Global Bioplastics and Biopolymers Market to Reach $14.9 Billion by 2024

Bio-plastics are rapidly emerging as an effective alternative to traditional plastics for reducing pollution. These innovative materials can biodegrade in a short time, and are derived from organic, renewable sources like wastes in a cost-efficient manner. These materials can also be digested enzymatically by certain microorganisms living in the soil or sea. Some of the key properties of Bio-plastics that are driving for market growth include recyclable, resemble petroleum-based PET by nature and environment friendly. Amid the COVID-19 crisis, the global market for Bioplastics and Biopolymers is projected to reach US$14.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 15.6% over the analysis period. Europe represents the largest regional market for Bioplastics and Biopolymers, accounting for an estimated 35.2% share of the global total. The market is projected to reach US$5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 21.1% over the analysis period.

The global market for biopolymers and bioplastics is primarily driven by growing preference for sustainable products among both consumers and brands, stringent government regulations aimed at low carbon emissions, less toxicity, and better human health; and continuous efforts by bioplastics manufacturers to develop innovative materials with new functionalities and improved properties. Growth in the market is also supported by increasing attention towards sustaining green environment, changing consumer lifestyles and growing consumer awareness about protecting surroundings and increasing preference for natural polymers, which protect goods from damage while being distributed, stored or transported. While government subsidies on bioplastics and taxes on traditional plastics are likely to augment market growth, technological advances are expected to result in introduction of innovative and sustainable bioplastics offerings. Europe is considered one of the major bioplastic producers in the world accounting for about 20% of the global bioplastics capacity. Growth in the region is rapidly depleting landfill capacity; gas and fossil fuel dependence, growing need to inhibit greenhouse gas emissions; strong regulations in terms of certification and commercialization of new polymers, and increasing consumer awareness about sustainable practices. Rapid growth of polymer industries is contributing to the rising demand for bio polymers in North America. Increasing awareness about environmental conservation and government regulations are fueling demand for biopolymers in the Asia-Pacific region.