PUBLISHER: IMARC | PRODUCT CODE: 1379106
PUBLISHER: IMARC | PRODUCT CODE: 1379106
Biodegradable Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Abstract
The global biodegradable plastic market size reached US$ 4.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2022-2028. The escalating environmental concerns among consumers, increasing demand for eco-friendly packaging, and the implementation of favorable government policies represent some of the key factors driving the market.
Biodegradable plastic is a material that decomposes through the action of bacteria, fungi, or other microorganisms into water, carbon dioxide, and biomass. It can break down within a few months to a few years, depending on the type of plastic and the conditions in which it is disposed. There are numerous types of biodegradable plastics available, each with its unique properties and decomposition mechanisms. Some of these are made from plant-based materials, including cornstarch or sugarcane, while others are made from synthetic polymers that are designed to decompose under specific environmental conditions, such as exposure to sunlight, high temperatures, or access to oxygen. Biodegradable plastics are extensively used across the packaging, agriculture, medical, and consumer goods industry.
Biodegradable Plastic Market Trends:
The changing consumer preferences toward eco-friendly products due to the escalating awareness of the environmental impact of traditional plastic represents one of the primary factors driving the market growth. In line with this, the widespread product adoption as they help reduce the quantity of plastic waste in landfills and oceans and the overall carbon footprint of plastic production, which is aiding in market expansion. Moreover, the introduction of numerous government regulations banning single-use plastic products such as cutlery, straws, and food containers, among others, and promoting the adoption of biodegradable plastics is creating a favorable outlook for the market. Additionally, the implementation of high standards and the advent of certification systems to manage the quality of products is contributing to the market growth. In addition to this, the rising demand for eco-friendly packaging solutions, such as biodegradable plastic from the food and beverage (F&B) industry, is providing lucrative opportunities for market growth. Concurrent with this, the expanding product utilization in agriculture and horticulture applications, such as manufacturing mulching films and plant pots, is acting as another significant growth-inducing factor. Furthermore, ongoing technological advancements enabling more durable and cost-effective product variants and the easy availability of cost-effective and more sustainable bio-based materials over petroleum-based plastics are strengthening the market growth. Other factors, such as the rise in demand for convenience and ready-to-eat (RTE) food products, the proliferation of numerous online food delivery platforms, and the innovative advancements in waste management technologies, are positively impacting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global biodegradable plastic market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and end use.
Type Insights:
Starch-based
PLA
PBS
PBAT
PHA
Others
The report has provided a detailed breakup and analysis of the biodegradable plastic market based on the type. This includes starch-based, PLA, PBS, PBAT, PHA, and others. According to the report, starch-based biodegradable plastic represented the largest segment.
End Use Insights:
Packaging
Agriculture
Consumer Goods
Others
A detailed breakup and analysis of the biodegradable plastic market based on the end use has also been provided in the report. This includes packaging, agriculture, consumer goods, and others. According to the report, packaging accounted for the largest market share.
Regional Insights:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Europe was the largest market for biodegradable plastic. Some of the factors driving the Europe biodegradable plastic market included the rising awareness about the environmental impact of plastic, the growing demand for eco-friendly packaging, and the implementation of stringent government regulations.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global biodegradable plastic market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include BASF SE, Biome Technologies plc, Bio-on S.p.A., Corbion N.V., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC (Cargill Incorporated), Novamont S.p.A., Plantic Technologies Limited (KURARAY CO. LTD.), Toray Industries Inc. and Total Corbion PLA. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
- 1. What was the size of the global biodegradable plastic market in 2022?
- 2. What is the expected growth rate of the global biodegradable plastic market during 2023-2028?
- 3. What has been the impact of COVID-19 on the global biodegradable plastic market?
- 4. What are the key factors driving the global biodegradable plastic market?
- 5. What is the breakup of the global biodegradable plastic market based on the type?
- 6. What is the breakup of the global biodegradable plastic market based on the end use?
- 7. What are the key regions in the global biodegradable plastic market?
- 8. Who are the key players/companies in the global biodegradable plastic market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Biodegradable Plastic Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Starch-based
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 PLA
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 PBS
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 PBAT
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 PHA
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Others
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
7 Market Breakup by End Use
- 7.1 Packaging
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Agriculture
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Consumer Goods
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Others
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
8 Market Breakup by Region
- 8.1 North America
- 8.1.1 United States
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 Canada
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.1.1 United States
- 8.2 Asia-Pacific
- 8.2.1 China
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Japan
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.3 India
- 8.2.3.1 Market Trends
- 8.2.3.2 Market Forecast
- 8.2.4 South Korea
- 8.2.4.1 Market Trends
- 8.2.4.2 Market Forecast
- 8.2.5 Australia
- 8.2.5.1 Market Trends
- 8.2.5.2 Market Forecast
- 8.2.6 Indonesia
- 8.2.6.1 Market Trends
- 8.2.6.2 Market Forecast
- 8.2.7 Others
- 8.2.7.1 Market Trends
- 8.2.7.2 Market Forecast
- 8.2.1 China
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 France
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 United Kingdom
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Italy
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Spain
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Russia
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.3.1 Germany
- 8.4 Latin America
- 8.4.1 Brazil
- 8.4.1.1 Market Trends
- 8.4.1.2 Market Forecast
- 8.4.2 Mexico
- 8.4.2.1 Market Trends
- 8.4.2.2 Market Forecast
- 8.4.3 Others
- 8.4.3.1 Market Trends
- 8.4.3.2 Market Forecast
- 8.4.1 Brazil
- 8.5 Middle East and Africa
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Country
- 8.5.3 Market Forecast
9 SWOT Analysis
- 9.1 Overview
- 9.2 Strengths
- 9.3 Weaknesses
- 9.4 Opportunities
- 9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 BASF SE
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.1.3 Financials
- 13.3.1.4 SWOT Analysis
- 13.3.2 Biome Technologies plc
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.2.3 Financials
- 13.3.3 Bio-on S.p.A.
