The biobased biodegradable plastic market is expected to be valued at US$ 5.2 billion in 2023. The market is predicted to expand at a 10% CAGR from 2023 to 2033, reaching US$ 13.6 billion by 2033.
The global push towards sustainability and environmental responsibility has propelled the biobased biodegradable plastic market into the spotlight. As concerns about plastic pollution and the depletion of fossil fuels rise, industries and consumers alike are seeking alternatives that can mitigate these issues without compromising functionality or convenience. Biobased biodegradable plastics offer a promising solution by providing materials derived from renewable resources that can decompose naturally, reducing the burden on landfills and ecosystems.
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Key Drivers:
- Environmental Concerns: Rising awareness about plastic pollution and its detrimental impact on ecosystems and human health is driving demand for biodegradable alternatives.
- Regulatory Support: Governments worldwide are implementing policies and regulations to encourage the adoption of biobased biodegradable plastics and reduce reliance on fossil fuels.
- Consumer Preference: Consumers are actively seeking products that align with their values of sustainability and environmental responsibility, driving demand for eco-friendly packaging and products.
Key Takeaways
- The United States is estimated to be valued at US$ 1.2 billion by 2033.
- The market in the United Kingdom is predicted to expand at a 9.6% CAGR from 2023 to 2033.
- The biobased biodegradable plastic market in the United Kingdom is projected to reach US$ 400 million by 2033.
- The biobased biodegradable plastic market in China is anticipated to be worth US$ 1.4 billion.
- The market in China is expected to record a CAGR of 10.1% through 2033.
“Partnership between the public and business sectors is going to encourage research and provide a steady supply of novel biodegradable products. Market dominance in emerging nations, combined with increased awareness of ecological issues globally, is expected to fuel market growth,” says an FMI analyst.
Competitive Landscape
Competitiveness in the market fluctuates from minimal to considerable depending on area. Because of the enormous number of participants in Europe and North America, competition is moderate. On the other hand, due to limited market participants, competition in Asia Pacific is minimal.
Key market players are investing heavily in research and development to introduce revolutionary biodegradable plastic materials that are both sturdy and easily recyclable in the natural environment.
- Futerro declared plans in December 2022 to build an initial vertically linked biorefinery in Europe in Normandy, France, for the manufacture and reusing of PLA.
- NatureWorks held a ceremony in February 2023 to commemorate the completion of the organization’s Ingeo PLA production complex in Thailand.
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Biobased Biodegradable Plastic Market Segmentation
Future Market Insights, in its new offering, presents an unbiased analysis of the global biobased biodegradable plastic market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by Product Type (polyester, starch blends, poly lactic acid (PLA), cellulose, polyhydroxyalkanoate), Application (packaging, fibers, healthcare, agriculture, others), and Region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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