Additionally, governments and organizations around the world are implementing regulations and policies to promote the use of biodegradable plastics, further driving the growth of this market.
Growing Consumer Demand for Eco-Friendly Products Fuels the Market Growth
Rising demand for eco-friendly products is driving the biodegradable plastics market growth. Biodegradable plastics are plastics that can be broken down, decomposed, and returned to the environment by natural processes. They are made from renewable raw materials, such as corn starch, and are considered to be a more sustainable alternative to traditional, non-biodegradable plastics. As consumers become more environmentally conscious, they are increasingly seeking out products that have a lower impact on the environment. This has led to a growing demand for biodegradable plastics in various industries, including packaging, agriculture, and consumer goods. Additionally, governments and organizations around the world are implementing regulations and policies to reduce the use of traditional plastics, further driving the demand for biodegradable plastics.
Biodegradable Plastics Market Segmentation
Acumen Research and Consulting has segmented the global biodegradable plastics market by type, end use, and region.
- In terms of type, the industry is categorized into PBAT, starch based, PHA, PBS, PLA, and others.
- In terms of end use, the market is divided into agriculture, consumer goods, packaging, and others.
- In terms of region, the market is classified into North America, Europe, Latin America, Asia-Pacific, and the MEA.
Biodegradable Plastics Market Regional Overview
Geographically, Europe is dominating the biodegradable plastics market in 2021. This growth is due to several factors, such as strong government support for sustainable products, high awareness about environmental issues among consumers, and the presence of a large number of biodegradable plastics manufacturers in the region. Additionally, European countries have implemented strict regulations on the use of traditional plastics, which has led to increased demand for biodegradable alternatives. The increasing use of biodegradable plastics in various industries, such as packaging, agriculture, and textiles, is also driving the Europe biodegradable plastics market share.
Biodegradable Plastics Market Players
Some of the major biodegradable plastics market companies are Cargill Incorporated, BASF SE, Biome Technologies Plc, Trineso, Plantic Technologies Limited, Novamont SpA, Eastman Chemical Company, NatureWorks LLC, Danimer Scientific, and Futerro. These companies are continuously investing in R&D to develop new products and improve the existing ones. They are also expanding their production capacity to meet the growing demand for biodegradable plastics.
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