The market size of bioplastics& biopolymers is estimated at USD 6.95 billion in 2018 and is projected to reach USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023.
Growing consumption of bioplastics & biopolymers in the packaging industry, growing demand for bioplastics, and increasing environmental awareness drive the bioplastics & biopolymers market, globally.
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The use of bio-based products is expected to increase owing to the growing environmental regulations. Thus, the bioplastics & biopolymers market is expected to witness high growth during the forecast period. Moreover, various regulations, such as banning or implementing additional surcharges on the usage of conventional plastics in shopping bags, packaging materials, and disposables applications, discourage the use of conventional plastics. This factor help in promoting bio-based and biodegradable products, thereby driving the bioplastics & biopolymers market.
Non-biodegradable bioplastics & biopolymers is the fastest-growing type owing to their low price coupled with durability and robustness. These are used to substitute the plastics in applications such as shopping bags, food packaging, and disposables. Key end users are adopting these bioplastics to enhance their contribution to sustained growth. For instance, Coca-Cola introduced the Plant Bottle technology, where PET had been made from bio-based monoethylene glycol (from sugarcane) and terephthalic acid (from petrochemicals).
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Packaging is the fastest-growing end-use industry for bioplastics & biopolymers. The high growth in this segment is owing to the increasing use of bioplastics for manufacturing single-use compostable packaging materials including carry bags, food packaging, boxes, and laminating films. Bioplastics are widely used in food packaging, which is expected to witness a high growth potential during the forecast period.
APAC is the fastest-growing market for bioplastics & biopolymers. In this region, there has been an increase in the consumption of bioplastics & biopolymers because of new regulations as well as marketplace advertising. Government regulations in APAC regarding the ban on plastic bags and global warming initiatives are also driving the market. In APAC, the market in China is expected to grow rapidly due to new capacity additions and government legislation. The consumer awareness regarding sustainable plastics along with the pressure from retailers contributes to the rising demand for bioplastics.
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