Middle East Biodegradable Plastics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Middle-East Biodegradable Plastics Market is projected to register a CAGR of over 14% during the forecast period. The market was negatively impacted by COVID-19 in 2020, owing to supply chain interruptions, a lack of raw materials utilized in the manufacturing process, workforce shortages, and fluctuating pricing. These factors caused the final product's production to inflate and go over budget due to the implications of lockdown. However, conditions improved in 2021, with the packaging industry's expansion stimulating demand for the biodegradable plastic market in the coming years.
Key HighlightsRecent research in biodegradable products led to a product that is easily soluble in water in under three days. New products with the shortest time to degrade after disposal will provide market growth opportunities.
Key Market TrendsSoaring Demand from the Packaging IndustryThe Middle East biodegradable plastics market is partially consolidated in nature. Some of the major players in the market include Avani Eco, Al Bayader International, Al-Habib Polymers, BASF SE, Cargill Incorporated, Ecoway Biopolymers LLC, EcoPlast Solutions, Eastman Chemical Company, Green Packaging Industries, KiSabz (Maadiran), and Plastcom Middle East FZC
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