Biodegradable Plastics Market Overview
Biodegradable Plastics Market Size Was Valued at USD 4.41 Billion in 2023, and is Projected to Reach USD 8.89 Billion by 2032, Growing at a CAGR of 8.1% From 2024-2032.
Biodegradation is the property of a material that can be completely converted into water, CO2, and biomass by the action of microorganisms such as fungi and bacteria. Biodegradable plastics can be decomposed by microorganisms present in the environment by penetrating the microbial food chain. Biodegradable plastics can be decomposed by the action of living organisms, usual microbes, carbon dioxide, into the water, and biomass. Biodegradable plastics are produced with microorganisms, renewable raw materials, and petrochemicals. Additionally, the potential of biodegradable plastics and more particularly that of polymers obtained from renewable resources such as polysaccharides (e.g., starch) have long been acknowledged. Nevertheless, these biodegradable plastics have been extensively utilized in some and have not found massive applications in the packaging industries to put back conventional plastic materials, although they could be an interesting way to reduce the limitation of the petrochemical resources in the future. Furthermore, fossil fuel and gas could be partially replaced by greener agricultural sources, which should add to the reduction of CO2 emissions. Bio-based and biodegradable plastics can form the basis for environmentally acceptable, sustainable substitutes to current materials based exclusively on petroleum feedstocks. These bio-based materials offer value in the sustainability/life-cycle equation by being a part of the biological carbon cycle, particularly as it associates with carbon-based polymeric materials such as plastics, water-soluble polymers, and other carbon-based products such as biodiesel, lubricants, and detergents. Moreover, identification and specification of biobased content use radioactive C-14 signature. Biopolymers are generally able to be utilized by living matter (biodegraded), and so can be prepared in safe and ecologically sound ways through disposal processes (waste management) such as soil application, composting, and biological wastewater treatment. Single-use, short-life, disposable products can be prepared or developed to be bio-based and biodegradable. Additionally, plastic and its massive waste have become a major environmental issue globally also with growing issues related to petroleum-based plastics such as disposal management motivate growth in the biodegradable plastics market.
Market Dynamics and Factors for the Biodegradable Plastics Market:
Drivers:
High Applications of Biodegradable Plastics in Packaging Industry
Growing usages of biodegradable plastics majorly in food packaging is a key driver for the growth of the biodegradable plastics market in the projected period. This development is majorly due to biodegradable polyesters being the best alternatives to plastics. Therefore, an increase in the applications of bottles, food packaging, and disposable tableware and government support for biodegradable materials with stringent regulations on plastics utilization to overcome environmental pollution are factors anticipated to improve the biodegradable plastics market growth in the forecast time. For instance, in 2020, the German government declared a prohibition on the sale of single-use plastic products such as food containers, cutlery, straws, and other similar products from July 2021 to reduce plastic waste over the nation. As per, The German Association of Local Utility estimates, every year there is an increase of common plastic items waste by 10% to 20%, which is majorly from single-use plastic products. Furthermore, the government is preferring initiatives to develop awareness regarding biodegradable items and helping producers to offer high-quality products. Such factors are anticipated to demand the biodegradable plastics market growth, during the forecast period.
Switching Consumer Preference Toward Eco-Friendly Plastic
Developing consumer consciousness about sustainable plastic solutions and rising efforts to eliminate the use of non-biodegradable conventional plastics contribute to the market growth of biodegradable plastics. Regular used petroleum-based plastics take decades to break down or decompose and lay in the landfills for a long period. Biodegradable plastics break down rapidly when they are dropped and are absorbed back into the natural system. Additionally, the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics. Biodegradable plastics seize up 60% and more within 180 days or less as compared with traditional plastics, which take about 1,000 years to break down. Rising landfills and waste piles have developed as serious environmental hazards and resulted in various poor effects on the flora and fauna of the ecosystem. The increasing consumer consciousness about these poor effects is motivating the utilization of biodegradable plastics. Hence, the change in consumer inclination toward the use of eco-friendly plastic products is driving the market for biodegradable plastics.
