Global Bioplastics Market Size, Share, Growth Analysis, By Product(Biodegradable and Non-Biodegradable), By Application(Packaging, Agriculture) - Industry Forecast 2024-2031

Global Bioplastics Market size was valued at USD 11615.5 billion in 2022 and is poised to grow from USD 13845.68 billion in 2023 to USD 56431.84 billion by 2031, growing at a CAGR of 19.20% during the forecast period (2024-2031).

Research is actively exploring innovative sources for plastic development, such as seaweeds, insects, and animals, surpassing conventional plastics in performance. While not all of them are biodegradable, a substantial portion exhibits rapid biodegradation. Biomass-based plastics are being promoted as a viable alternative to traditional fossil-based plastics, particularly in sectors like packaging, textiles, electrical components, automobile parts, and furniture. Industries are shifting their focus to the creation and utilization of biodegradable plastic grades due to stringent restrictions on non-renewable, single-use plastics imposed by various regulatory bodies. To ensure a sustainable future, extensive research is underway, involving both individuals and corporations, to develop environmentally-friendly plastics. Packmedia reports that East and Central Asia collectively represent 28% of the market. Europe has experienced a growth rate of +6.4% in sales and +1.6% in volume, with projected growth rates for 2022 at 2.9% and 2%, respectively, on a European scale.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Bioplastics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Bioplastics Market Segmental Analysis

Global Bioplastics Market is segmented on the basis of product, application and region. By product, the market is segmented into biodegradable and non-biodegradable. By application, market is segmented into packaging, agriculture, consumer goods, textile, automotive & transportation, building & construction, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Bioplastics Market

Biodegradable polymers have found diverse applications across various industries, with their most prominent use observed in the packaging sector, where they emulate the qualities of traditional counterparts in both rigid and flexible packaging. As global e-commerce activities surge, there is an anticipated heightened need for packaging materials in the future, making bio-based polymers a promising substitute for conventional plastics, contributing significantly to the reduction of plastic pollution. The food and pharmaceutical sectors are driving the demand for polymers derived from renewable feedstocks, particularly as the demand for ready-to-eat foods grows in developed and emerging economies. Manufacturers of such products actively seek packaging materials that are not only safe and inert to the contents but also environmentally friendly. These strategic product choices are expected to propel the global bioplastics market share.

Restraints in the Global Bioplastics Market

While biodegradability presents a notable advantage, the majority of bioplastic grades necessitate intricate industrial composting methods for proper disintegration, and only a handful of nations possess the requisite equipment for processing these materials. Consequently, there is a risk of these bioplastics ending up in landfills or contaminating recycling streams, resulting in environmental harm. The disposal of such polymers requires a separate process, leading to an increased overall product cost. Moreover, the cultivation of feedstock crops essential for biodegradable plastic production competes with global food production, as these crops are traditionally used as food sources. According to the Plastic Pollution Coalition, meeting the current global demand for bioplastics would require 13,800 square kilometers of land, exceeding the combined area of Belgium, the Netherlands, and Denmark. These factors contribute to the elevated cost of biodegradable plastics compared to traditional counterparts, with Columbia University's Earth Institute highlighting that PLA, for instance, can be 20-50% more expensive due to the complex process involved in converting corn and sugarcane into lactide monomers for its production.

Market Trends of the Global Bioplastics Market

Numerous prominent corporations are actively engaging in the advancement of bioplastics through substantial investments in research and development, alongside efforts to expand their production capabilities. This concerted push is anticipated to result in a reduction in the overall cost of bioplastics, consequently fostering their wider accessibility across diverse applications.