The increasing usage of agricultural products in the expanding food and beverage (F&B) industry is acting as another significant growth-inducing factor.
SHERIDAN, WY, USA, September 19, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, “Biodegradable Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the biodegradable plastic market size. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global biodegradable plastic market size reached US$ 4.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2027, exhibiting a growth rate (CAGR) of 9.43% during 2022-2027.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The market is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.
Biodegradable plastics are made utilizing petroleum-based sources and renewable raw materials, including corn, wheat, bamboo, sugarcane, etc. They are usually of various types, such as starch-based, polylactide (PLA), polybutylene succinate (PBS), etc. Biodegradable plastics are degraded by microorganisms, such as fungi and bacteria, into water, biomass, carbon dioxide (CO2), etc. As a result, they are used in numerous applications, from flexible packing materials for several food items to extruded, injection-molded in conventional machines. Presently, the excessive usage of disposable single-use plastics and their negative impact on the environment and human health are catalyzing the demand for biodegradable plastics across the globe.
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The rising product utilization in the agriculture and horticulture sectors for manufacturing mulching films and plant pots is among the key factors stimulating the biodegradable plastic market. Additionally, the increasing usage of agricultural products in the expanding food and beverage (F&B) industry is acting as another significant growth-inducing factor. Besides this, owing to inflating environmental concerns, the governing bodies of several countries are imposing bans on non-biodegradable plastics, which is also propelling the global market. Apart from this, the escalating awareness about the detrimental impact of plastics is further fueling the market growth. Moreover, the growing need for online food delivery applications and the rising sales of ready-to-eat (RTE) food items are also driving the global market. Furthermore, the elevating focus among various leading companies on shifting their production facilities of biodegradable polymers to emerging countries, on account of affordable human resources and the convenience of feedstock acquisition, is expected to positively influence the biodegradable plastic market over the forecasted period.
Key Players Included in Global Biodegradable Plastic Market Research Report:
• 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.
• Total Corbion PLA
Key Market Segmentation:
The report has segmented the global biodegradable plastic market report on the basis of type, End-use and country.
Breakup by Type:
Breakup by End Use:
• Consumer Goods
Breakup by Region:
• 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
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Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Browse More Reports:
India Green Packaging Market Size: https://bit.ly/3IYzdPM
Medical Plastics Market: The increasing environmental awareness has compelled key players to introduce medical plastics with enhanced biocompatibility, which is bolstering the market growth. Read More: https://bit.ly/3yMfn5o
United States Plastic Caps and Closure Market: The rising demand for non-carbonated beverages, alcoholic drinks, and packaged water, is driving the plastic caps and closure market across the U.S. Read More: https://bit.ly/3QTLxmE
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