The Bioplastics And Biopolymers Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bioplastics And Biopolymers Global Market Report 2024, The bioplastics and biopolymers market size has grown rapidly in recent years. It will grow from $10.05 billion in 2023 to $11.88 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to reduced dependency on fossil fuels, government regulations and policies, environmental awareness, consumer preference for sustainable products, waste management concerns, renewable resource utilization, corporate sustainability initiatives, public awareness campaigns..
The bioplastics and biopolymers market size is expected to see rapid growth in the next few years. It will grow to $22.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to growing global plastic pollution crisis, increasing consumer demand for sustainable packaging, bio-based materials for textiles and fibers, government funding for bioplastic research, replacement of single-use plastics, emergence of advanced biodegradable polymers, infrastructure development for bioplastic processing.. Major trends in the forecast period include biodegradability and compostability, renewable feedstocks, technological advancements, hybrid materials, waste-to-bioplastics technologies, bio-based pet (polyethylene terephthalate), life cycle assessments (lcas), collaborations and partnerships..
The growing demand for packaged food is driving the growth of the bioplastics and biopolymers market. Packaged foods are prepared foods and beverages that are wrapped in an impermeable or permeable material to keep them out of direct touch with the environment and any potential pollutants. Food and drink packaged in bioplastics and biopolymers stay fresher for longer, are protected from moisture, pollutants, UV radiation, and other elements, and have a longer shelf life. For instance, in April 2022, according to the U.S. Department of Agriculture, the Consumer Price Index (CPI) for food consumed away from home (restaurant purchases) grew by 0.6% and was 7.2% higher than in April 2021, increasing the use of packing materials. Moreover, according to the Indian Brand Equity Foundation (IBEF), an organization set up by the Department of Commerce India to promote Indian goods, the packaged food market in India is predicted to quadruple and reach US$70 billion in the next five to ten years. Therefore, the rising demand for packaged food is expected to propel bioplastics and biopolymers market growth in the coming years.
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The bioplastics and biopolymers market covered in this report is segmented –
1) By Type: Non-Biodegradable/Biobased, Biodegradable, Other Types
2) By Raw Materials: Biomass, Natural Or Genetically Modified Organisms, Bio-Based Monomers, Petrochemicals
3) By End-Use Industry: Packaging, Consumer Goods, Automotive And Transportation, Textiles, Agriculture And Horticulture, Other End-Use Industries
Product innovations are the key trends gaining popularity in the bioplastics and biopolymers market. Major companies operating in the market are developing innovative methods of producing bioplastics and biopolymers from algae to sustain their position in the market. Algae-based bioplastics and biopolymers are made from plants that grow in water or on wet surfaces but have no stems or leaves. For instance, in December 2021, Green Science Alliance Co., Ltd., a Japan-based company specializing in the research and development of materials in energy and environmental science launched 100% biomass-based biodegradable plastic from Sargassum. Sargassum is a type of seaweed found in the Caribbean Sea. Green Science Alliance has successfully converted this sargassum waste into biomass biodegradable resin pellets and its molding products, such as sustainable and environmentally friendly spoons. Since they partially employ waste from Sargassum, which is provided for free, as raw material, it is anticipated that plastic made from Sargassum will be inexpensive.
The bioplastics and biopolymers market report table of contents includes:
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