The biobased biodegradable plastic market is projected to be valued at USD 5.2 billion in 2023, with expectations to grow at a 10% CAGR from 2023 to 2033, reaching USD 13.6 billion by 2033.
The rising public awareness of plastic waste and its detrimental environmental impact has boosted the popularity of biobased biodegradable polymers. Consumers and businesses are increasingly seeking sustainable alternatives to reduce plastic waste and safeguard the environment.
Globally, stringent laws and regulatory frameworks banning single-use plastics and promoting the use of biodegradable materials are key drivers of market growth. Compliance with these regulations compels companies to adopt biobased biodegradable polymers for various applications.
Additionally, many corporations are integrating biobased biodegradable polymers into their corporate social responsibility programs. Adopting sustainable practices not only enhances a brand’s reputation but also meets the demands of environmentally conscious customers.
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Persistent bioplastic technological advancement is resulting in the invention of new and affordable recyclable materials. Manufacturing methods and material composition breakthroughs have broadened the practical usage of biobased biodegradable polymers.
Client preferences are evolving, and there is a burgeoning eco-conscious customer base. Customers favor biodegradable plastic in items and packaging, prompting businesses to spend on those substances and fueling market growth.
Sustainability issues, tough restrictions, and customer preference for environment-friendly alternatives are driving considerable growth in the biobased biodegradable plastic industry in the United States.
The market has been propelled further by increasing public consciousness of plastic waste and an increasing focus on business sustainability practices.
The proactive involvement of the United Kingdom in Circular Economy frameworks has stimulated the emergence of bioplastic recycling facilities, offering new market prospects. Leading brands and retailers are switching to recyclable packaging, boosting the industry’s development.
Key Takeaways
- The United States will 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.
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“Partnership between the public and business sectors will 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 FMI analyst.
Competitive Landscape
Competitiveness in the market fluctuates from minimal to considerable depending on area. Competition is moderate because of the enormous number of participants in Europe and North America. 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 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, to manufacture and reuse PLA.
- NatureWorks held a ceremony in February 2023 to commemorate the completion of the organization’s Ingeo PLA production complex in Thailand.
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.
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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
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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