Restraints:
High Production Cost for the Biodegradable Plastics
Higher cost of the biodegradable plastic products owing to huge raw material cost as well as limited accessibility of raw materials. Moreover, the manufacturing cost of biodegradable plastics is 20-80% higher than that of conventional plastics. This is majorly owing to the high polymerization cost of biodegradable plastics as most of the processes are still in the emergence stage and hence, have not achieved economies of scale are expected to be a major obstacle for the biodegradable plastics market growth, throughout the projected period.
Opportunities:
Increasing Incorporation of Latest Technologies to Create Growth Prospects
Constant incorporation of the latest technologies in biodegradable plastics production is estimated to create huge investment opportunities for the market in the upcoming years. For instance, there has been the incorporation of antimicrobial technology in biodegradable materials producing to develop materials with longer shelf life and to expand preservation of the packaged products primarily food items. Additionally, antimicrobial packaging is used to defend against deterioration and ensure microbiological & chemical food safety by preventing microbial growth.
Furthermore, with the rising focus on sustainability and favorable government regulations for green procurement policies, biodegradable plastic producers have lucrative opportunities in the new end-use industries such as medical, electronics, and automotive. The biodegradable plastic manufacturers are investing heavily in R&D activities for the application of biodegradable plastics in various applications in the medical industry, such as screws, repaired materials, and implants. Biodegradable plastics such as PLA and bio-PBS are used for the production of medical devices & equipment. Biodegradable plastics are also utilized in tires with starch-based materials in the automotive industry to reduce fuel consumption which helps to increase the growth of the biodegradable plastic market in the upcoming years.
Market Segmentation
Players Covered in Biodegradable Plastics market are :
- BASF SE
- Dow Inc.
- Novamont S.p.A.
- Plantic
- Natureworks
- Corbion N.V.
- Biome Technologies plc
- Mitsubishi Chemical Holdings
- Eastman Chemical Company
- Danimer Scientific and other major players.
Regional Analysis of the Biodegradable Plastics Market:
The Asia Pacific region is expected to dominate the biodegradable plastic market during the forecast period. This dominance is majorly accredited to healthy economic developments for biodegradable plastics applications in the packaging sector and rising consumer positive outlook towards its utilization to reduce plastic pollution. Developing countries such as China and India have implemented severe regulations on conventional plastics utilization and major biodegradable plastic manufacturers in these countries are launching sustainable packaging solutions such as bio-based products, which is expected to drive the market growth in the review time. China is the global second highest economy, is forecast to gain a projected market size of US$1 Billion by the year 2027 the analysis period 2020 to 2027. Furthermore, the development of the biodegradable plastics market in APAC is attributed to the easy accessibility of raw materials used to manufacture biodegradable plastics. The future growth of biodegradable plastics in APAC highly depends on the awareness regarding the application of biodegradable plastics as a viable substitute to traditional plastics and price reduction.
North America is the significant share of the biodegradable plastics market owing to the governmental and regulatory bodies making decisions based on the aims to protect the planet. The conscious population and the high disposable income in the region favor the development of the biodegradable plastics market.
The European region is expected to be the fastest-growing biodegradable plastics market. Stringent regulations implemented by the European Union on fossil fuel-based plastics to overcome carbon footprint in the environment are expected to accelerate the biodegradable plastics market growth in the review time. The European region planned to reduce the consumption of plastic bags in the region by 80%, which has resulted in the extensive application of biodegradable flexible and rigid packaging in the region.
Key Industry Developments in the Biodegradable Plastics Market:
- In October 2021, Biodegradable Future has joined forces with Ocean Plastics Charter of Canada, the Canadian Government, and Biodegradable Future are executed to taking strong actions that dispose with a greener future and share similar goals & objectives. Making a difference in the sustainability arena is of the highest significance and this collaborate will ensure a positive sustainable impact in the fight against plastic pollution.
- In April 2021, NatureWorks declared a new strategic collaboration with IMA Coffee, which is a market leader in coffee handling processing and packaging. This collaboration focuses on growing the market reach for high-performing compostable K-cup in North America.
- In February 2020, BASF and Fabbri Group (Italy) formed a partnership to produce a sustainable solution for cling film used in fresh-food packaging. The film will be utilized in wrapping meat, seafood, and fresh fruits & vegetables. It will be developed by the Fabbri group with BASF's Ecovio bioplastic and will enhance the demand for biodegradable plastics in packaging applications.
