Global Biodegradable plastic Market Size study & Forecast, By Product (Starch Based, PLA, PHA, PBAT, PBS), By Application (Packaging, Consumer Goods, Agriculture) and Regional Analysis, 2022-2029

Global Biodegradable plastic Market Size study & Forecast, By Product (Starch Based, PLA, PHA, PBAT, PBS), By Application (Packaging, Consumer Goods, Agriculture) and Regional Analysis, 2022-2029

Global Biodegradable plastic Market is valued approximately USD 4 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.6% over the forecast period 2022-2029. Biodegradable plastic refers to a type of plastic that is designed to break down naturally in the environment. Unlike traditional plastic, which can take hundreds or even thousands of years to decompose, biodegradable plastic is made from materials that can be broken down by bacteria, fungi, and other natural organisms. The biodegradable plastic market is influenced by several factors, including consumer demand, government regulations, technological advancements, and sustainability initiatives. However, Biodegradable plastics can be more expensive to produce than traditional plastics, which can make them less attractive to some manufacturers and consumers. Until production costs come down, biodegradable plastics may remain a niche market.

Governments around the world have implemented various policies and initiatives aimed at promoting the adoption of biodegradable plastics. The European Union has set a target to ensure that all plastic packaging used in the EU is reusable or recyclable by 2030. The EU has also introduced regulations requiring certain types of plastic products to be biodegradable or compostable. Similarly, several states in the US have implemented bans or restrictions on single-use plastics, and some have introduced initiatives to promote the use of biodegradable or compostable alternatives. In addition, the US Environmental Protection Agency has launched a Sustainable Materials Management Program that aims to reduce waste and promote sustainable practices, including the use of biodegradable plastics. Thus, growing government support for the adoption of biobased packaging material may accelerate the market expansion.

The key regions considered for the Global Biodegradable plastic Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe was the largest regional market for biodegradable plastics due to growing awareness regarding plastic waste, combined with the European Union's prohibition on single-use plastics, is expected to boost the regional market throughout the forecast period. On the other side, Asia Pacific is predicted to be the fastest-growing market. Rising disposable income and improved living standards in developing countries such as China and India are expected to boost the region's market.

Major market player included in this report are:
Cargill Incorporated
PTT MCC Biochem Co., Ltd.
Biome Technologies plc
Plantic Technologies Limited
BASF SE
Total Corbion PLA
Synbra Technology BV
Futerro
Novamont SpA
NatureWorks LLC

Recent Developments in the Market:
IKEA biodegradable packaging: IKEA announced in 2020 that it would be switching to biodegradable packaging for all its products, including furniture and home goods, by 2030.
L'Oreal biodegradable shampoo bottle: L'Oreal launched a new biodegradable shampoo bottle in 2021, made from a plant-based material called Paptic, which is made from wood pulp.
Adidas Futurecraft Loop: Adidas launched the Futurecraft Loop in 2021, a running shoe made entirely from biodegradable materials, including a biodegradable TPU (thermoplastic polyurethane) midsole and outsole.
Global Biodegradable plastic Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:
By Product:
Starch Based
Polylactic acid (PLA)
Polybutylene succinate (PBS)
Poly (butylene adipate-co-terephthalate) (PBAT)
Polyhydroxyalkanoates (PHAs)
Others

By Application:
Packaging
Agriculture
Consumer Goods
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Companies Mentioned

Cargill Incorporated
PTT MCC Biochem Co., Ltd.
Biome Technologies plc
Plantic Technologies Limited
BASF SE
Total Corbion PLA
Synbra Technology BV
Futerro
Novamont SpA
NatureWorks LLC

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