The global Biodegradable Plastic Packaging Market size is expected to reach USD 12.80 Billion in 2028 and register a revenue CAGR of 15.5% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by increasing utilization of Biodegradable Plastic Packaging across various end-use industries, owing to the surging need to minimize the rising amount of plastic waste. Also, rising concerns regarding environmental degradation due to the increasing utilization of plastics are set to propel growth. Indiscriminate disposal of plastics on land and open-air burning is resulting in the release of toxic chemicals into the air, thereby causing public health hazards. Environmental pollution by plastic waste is considered to be a major burden, especially in the aquatic environment. Biodegradable Plastic Packaging has the potential to create a fully sustainable and circular bioeconomy, which, in turn, is projected to drive revenue growth of the market during the forecast period.
Governments of many countries are introducing policies and subsidies which are aimed at supporting the usage of sustainable alternatives to fossil-based plastics. These policies and subsidies are helping biodegradable plastic producers to offer products at lower prices. The European Commission, for instance, has established strategies and directives to foster an effective transition to a greener and more sustainable economy. Some vital strategies supporting the utilization of Biodegradable Plastic Packaging in Europe are Circular Economy Action Plan and Updated Bioeconomy Strategy and Plastics Strategy. Similar supportive strategies by governments in other regions are expected to drive market growth during the forecast period.
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The leading companies operating in the global Biodegradable Plastic Packaging markets include NatureWorks, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Bio-On, Novamont S.P.A, Plantic Technologies, Danimer Scientific, and Toray Industries.
Biodegradable Plastic Packaging Market Segmentation:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
Starch Blends
Polylactic Acid (PLA)
Biodegradable Plastic Packagings
Polyhydroxyalkanoate (PHA)
Others
End-use Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
Packaging
Agriculture
Consumer Goods
Others
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Key Regional Markets:
North America
Europe
Asia Pacific
Latin America
Middle East Africa
Key questions addressed in the report:
What was the market size of the global Biodegradable Plastic Packaging markets in 2020?
Which key factors are expected to drive the global Biodegradable Plastic Packaging markets during the forecast period?
Which application segment is expected to register the fastest revenue CAGR over the forecast period?
Which factors are expected to hamper global market growth between 2021 and 2028?
Which regional market is expected to account for significant revenue share in the global Biodegradable Plastic Packaging markets over the forecast period?
Which region is expected to register the fastest revenue CAGR over the forecast period?
Which key players are operating in the global Biodegradable Plastic Packaging markets?
What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
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