- In September 2020, Danimer Scientific, a top designer and producer of biodegradable materials, and Plastic Suppliers, Inc. (PSI), a global producer of biopolymer EarthFirst PLA hurdle and non-barrier sealant films, on this day declared that they will develop bio-based, home compostable films. PSI will use material supplied by Danimer Scientific to create packaging films that will reliably degrade without leaving behind harmful microplastics.
COVID-19 Impact on the Biodegradable Plastics Market:
Owing to the global COVI-19 pandemic, the industries had been affected across the world. Biodegradable plastics are used in various industries, such as agriculture & horticulture, consumer goods, packaging, and textiles. Workforce scarcity, lack of material, logistical restrictions, and other restrictions had slowed the growth of the industry during the previous year. Owing to the spread of the Covid-19 pandemic and its rapid spread, industries of essential requirements such as getting foods and needed supplies safely to the consumers are growingly influenced. The global impact has helped to a sharp decline in demand for some types of packaging which are lost as non-essential. In addition, the demand for essential packaging such as e-commerce shipment has seen huge growth. These changes are creating packaging companies with a new set of challenges. The influence of the Covid-19 pandemic on the packaging industry will be mixed owing to these reasons. The Covid-19 pandemic has influenced the normal functioning of companies in the consumer goods sector. The successful marketing model has been influenced by the pandemic, which has stimulated the proper functioning of the business model. Owing to the supply chain interruptions across the world, 76% of the businesses had to overcome revenue targets by an average of 23%, according to the Institute for Supply Management Research. The sector has mixed market feelings as some industries such as household cleaning and frozen foods have seen a rise in consumer demands whereas others have seen a fall in sales and a significant reduction in food traffic in retail stores. The companies had to become pliable with the change in consumer demand towards e-commerce. This has required the entire consumer goods industry into the digital age.
Global Biodegradable Plastics Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 4.41 Bn. |
Forecast Period 2024-32 CAGR: |
8% |
Market Size in 2032: |
USD 8.89 Bn. |
Segments Covered: |
By Type |
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By Application |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
ā1.1 Research Objectives
ā1.2 Research Methodology
ā1.3 Research Process
ā1.4 Scope and Coverage
āā1.4.1 Market Definition
āā1.4.2 Key Questions Answered
ā1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
ā3.1 By Type
ā3.2 By Application
Chapter 4: Market Landscape
ā4.1 Porter's Five Forces Analysis
āā4.1.1 Bargaining Power of Supplier
āā4.1.2 Threat of New Entrants
āā4.1.3 Threat of Substitutes
āā4.1.4 Competitive Rivalry
āā4.1.5 Bargaining Power Among Buyers
ā4.2 Industry Value Chain Analysis
ā4.3 Market Dynamics
āā4.3.1 Drivers
āā4.3.2 Restraints
āā4.3.3 Opportunities
āā4.5.4 Challenges
ā4.4 Pestle Analysis
ā4.5 Technological Roadmap
ā4.6 Regulatory Landscape
ā4.7 SWOT Analysis
ā4.8 Price Trend Analysis
ā4.9 Patent Analysis
ā4.10 Analysis of the Impact of Covid-19
āā4.10.1 Impact on the Overall Market
āā4.10.2 Impact on the Supply Chain
āā4.10.3 Impact on the Key Manufacturers
āā4.10.4 Impact on the Pricing
Chapter 5: Biodegradable Plastics Market by Type
