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The report “Biodegradable Plastics Market by Type (PLA, Starch Blends, PBAT, PHA, PBS), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture), and Region- Global Forecast to 2029″, biodegradable plastics market size is projected to grow from USD 12.92 billion in 2024 to USD 33.52 billion by 2029, registering a CAGR of 21.3% during the forecast period. The biodegradable plastics market is experiencing significant growth due to increasing demand from various major economies for different applications in different end use industries such as packaging, consumer goods, textiles, agriculture & horticulture and other end use industries as well. Growing economies in Asia Pacific region and stricter environmental regulations and the need for sustainable practices are driving industries to adopt advanced technologies to modify and make better biodegradable plastics. Additionally, the rapid expansion of packaging industry, which require biodegradable plastics in various applications, is further propelling the market.
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• 220 Market data Tables
• 54 Figures
• 180 Pages and in-depth TOC on “Biodegradable Plastics Market – Global Forecast to 2030″
Some of the prominent key players are:
- NatureWork LLC (US),
- BASF SE (Germany),
- TotalEnergies Corbion (Netherlands),
- Mitsubishi Chemical Group Corporation. (Japan),
- Biome Bioplastics (UK),
- Plantic (Australia), and many more….
Driver: Consumers with strong purchasing power and a high degree of environmental awareness
The two main drivers propelling the market for biodegradable plastics are a strong feeling of environmental consciousness and high buying power. Due to growing environmental worries brought on by plastic pollution and climate change, customers with these traits now consider sustainability while making purchases. They will prefer to purchase biodegradable plastics rather than conventional alternatives because they will intentionally select items that align with their ideals. This is a commercial trend that is becoming more evident in industries including personal care, food service, and packaging where biodegradable substitutes are ensuring market share and consumer loyalty. Companies that are meeting consumer demand are not only developing innovative products but also enhancing their marketing methods by emphasising the advantages biodegradable materials have for the environment. Therefore, the market for biodegradable plastics is expanding at a large rate due to the combination of customer choice for sustainable products and their willingness to pay more for environmentally friendly solutions.
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Consumer goods end use industry is anticipated to have the second fastest growth in terms of value, during the forecast period.
Consumer goods end use industry is estimated to have second fastest growth in end use industry segment in terms of value. The major consumer goods include electrical appliances, domestic appliances, and others. Major consumer goods producers change their base from the traditional plastics to biodegradable plastics in a move aimed at reducing negative effects on the environment. Biodegradable plastics helps to produce consumer goods such as touch-screen computer casing, loudspeakers, mobile casings, and vacuum cleaners. As the awareness of the environment increases, customers demand products with minimal environmental impacts. Consumer goods made out of biodegradable plastics can cater to consumers who are seeking products produced from environmental-friendly raw materials, which in turn enhances brand reputation and attracts ecologically-conscious consumers.
Asia Pacific is expected to be the fastest-growing region in the global biodegradable plastics market in terms of value, by region, during the forecast period.
The Asia Pacific region is expected to be the fastest growing region in the biodegradable plastics market in terms of value. The Asia Pacific biodegradable plastics market is driven by the economic development and growth in various countries in this region. The low-cost raw materials and labour coupled with an increasing demand from the packaging, consumer goods, agriculture & horticulture and textile industries will make this region very attractive for investment by biodegradable plastic manufacturers. Government initiatives against global warming and single-use plastic bans will drive the market in the Asia Pacific region.Prices of bioplastics are higher than conventional, petroleum-based resins, which act as a major restraint for the market growth in the region. The lower living standards and low disposable income of the people in the Asia Pacific will result in a price reduction of biodegradable plastic in the region.