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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Biodegradable Plastics Market: By Product, By Application, and Geography
Biodegradable Plastics Market: By Product, By Application, and Geography
Biodegradable Plastics Market size was valued at US$ 2.76 billion in 2022. It is expected to reach US$ 8.42 billion by 2028, at a CAGR of 19.2% from 2023-2029. Biodegradable polymers are those that break down into water, carbon dioxide, and biomass when exposed to living creatures, most commonly bacteria. Petrochemicals, microorganisms, renewable raw materials, or mixtures of all three are frequently used to make biodegradable polymers. Although they have certain similarities, the terms bioplastic and biodegradable plastic are not interchangeable.
Certain biodegradable plastics are totally petroleum-based, and not all bioplastic plastics made partially or entirely from biomass are biodegradable. Solutions like employing bioplastics are being researched and used increasingly frequently as businesses want to project a green image. There is significant disagreement over what constitutes a bioplastic. The term is widely used to describe a broad spectrum of varied products that can be biobased, biodegradable, or both. Factors such as customers shifting preferences towards eco-friendly plastic products, rising demand for biodegradable plastics in agricultural and packaging sectors are fuelling the growth of the market. However, high cost of biodegradable plastics compared to that of conventional plastics and lack of technology are restricting the market growth.
Study Period
2024-2030Base Year
2023CAGR
19.2%Largest Market
Asia PacificFastest Growing Market
Asia-Pacific
Governments prohibiting the use of single-use plastic among public regarding ill-effects of plastic waste is stimulating market growth. The stringent regulations by various governments and federal agencies with an objective to reduce plastic waste and promote biodegradable plastics usage in packaging are boosting the demand of this market. The regulations related to green packaging is increasing. As a result, various FMCG companies are required to adopt biodegradable packaging to comply with the standards, which in turn, is propelling the growth of this market.
Asia Pacific accounted for larger revenue share in global Biodegradable Plastics market with considerable CAGR. XX. Asia Pacific witnessed steady growth in the market and the growth of this region is due to increasing disposable income of the people, easy accessibility of raw materials used to manufacture biodegradable plastics and India and China being the most promising economies in the world.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2022 |
US$ 2.76 billion |
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Market Size in 2028 |
US$ 8.42 billion |
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Market CAGR |
19.2% |
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By Type |
|
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By End-User |
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The biodegradable plastics market size was valued at US$ 2.76 billion in 2022
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
The biodegradable plastics market key players are Total Corbion PLA, Toray Industries, Plantic Technologies, Novamont S.P.A., Mitsubishi Chemical Corporation
| 1. Executive Summary |
| 2. Biodegradable Plastics Market Introduction |
| 2.1. Biodegradable Plastics Market Taxonomy |
| 2.2. Biodegradable Plastics Market Definitions |
| 2.2.1. By Product |
| 2.2.2. By Application |
| 3. Biodegradable Plastics Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Biodegradable Plastics Market Dynamic Factors - Impact Analysis |
| 3.6. Biodegradable Plastics Market Competition Landscape |
| 4. Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 |
| 4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Biodegradable Plastics Market, By Product, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1. PLA |
| 5.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. PHA |
| 5.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. PBS |
| 5.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. PBAT |
| 5.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Starch Based |
| 5.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Polycaprolactone |
| 5.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 5.7. others |
| 5.7.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 5.7.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.7.3. Market Opportunity Analysis |
| 6. Biodegradable Plastics Market Forecast, By Application, 2018 - 2022 and Forecast, 2023 - 2029 |
| 6.1. Packaging |
| 6.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Consumer Goods |
| 6.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Textiles |
| 6.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Agriculture & Horticulture |
| 6.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Others |
| 6.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 6.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7. Biodegradable Plastics Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1. Indonesia |