ā5.1 Biodegradable Plastics Market Overview Snapshot and Growth Engine
ā5.2 Biodegradable Plastics Market Overview
ā5.3 Polylactic Acid [PLA]
āā5.3.1 Introduction and Market Overview
āā5.3.2 Historic and Forecasted Market Size (2017-2032F)
āā5.3.3 Key Market Trends, Growth Factors and Opportunities
āā5.3.4 Polylactic Acid [PLA]: Grographic Segmentation
ā5.4 Polybutylene Adipate Terephthalate [PBAT]
āā5.4.1 Introduction and Market Overview
āā5.4.2 Historic and Forecasted Market Size (2017-2032F)
āā5.4.3 Key Market Trends, Growth Factors and Opportunities
āā5.4.4 Polybutylene Adipate Terephthalate [PBAT]: Grographic Segmentation
ā5.5 Polybutylene Succinate [PBS]
āā5.5.1 Introduction and Market Overview
āā5.5.2 Historic and Forecasted Market Size (2017-2032F)
āā5.5.3 Key Market Trends, Growth Factors and Opportunities
āā5.5.4 Polybutylene Succinate [PBS]: Grographic Segmentation
ā5.6 Polyhydroxyalkanoates [PHA]
āā5.6.1 Introduction and Market Overview
āā5.6.2 Historic and Forecasted Market Size (2017-2032F)
āā5.6.3 Key Market Trends, Growth Factors and Opportunities
āā5.6.4 Polyhydroxyalkanoates [PHA]: Grographic Segmentation
ā5.7 Starch Blends
āā5.7.1 Introduction and Market Overview
āā5.7.2 Historic and Forecasted Market Size (2017-2032F)
āā5.7.3 Key Market Trends, Growth Factors and Opportunities
āā5.7.4 Starch Blends: Grographic Segmentation
ā5.8 Others
āā5.8.1 Introduction and Market Overview
āā5.8.2 Historic and Forecasted Market Size (2017-2032F)
āā5.8.3 Key Market Trends, Growth Factors and Opportunities
āā5.8.4 Others: Grographic Segmentation
Chapter 6: Biodegradable Plastics Market by Application
ā6.1 Biodegradable Plastics Market Overview Snapshot and Growth Engine
ā6.2 Biodegradable Plastics Market Overview
ā6.3 Packaging
āā6.3.1 Introduction and Market Overview
āā6.3.2 Historic and Forecasted Market Size (2017-2032F)
āā6.3.3 Key Market Trends, Growth Factors and Opportunities
āā6.3.4 Packaging: Grographic Segmentation
ā6.4 Agriculture
āā6.4.1 Introduction and Market Overview
āā6.4.2 Historic and Forecasted Market Size (2017-2032F)
āā6.4.3 Key Market Trends, Growth Factors and Opportunities
āā6.4.4 Agriculture: Grographic Segmentation
ā6.5 Consumer Durable
āā6.5.1 Introduction and Market Overview
āā6.5.2 Historic and Forecasted Market Size (2017-2032F)
āā6.5.3 Key Market Trends, Growth Factors and Opportunities
āā6.5.4 Consumer Durable: Grographic Segmentation
ā6.6 Textile
āā6.6.1 Introduction and Market Overview
āā6.6.2 Historic and Forecasted Market Size (2017-2032F)
āā6.6.3 Key Market Trends, Growth Factors and Opportunities
āā6.6.4 Textile: Grographic Segmentation
ā6.7 Others
āā6.7.1 Introduction and Market Overview
āā6.7.2 Historic and Forecasted Market Size (2017-2032F)
āā6.7.3 Key Market Trends, Growth Factors and Opportunities
āā6.7.4 Others: Grographic Segmentation
Chapter 7: Company Profiles and Competitive Analysis
ā7.1 Competitive Landscape
āā7.1.1 Competitive Positioning
āā7.1.2 Biodegradable Plastics Sales and Market Share By Players
āā7.1.3 Industry BCG Matrix
āā7.1.4 Ansoff Matrix
āā7.1.5 Biodegradable Plastics Industry Concentration Ratio (CR5 and HHI)
āā7.1.6 Top 5 Biodegradable Plastics Players Market Share
āā7.1.7 Mergers and Acquisitions
āā7.1.8 Business Strategies By Top Players
ā7.2 BASF SE
āā7.2.1 Company Overview
āā7.2.2 Key Executives
āā7.2.3 Company Snapshot
āā7.2.4 Operating Business Segments
āā7.2.5 Product Portfolio
āā7.2.6 Business Performance
āā7.2.7 Key Strategic Moves and Recent Developments
āā7.2.8 SWOT Analysis
ā7.3 DOW INC.
ā7.4 NOVAMONT S.P.A.
ā7.5 PLANTIC
ā7.6 NATUREWORKS
ā7.7 CORBION N.V.
