The biobased biodegradable plastic market is projected to reach a value of USD 5.2 billion in 2023 and is expected to grow at a 10% CAGR from 2023 to 2033, reaching USD 13.6 billion by 2033.
The increasing awareness of plastic waste and its harmful environmental effects has led to a growing demand for biobased biodegradable polymers. Both consumers and businesses are seeking sustainable alternatives that reduce plastic waste and protect the environment.
Globally, stringent regulations and legal frameworks are restricting the use of single-use plastics and promoting biodegradable materials. Compliance with these regulations is a key driver, encouraging companies to adopt biobased biodegradable polymers for a range of applications.
Many companies are integrating biobased biodegradable polymers into their corporate social responsibility initiatives. Sustainable business practices not only enhance a brand’s reputation but also meet the demands of eco-conscious consumers.
Ongoing advancements in bioplastic technology are leading to the development of innovative, cost-effective recyclable materials. Breakthroughs in manufacturing processes and material composition are expanding the practical uses of biobased biodegradable polymers.
As consumer preferences shift, there is a growing base of environmentally aware customers. These consumers are increasingly opting for biodegradable plastics in products and packaging, prompting businesses to invest in sustainable materials and driving market growth.
Sustainability concerns, strict regulations, and a preference for eco-friendly alternatives are fueling significant growth in the biobased biodegradable plastic market in the United States.
In the United Kingdom, the market has been further stimulated by growing public awareness of plastic waste and a heightened focus on sustainability in business practices. The UK’s active participation in Circular Economy frameworks has spurred the development of bioplastic recycling facilities, creating new opportunities for the market. Major brands and retailers are transitioning to recyclable packaging, which is driving industry expansion.
Key Insights:
- The biobased biodegradable plastic market in the United States is expected to be valued at USD 1.2 billion by 2033.
- The market in the United Kingdom is forecasted to grow at a 9.6% CAGR from 2023 to 2033.
- The UK’s market for biobased biodegradable plastic is projected to reach USD 400 million by 2033.
- In China, the market is expected to be worth USD 1.4 billion by 2033.
- China’s market is anticipated to grow at a 10.1% CAGR through 2033.
Key Companies Profiled
- BASF SE
- Plantic Technologies
- Toray Industries
- Total Corbion PLA
- Natureworks
- Biome Bioplastic.
- Bio-On
- Mitsubishi Chemical Corporation
- Danimer Scientific
- Novamont S.P.A.
Segmentation Analysis of the Biobased Biodegradable Plastic Market
By Product Type:
- Polyester
- Starch blends
- Poly lactic acid (PLA)
- Cellulose
- Polyhydroxyalkanoate (PHA)
- Other biobased biodegradable plastic
By Application:
- Packaging
- Fibres
- Healthcare
- Agriculture
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/global-biobased-biodegradable-plastics-market
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