| 7.1.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Philippines |
| 7.2.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Singapore |
| 7.3.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Thailand & Vietnam |
| 7.4.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Malaysia |
| 7.5.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Rest of SEA |
| 7.6.1. Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.6.3. Market Opportunity Analysis |
| 7.7. Biodegradable Plastics Market - Opportunity Analysis Index, By Product, Application, and Country, 2023 - 2029 |
| 8. Indonesia Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 8.1. By Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. PLA |
| 8.1.2. PHA |
| 8.1.3. PBS |
| 8.1.4. PBAT |
| 8.1.5. Starch Based |
| 8.1.6. Polycaprolactone |
| 8.1.7. others |
| 8.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 8.2.1. Packaging |
| 8.2.2. Consumer Goods |
| 8.2.3. Textiles |
| 8.2.4. Agriculture & Horticulture |
| 8.2.5. Others |
| 8.3. Indonesia Biodegradable Plastics Market - Opportunity Analysis Index, By Product and Application, 2023 - 2029 |
| 8.4. Indonesia Biodegradable Plastics Market Dynamics Trends |
| 9. Philippines Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 9.1. By Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. PLA |
| 9.1.2. PHA |
| 9.1.3. PBS |
| 9.1.4. PBAT |
| 9.1.5. Starch Based |
| 9.1.6. Polycaprolactone |
| 9.1.7. others |
| 9.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 9.2.1. Packaging |
| 9.2.2. Consumer Goods |
| 9.2.3. Textiles |
| 9.2.4. Agriculture & Horticulture |
| 9.2.5. Others |
| 9.3. Philippines Biodegradable Plastics Market - Opportunity Analysis Index, By Product and Application, 2023 - 2029 |
| 9.4. Philippines Biodegradable Plastics Market Dynamics Trends |
| 10. Singapore Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 10.1. By Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. PLA |
| 10.1.2. PHA |
| 10.1.3. PBS |
| 10.1.4. PBAT |
| 10.1.5. Starch Based |
| 10.1.6. Polycaprolactone |
| 10.1.7. others |
| 10.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 10.2.1. Packaging |
| 10.2.2. Consumer Goods |
| 10.2.3. Textiles |
| 10.2.4. Agriculture & Horticulture |
| 10.2.5. Others |
| 10.3. Singapore Biodegradable Plastics Market - Opportunity Analysis Index, By Product and Application, 2023 - 2029 |
| 10.4. Singapore Biodegradable Plastics Market Dynamics Trends |
| 11. THAILAND & VIETNAM Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 11.1. By Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. PLA |
| 11.1.2. PHA |
| 11.1.3. PBS |
| 11.1.4. PBAT |
| 11.1.5. Starch Based |
| 11.1.6. Polycaprolactone |
| 11.1.7. others |
| 11.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 11.2.1. Packaging |
| 11.2.2. Consumer Goods |
| 11.2.3. Textiles |
| 11.2.4. Agriculture & Horticulture |
| 11.2.5. Others |
| 11.3. THAILAND & VIETNAM Biodegradable Plastics Market - Opportunity Analysis Index, By Product and Application, 2023 - 2029 |
| 11.4. THAILAND & VIETNAM Biodegradable Plastics Market Dynamics Trends |
| 12. Malaysia Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 12.1. By Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. PLA |
| 12.1.2. PHA |
| 12.1.3. PBS |
| 12.1.4. PBAT |
| 12.1.5. Starch Based |
| 12.1.6. Polycaprolactone |
| 12.1.7. others |
| 12.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 12.2.1. Packaging |
| 12.2.2. Consumer Goods |
| 12.2.3. Textiles |
| 12.2.4. Agriculture & Horticulture |
| 12.2.5. Others |
| 12.3. Malaysia Biodegradable Plastics Market - Opportunity Analysis Index, By Product and Application, 2023 - 2029 |
| 12.4. Malaysia Biodegradable Plastics Market Dynamics Trends |
| 13. Rest of SEA Biodegradable Plastics Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn) |
| 13.1. By Product Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1. PLA |
| 13.1.2. PHA |
| 13.1.3. PBS |
| 13.1.4. PBAT |
| 13.1.5. Starch Based |
| 13.1.6. Polycaprolactone |
| 13.1.7. others |
| 13.2. Application Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) |
| 13.2.1. Packaging |
| 13.2.2. Consumer Goods |
| 13.2.3. Textiles |
| 13.2.4. Agriculture & Horticulture |
| 13.2.5. Others |
| 13.3. Rest of SEA Biodegradable Plastics Market - Opportunity Analysis Index, By Product and Application, 2023 - 2029 |
| 13.4. Rest of SEA Biodegradable Plastics Market Dynamics Trends |
| 14. Competition Landscape |
| 14.1. Strategic Dashboard of Top Market Players |
| 14.2. Company Profiles (Introduction, Financial Analysis, Application & Service Offerings, Key Developments, Strategies, and SWOT Analysis) |
| 14.2.1. NatureWorks |
| 14.2.2. BASF SE |
| 14.2.3. Total Corbion PLA |
| 14.2.4. Mitsubishi Chemical Corporation |
| 14.2.5. Biome Bioplastics |
| 14.2.6. Bio-On |
| 14.2.7. Novamont S.P.A |
| 14.2.8. Plantic Technologies |
| 14.2.9. Danimer Scientific |
| 14.2.10. Toray Industries |
| 15. Research Methodology |
| 16. Key Assumptions and Acronyms |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.