Markets and Markets (M&M) anticipates that the global bioplastics & biopolymers market size is projected to grow from USD 10.7 billion in 2021 to USD 29.7 billion by 2026, at a CAGR of 22.7% between 2021 and 2026.
Bioplastics are plastics derived from renewable sources such as corn, potatoes, rice, soy, sugarcane, wheat, and vegetable oil, while biopolymers are naturally occurring polymers. A bioplastic may or may not be biodegradable
. Bioplastics are mainly segmented into biodegradable and non-biodegradable plastics for various applications in packaging, consumer goods, automotive & transportation, agriculture & horticulture, medical, and other end-use industries.
Packaging Segment Dominates the Market Biodegradable plastics
are the largest type segment in terms of value during the forecast period. Biodegradable polymers are high molecular weight compounds that decompose naturally in the environment through bacteria and other microorganisms over a span of time. The process produces natural byproducts, such as biomass, water, gases, and inorganic salts.
Biodegradable polymers are made from renewable sources such as corn oil, starch, orange peels, and plant materials and deteriorate into natural by-products. The growing concerns related to environmental pollution and non-renewable finite petroleum resources are leading to the increasing use of biodegradable bioplastics & biopolymers.
Packaging is one of the end-use industries that dominate the bioplastics & biopolymers market. Bioplastics, and especially biodegradable bioplastics, have increasing demand to replace conventional plastics
to address environmental concerns. The use of bioplastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service ware.
Highest Growth in APAC Region
APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia.
The growing population increased consumer spending, and rapid industrial expansion is the major factors responsible for the high growth rate of the region. Growing environmental concern and awareness along with increasing regulations are the key factors driving the demand for bioplastics & biopolymers. The manufacturers focus on the high-growth market to gain market share and increase their profitability.
Various Biodegradable Product RangeSource: Markets and Markets