According to a new market research report, the “Bioplastics & Biopolymers Market by Type (Non-Biodegradable/Bio-Based, Biodegradable), End-Use Industry (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture), Region – Global Forecast to 2026″, global bioplastics & biopolymers market size is projected to grow from USD 10.7 billion in 2021 to USD 29.7 billion by 2026, at a CAGR of 22.7% between 2021 and 2026. Bioplastics are plastics derived from renewable sources such as corn, potatoes, rice, soy, sugarcane, wheat, and vegetable oil, while biopolymers are naturally occurring polymers. A bioplastic may or may not be biodegradable. Bioplastics are mainly segmented into biodegradable and non-biodegradable plastics for various applications in the packaging, consumer goods, automotive & transportation, agriculture & horticulture, medical, and other end-use industries.
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This report also provides a comprehensive analysis of the companies listed below:
NatureWorks (US), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (
COVID-19 impact on global bioplastics & biopolymers market
Bioplastics & biopolymers are used in various industries, such as packaging, consumer goods, automotive & transportation, textiles and agriculture & horticulture. However, due to the ongoing pandemic, the industries had been affected throughout the world. Manpower shortage, logistical restrictions, material unavailability, and other restrictions had slowed the growth of the industry during the previous year. Due to the outbreak of the Covid-19 pandemic and its gradual spread, industries of essential needs, like getting foods and required supplies safely to the consumers are increasingly affected. The global impact has led to sharp reduction in demand for some types of packaging which are condemned as non-essential. On the other hand the demand for essential packaging such as e-commerce shipment has seen massive growth. These changes are presenting the packaging companies with new set of challenges. The affect of Covid-19 pandemic on the packaging industry will be mixed due to these reasons. The Covid-19 pandemic has affected the normal functioning of companies in the consumer goods sector. The successful marketing model has been impacted by the pandemic, which has furthered the proper functioning of business model. Due to the supply chain disruptions around the globe, 76% of the businesses had to reduce revenue targets by an average of 23%, as per Institute for Supply Management Research. The sector has mixed market feelings as some sectors such as household cleaning and frozen foods have seen increase in consumer demands whereas others have seen drop in sales and significant decrease in food traffic in retail stores. The companies had to become flexible with the change in consumer demand towards e-commerce. This as forced the entire consumer goods industry into digital age.
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Biodegradable bioplastics & biopolymers type will account for the major share of the market in terms of value
Biodegradable are the largest type segment in terms of value during the forecast period. Biodegradable polymers are high molecular weight compounds that decompose naturally in the environment through bacteria and other microorganisms during a span of time. The process produces natural by products, such as biomass, water, gases, and inorganic salts. Biodegradable polymers are made from renewable sources such as corn oil, starch, orange peels, and plant materials and deteriorate into natural by-products. The growing concerns related to environmental pollution and non-renewable finite petroleum resources are leading to the increasing use of biodegradable bioplastics & biopolymers.
APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026.
APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia. Growing population increased consumer spending, and rapid industrial expansion are the major factors responsible for the high growth rate of the region. Growing environmental concern and awareness along with increasing regulations are the key factors driving the demand for bioplastics & biopolymers. The manufacturers focus on the high-growth market to gain market share and increase their profitability.
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