ā7.8 BIOME TECHNOLOGIES PLC
ā7.9 MITSUBISHI CHEMICAL HOLDINGS
ā7.10 EASTMAN CHEMICAL COMPANY
ā7.11 DANIMER SCIENTIFIC
ā7.12 OTHER MAJOR PLAYERS
Chapter 8: Global Biodegradable Plastics Market Analysis, Insights and Forecast, 2017-2032
ā8.1 Market Overview
ā8.2 Historic and Forecasted Market Size By Type
āā8.2.1 Polylactic Acid [PLA]
āā8.2.2 Polybutylene Adipate Terephthalate [PBAT]
āā8.2.3 Polybutylene Succinate [PBS]
āā8.2.4 Polyhydroxyalkanoates [PHA]
āā8.2.5 Starch Blends
āā8.2.6 Others
ā8.3 Historic and Forecasted Market Size By Application
āā8.3.1 Packaging
āā8.3.2 Agriculture
āā8.3.3 Consumer Durable
āā8.3.4 Textile
āā8.3.5 Others
Chapter 9: North America Biodegradable Plastics Market Analysis, Insights and Forecast, 2017-2032
ā9.1 Key Market Trends, Growth Factors and Opportunities
ā9.2 Impact of Covid-19
ā9.3 Key Players
ā9.4 Key Market Trends, Growth Factors and Opportunities
ā9.4 Historic and Forecasted Market Size By Type
āā9.4.1 Polylactic Acid [PLA]
āā9.4.2 Polybutylene Adipate Terephthalate [PBAT]
āā9.4.3 Polybutylene Succinate [PBS]
āā9.4.4 Polyhydroxyalkanoates [PHA]
āā9.4.5 Starch Blends
āā9.4.6 Others
ā9.5 Historic and Forecasted Market Size By Application
āā9.5.1 Packaging
āā9.5.2 Agriculture
āā9.5.3 Consumer Durable
āā9.5.4 Textile
āā9.5.5 Others
ā9.6 Historic and Forecast Market Size by Country
āā9.6.1 U.S.
āā9.6.2 Canada
āā9.6.3 Mexico
Chapter 10: Europe Biodegradable Plastics Market Analysis, Insights and Forecast, 2017-2032
ā10.1 Key Market Trends, Growth Factors and Opportunities
ā10.2 Impact of Covid-19
ā10.3 Key Players
ā10.4 Key Market Trends, Growth Factors and Opportunities
ā10.4 Historic and Forecasted Market Size By Type
āā10.4.1 Polylactic Acid [PLA]
āā10.4.2 Polybutylene Adipate Terephthalate [PBAT]
āā10.4.3 Polybutylene Succinate [PBS]
āā10.4.4 Polyhydroxyalkanoates [PHA]
āā10.4.5 Starch Blends
āā10.4.6 Others
ā10.5 Historic and Forecasted Market Size By Application
āā10.5.1 Packaging
āā10.5.2 Agriculture
āā10.5.3 Consumer Durable
āā10.5.4 Textile
āā10.5.5 Others
ā10.6 Historic and Forecast Market Size by Country
āā10.6.1 Germany
āā10.6.2 U.K.
