Biodegradable Plastic Market to Garner USD 11,562.8 million, Globally, by 2028 at 14.5% CAGR: The Insight Partners

The biodegradable plastic market is expected to grow from US$ 5,112.4 million in 2022 to US$ 11,562.8 million by 2028; it is estimated to grow at a CAGR of 14.5% from 2022 to 2028. Biodegradable plastic can be decomposed by the action of living organisms, usually microbes, into water, carbon dioxide, and biomass. Currently, excessive plastic waste and its disposal have become a major environmental issue globally. Biodegradable plastics are used as an effective and environment-friendly alternative to commercial plastic. Significant reduction in carbon emissions during the manufacturing process is a major advantage of biodegradable plastics over conventional plastics.

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A few players operating in the global biodegradable plastic market include API SpA; BASF SE; FKuR Kunststoff GmbH; Green Dot Bioplastics; Novamont S.p.A.; Kingfa Sci. & Tech. Co., Ltd.; GuangDong Huazhilu Biological Material Co., Ltd.; Mitsubishi Chemical Corporation; Plantic Technologies Limited; and Total Corbion PLA. Market players are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.

Biodegradable plastics are composed of polymeric materials that decompose into carbon dioxide, inorganic compounds, methane, water, or biomass. The transformation occurs with the help of microorganisms’ enzymatic action, which standardized tests can measure in a specified period. These plastics have various applications in packaging, horticulture, agriculture, and consumer goods, among other applications.

The demand for biodegradable plastics is rising owing to increasing awareness among people for environment-friendly products. Growing awareness among consumers about global warming and plastic pollution is propelling consumers to opt for biodegradable plastics. Biodegradable plastics are a good substitute for conventional plastics in the food packaging industry. Moreover, strict government legislation for limiting the utilization of customary plastics is another factor contributing to the growth of the biodegradable plastic market. Several FMCG companies are adopting biodegradable packaging so to conform to the standards, which in turn, is propelling the biodegradable plastic market growth.

The report includes the segmentation of the global biodegradable plastic market as follows:

The global biodegradable plastic market is segmented on the basis of type, end user, and geography. Based on type, the global biodegradable plastic market is segmented into PHA, PLA, starch blends, PBS, PBAT, and others. Based on end user, the biodegradable plastic market is segmented into packaging & bags, agriculture & horticulture, consumer goods, and others. By geography, the global biodegradable plastic market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

The global biodegradable plastic market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the rest of Europe. The global biodegradable plastic market in Asia Pacific is further categorized into China, India, Japan, Australia, South Korea, and the rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the rest of Middle East & Africa. The global biodegradable plastic market in South & Central America is further categorized into Brazil, Argentina, and the rest of South & Central America.

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