Bioplastics Market is expected to grow at a CAGR of 20.1% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Bioplastics Market size was valued at USD 10.2 billion in 2023 growing at a CAGR of 20.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Bioplastics Market size accounted for USD 10.2 Billion in 2023, growing at a CAGR of 20.1% from 2023 to 2033. Bioplastics are a type of plastic material derived from renewable biomass sources, such as plant starches, agricultural byproducts, or microorganisms. Unlike traditional plastics, which are derived from fossil fuels, bioplastics are considered more environmentally friendly because they are made from renewable resources and have the potential to reduce dependence on non-renewable resources.

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The increasing awareness of environmental issues, such as plastic pollution and the depletion of fossil fuels, has led to a growing demand for sustainable alternatives. Bioplastics offer a more eco-friendly option compared to traditional plastics. Governments and regulatory bodies around the world are implementing policies and regulations to reduce plastic waste and promote sustainable practices. This includes incentives and regulations that favor the use of bioplastics over conventional plastics. As consumers become more environmentally conscious, there is a rising preference for products that are perceived as sustainable and environmentally friendly. Bioplastics, being derived from renewable sources, align with this consumer sentiment. Ongoing research and development efforts in the field of bioplastics have led to technological advancements, making these materials more versatile, cost-effective, and suitable for a wider range of applications.

Key Players
Some of the major Bioplastics Market players holding high market shares include BASF SE, Biome Technologies Plc., CJ CheilJedang Corp. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Corbion N.V., Danimer Scientific, Dow Inc., Eastman Chemical Company, Kuraray Co. Ltd., LG Chem, Mitsubishi Chemical Holdings, Novamont S.P.A and SKC

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Segmental Analysis
Based on type, the Bioplastics market is segmented into Biodegradable Plastic and Non-biodegradable Plastic. The largest segment of the bioplastics market is biodegradable plastic. This is due to the increasing demand for sustainable packaging solutions, as well as growing concerns about the environmental impact of conventional plastics. Biodegradable plastics are derived from renewable resources and can break down into harmless substances over time, making them a more environmentally friendly alternative to traditional plastics.
Based on Application, the Bioplastics market is a Flexible Packaging, Rigid Packaging, Textiles, Coating and adhesives, Agriculture and horticulture, Consumer Goods, and Others. The largest segment of the bioplastics market is flexible packaging. This is due to the wide range of applications for flexible packaging, such as food packaging, beverage packaging, and personal care products. Flexible packaging is also relatively lightweight and cost-effective, making it an attractive option for many industries

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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