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Biodegradable Plastic Market size was valued at USD 7.7 billion in 2019 and is poised to grow from USD 9.62 billion in 2023 to USD 71.14 billion by 2031, growing at a CAGR of 24.9% in the forecast period (2024-2031).

The biodegradable plastic market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players in the biodegradable plastic market are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of biodegradable plastic platforms. 'BASF SE', 'NatureWorks LLC', 'Novamont S.p.A.', 'Corbion N.V.', 'Mitsubishi Chemical Corporation', 'Biome Bioplastics Ltd.', 'Danimer Scientific, Inc.', 'Bio-On S.p.A.', 'Plantic Technologies Limited', 'Fkur Kunststoff GmbH', 'API S.p.A.', 'Total Corbion PLA (formerly known as Purac Biochem B.V.)', 'Synbra Technology BV', 'Tianan Biologic Material Co., Ltd.', 'Innovia Films Limited', 'Arkema S.A.', 'FKuR Kunststoff GmbH', 'Kingfa Sci. & Tech. Co., Ltd.', 'Cardia Bioplastics Limited', 'Solanyl Biopolymers Inc.'

Increasing awareness about environment-friendly biodegradable plastics, favorable government policies, high consumer acceptance, legislative backing for developing degradable packaging materials, and availability of renewable raw material sources for production are some of the major factors driving growth of biodegradable plastic market. Many Developed and developing countries have already banned single-use plastic and are planning to impose stricter norms in the years to come. This banned has created an opportunity for the manufacturers to work towards more sustainable materials like biodegradable plastics.

Industry trends are shifting toward bio-based products to reduce dependence on non-biodegradable plastics. However, most of the manufacturers in industries such as consumer goods, packaging, textile and agriculture are shifting toward bio-based plastic due to stringent regulations enforced by the government. Such factors are largely impacting the growth of biodegradable plastic market.

As of 2021, Europe is dominating the biodegradable plastic market by the virtue of high awareness among people toward plastic waste and strict ban imposed by European Union on single-use plastics. Moreover, the regional market is witnessing a high demand for biodegradable plastics coming from conventional end-user industries, such as packaging, agriculture, and textile. On the other hand, Asia Pacific is anticipated growth at the fastest CAGR in the biodegradable plastic market.

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Global Biodegradable Plastic Market

Product ID: SQMIG15A2113