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.4 Corbion N.V.
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.4.3 Financials
- 13.3.5 Danimer Scientific
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.6 Eastman Chemical Company
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.6.3 Financials
- 13.3.6.4 SWOT Analysis
- 13.3.7 Mitsubishi Chemical Corporation
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.7.3 Financials
- 13.3.7.4 SWOT Analysis
- 13.3.8 NatureWorks LLC (Cargill Incorporated)
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.9 Novamont S.p.A.
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.10 Plantic Technologies Limited (KURARAY CO. LTD.)
- 13.3.10.1 Company Overview
- 13.3.10.2 Product Portfolio
- 13.3.11 Toray Industries Inc.
- 13.3.11.1 Company Overview
- 13.3.11.2 Product Portfolio
- 13.3.11.3 Financials
- 13.3.11.4 SWOT Analysis
- 13.3.12 Total Corbion PLA
- 13.3.12.1 Company Overview
- 13.3.12.2 Product Portfolio
- 13.3.1 BASF SE
List of Figures
- Figure 1: Global: Biodegradable Plastic Market: Major Drivers and Challenges
- Figure 2: Global: Biodegradable Plastic Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Biodegradable Plastic Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Biodegradable Plastic Market: Breakup by Type (in %), 2022
- Figure 5: Global: Biodegradable Plastic Market: Breakup by End Use (in %), 2022
- Figure 6: Global: Biodegradable Plastic Market: Breakup by Region (in %), 2022
- Figure 7: Global: Biodegradable Plastic (Starch-based) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 8: Global: Biodegradable Plastic (Starch-based) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 9: Global: Biodegradable Plastic (PLA) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 10: Global: Biodegradable Plastic (PLA) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 11: Global: Biodegradable Plastic (PBS) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 12: Global: Biodegradable Plastic (PBS) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 13: Global: Biodegradable Plastic (PBAT) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 14: Global: Biodegradable Plastic (PBAT) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 15: Global: Biodegradable Plastic (PHA) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 16: Global: Biodegradable Plastic (PHA) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 17: Global: Biodegradable Plastic (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 18: Global: Biodegradable Plastic (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 19: Global: Biodegradable Plastic (Packaging) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 20: Global: Biodegradable Plastic (Packaging) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 21: Global: Biodegradable Plastic (Agriculture) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 22: Global: Biodegradable Plastic (Agriculture) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 23: Global: Biodegradable Plastic (Consumer Goods) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 24: Global: Biodegradable Plastic (Consumer Goods) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 25: Global: Biodegradable Plastic (Other End Uses) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 26: Global: Biodegradable Plastic (Other End Uses) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 27: North America: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 28: North America: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 29: United States: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 30: United States: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 31: Canada: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 32: Canada: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 33: Asia-Pacific: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 34: Asia-Pacific: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 35: China: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 36: China: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 37: Japan: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 38: Japan: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 39: India: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 40: India: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 41: South Korea: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 42: South Korea: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 43: Australia: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 44: Australia: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 45: Indonesia: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 46: Indonesia: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 47: Others: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 48: Others: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 49: Europe: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 50: Europe: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 51: Germany: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 52: Germany: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 53: France: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 54: France: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 55: United Kingdom: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 56: United Kingdom: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 57: Italy: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 58: Italy: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 59: Spain: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 60: Spain: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 61: Russia: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 62: Russia: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 63: Others: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 64: Others: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 65: Latin America: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 66: Latin America: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 67: Brazil: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 68: Brazil: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 69: Mexico: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 70: Mexico: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 71: Others: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 72: Others: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 73: Middle East and Africa: Biodegradable Plastic Market: Sales Value (in Million US$), 2017 & 2022
- Figure 74: Middle East and Africa: Biodegradable Plastic Market: Breakup by Country (in %), 2022
- Figure 75: Middle East and Africa: Biodegradable Plastic Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 76: Global: Biodegradable Plastic Industry: SWOT Analysis
- Figure 77: Global: Biodegradable Plastic Industry: Value Chain Analysis
- Figure 78: Global: Biodegradable Plastic Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Biodegradable Plastic Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Biodegradable Plastic Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Biodegradable Plastic Market Forecast: Breakup by End Use (in Million US$), 2023-2028
- Table 4: Global: Biodegradable Plastic Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 5: Global: Biodegradable Plastic Market: Competitive Structure
- Table 6: Global: Biodegradable Plastic Market: Key Players
