Biodegradable Plastics Market: By Product (PLA, PHA, PBS, PBAT, Starch Based, Polycaprolactone, Others), By Application (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture, Others), and Geography  

Biodegradable Plastics Market size was valued at USD 2.76 billion in 2022. It is expected to reach USD 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.