āā10.6.3 France
āā10.6.4 Italy
āā10.6.5 Russia
āā10.6.6 Spain
āā10.6.7 Rest of Europe
Chapter 11: Asia-Pacific Biodegradable Plastics Market Analysis, Insights and Forecast, 2017-2032
ā11.1 Key Market Trends, Growth Factors and Opportunities
ā11.2 Impact of Covid-19
ā11.3 Key Players
ā11.4 Key Market Trends, Growth Factors and Opportunities
ā11.4 Historic and Forecasted Market Size By Type
āā11.4.1 Polylactic Acid [PLA]
āā11.4.2 Polybutylene Adipate Terephthalate [PBAT]
āā11.4.3 Polybutylene Succinate [PBS]
āā11.4.4 Polyhydroxyalkanoates [PHA]
āā11.4.5 Starch Blends
āā11.4.6 Others
ā11.5 Historic and Forecasted Market Size By Application
āā11.5.1 Packaging
āā11.5.2 Agriculture
āā11.5.3 Consumer Durable
āā11.5.4 Textile
āā11.5.5 Others
ā11.6 Historic and Forecast Market Size by Country
āā11.6.1 China
āā11.6.2 India
āā11.6.3 Japan
āā11.6.4 Singapore
āā11.6.5 Australia
āā11.6.6 New Zealand
āā11.6.7 Rest of APAC
Chapter 12: Middle East & Africa Biodegradable Plastics Market Analysis, Insights and Forecast, 2017-2032
ā12.1 Key Market Trends, Growth Factors and Opportunities
ā12.2 Impact of Covid-19
ā12.3 Key Players
ā12.4 Key Market Trends, Growth Factors and Opportunities
ā12.4 Historic and Forecasted Market Size By Type
āā12.4.1 Polylactic Acid [PLA]
āā12.4.2 Polybutylene Adipate Terephthalate [PBAT]
āā12.4.3 Polybutylene Succinate [PBS]
āā12.4.4 Polyhydroxyalkanoates [PHA]
āā12.4.5 Starch Blends
āā12.4.6 Others
ā12.5 Historic and Forecasted Market Size By Application
āā12.5.1 Packaging
āā12.5.2 Agriculture
āā12.5.3 Consumer Durable
āā12.5.4 Textile
āā12.5.5 Others
ā12.6 Historic and Forecast Market Size by Country
āā12.6.1 Turkey
āā12.6.2 Saudi Arabia
āā12.6.3 Iran
āā12.6.4 UAE
āā12.6.5 Africa
āā12.6.6 Rest of MEA
Chapter 13: South America Biodegradable Plastics Market Analysis, Insights and Forecast, 2017-2032
ā13.1 Key Market Trends, Growth Factors and Opportunities
ā13.2 Impact of Covid-19
ā13.3 Key Players
ā13.4 Key Market Trends, Growth Factors and Opportunities
ā13.4 Historic and Forecasted Market Size By Type
āā13.4.1 Polylactic Acid [PLA]
āā13.4.2 Polybutylene Adipate Terephthalate [PBAT]
āā13.4.3 Polybutylene Succinate [PBS]
āā13.4.4 Polyhydroxyalkanoates [PHA]
āā13.4.5 Starch Blends
āā13.4.6 Others
ā13.5 Historic and Forecasted Market Size By Application
āā13.5.1 Packaging
āā13.5.2 Agriculture
āā13.5.3 Consumer Durable
āā13.5.4 Textile
āā13.5.5 Others
ā13.6 Historic and Forecast Market Size by Country
āā13.6.1 Brazil
āā13.6.2 Argentina
āā13.6.3 Rest of SA
Chapter 14 Investment Analysis
Chapter 15 Analyst Viewpoint and Conclusion
Global Biodegradable Plastics Market |
|||
Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 4.41 Bn. |
Forecast Period 2024-32 CAGR: |
8% |
Market Size in 2032: |
USD 8.89 Bn. |
Segments Covered: |
By Type |
|
|
By Application |
|
||
By Region |
|
||
Key Market Drivers: |
|
||
Key Market Restraints: |
|
||
Key Opportunities: |
|
||
Companies Covered in the report: |
|
Frequently Asked Questions :
The forecast period in the Biodegradable Plastics Market research report is 2024-2032.
BASF SE, Dow Inc., Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Mitsubishi Chemical Holdings, Eastman Chemical Company, Danimer Scientific, and other major players.
The Biodegradable Plastics Market is segmented into Type, Application, and region. By Type, the market is categorized into Polylactic Acid [PLA], Polybutylene Adipate Terephthalate [PBAT], Polybutylene Succinate [PBS], Polyhydroxyalkanoates [PHA], Starch Blends, and Others. By Application, the market is categorized into Packaging, Agriculture, Consumer Durable, Textile, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
Biodegradable plastics are produced with microorganisms, renewable raw materials, and petrochemicals. Additionally, the potential of biodegradable plastics and more particularly that of polymers obtained from renewable resources such as polysaccharides (e.g., starch) have long been acknowledged.
The Biodegradable Plastics Market was valued at USD 3.78 Billion in 2021 and is projected to reach USD 6.48 Billion by 2028, growing at a CAGR of 8% from 2022 to 2028.