Report ID: SQMIG15A2253
Report ID:
SQMIG15A2253 |
Region:
Global |
Published Date: August, 2024
Pages:
184
|
Tables:
65 |
Figures:
77
The Global Bioplastics Market size was valued at USD 11.6 Billion in 2022 and is poised to grow from USD 13.83 Billion in 2023 to USD 56.36 Billion by 2031, at a CAGR of 19.20% over the forecast period (2024–2031).
The bioplastics market is driven by a rise in demand for sustainable plastics by the packaging industry. Biodegradable polymers are used for several applications, but most importantly they are used in the packaging sector. With the rise in the commercial industry, packaging has become the most essential part. Bio-based polymers can replace plastic, therefore reducing plastic pollution. Further, the growing demand for compostable plastics to enhance the quality of the soil boosts the market growth.
Plastics finds wide applications in agriculture and horticulture. They are used in manufacturing greenhouses, silos, and storage bags. In addition, the F&B industry is witnessing an increase in demand for polymers based on renewable feedstock. Besides, the demand for ready-to-eat food has grown in developed and developing economies. Consequently, manufacturers of these products are striving hard to identify packaging materials that are safe and have little to no impact on the environment. These product strategies are expected to increase the global market share of bioplastics.
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Report ID: SQMIG15A2253