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″
• 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 high purchasing power and a strong sense of environmental awareness are the most critical factors driving the biodegradable plastics market. The consumers of these characteristics now take care of sustainability in their purchasing decisions as concerns over environmental issues are raised by plastic pollution and climate changes. They will consciously choose those products that suit their values and thus opt to buy biodegradable plastics instead of regular alternatives. This is a business trend that is becoming more obvious through sectors such as packing, food service, and personal care where biodegradable alternatives are helping assure customer loyalty and market share. Those companies responding to demand are not only innovating their product development but are also enriching their marketing strategies through pointing out the environmental benefits of biodegradable materials. This, therefore, is significantly driving the growth of the biodegradable plastics market owing to the convergence of consumer preference for sustainable products with a willingness to pay a premium for the eco-friendly options.
