Global Bioplastics Market Report, Industry Analysis and Forecast to 2029

The global Bioplastics market was valued at USD 8.78 billion in 2021 and is projected to reach USD 17.43 billion in 2029, at a Compound Annual Growth Rate (CAGR) of 12.89% during the forecast period 2022-2029.

Bioplastics are considered sustainable as they are made up of renewable biomass sources such as sugarcane and corn starch or microbe like yeast. It can be recycled by a biological process which helps in reducing the use of fossil fuels and protects the environment from the harmful effects of conventional plastics.

There are different types of Bioplastics such as biodegradable and non-biodegradable. Additionally, there are several applications of Bioplastics that includes packaging, agriculture & horticulture, consumer electronics, and others. This report emphasizes the type and application of Bioplastics in different regions and countries over the forecast period.

Source: Marketlook Consulting

Global Bioplastics Market Overview

The global Bioplastics demand is driven by the environmental factors that encourage a shift from conventional plastics to Bioplastics as they are environmentally friendly. Also, the growth of the packaging application segment increases the demand for Bioplastics. Due to the pandemic, green investments got delayed and the price of crude oil decreased which reduced the demand as the price for alternatives decreased.

Bioplastics Market Dynamics

The growth of the Bioplastics market is dependent majorly on the packaging sector. With the expansion of global packaging demand, demand for Bioplastics also increases. Additionally, growing consumers’ concern for the environment and government regulations encourage a shift from conventional plastic to Bioplastics resulting in rising demand. For instance, India has banned the manufacture, import, stocking, distribution, sales, and use of single-use plastic items from July, 2022. Moreover, companies are becoming more focused on sustainable production methods and these products are renewable and recyclable.

However, alternatives are available at a cheaper price due to cheap raw materials which decreases the demand for Bioplastics and hamper the growth of the global Bioplastics market.

Bioplastics Market Report Outlook

The Bioplastics market report focuses on different aspects regarding the type of Bioplastics, and the application of Bioplastics in different sectors and industries. The research analyses the different types, and Applications of the product to obtain a better understanding of the growth and trends of the market since 2019 which also facilitates the estimation of the upcoming growth of the market in the next 7 years.

Bioplastics Market Competitive Landscape

The report also holds competitive analysis which can be used to differentiate different types of products; technologies used in manufacturing the products; prices; innovation in R&D; organic and inorganic growth strategies; financial analysis to determine the revenue generation and other key aspects of the finance; new partnership, joint ventures, collaborations, and acquisitions; market share of the top competitors in the market; and understand the growth strategies being undertaken by these major players to analyse the future market trends.

Major companies such as Braskem invested USD 61 million to expand the production of green ethylene derived from sugarcane ethanol. Additionally, Trinseo finalized the expansion of the thermoplastic elastomers R&D Centre in Mussolente, Italy in January 2021, which will allow the company to increase its portfolio.

Other major players holding prominent share in the Bioplastics market include NEC Corporation, Impact Solutions, Enerkem, Genomatica, and others. There are several regional and local players in this market across the globe which are contributing to the revenue growth of the market and thus expected to flourish with new launches and expansion in the upcoming years.

Bioplastics Market Regional Analysis

The market synopsis will also cover the regional dynamics and growth prospects which would include regions- North America, Asia Pacific, Europe, Latin America, Middle East, and Africa. These regions will be analysed per country based on market drivers, restraints, opportunities, and trends to get a closer view of the market studied.

Europe dominates the global Bioplastics market. Most of the demand for the product comes from Germany, France, Italy, and United Kingdom. Increasing demand for Bioplastics is majorly from the packaging of food and beverage products. The revenue generated by the food and beverage industry in Germany was USD 3,222 million in 2021 and is expected to increase in the forecast period which drives the demand for packaging products that consume Bioplastics.

Asia-Pacific is the fastest-growing region with well-established food and beverage industry. China is one of the biggest markets for biodegradable plastic due to the availability of Bioplastics feedstock. Changing climatic conditions encourage the government and companies to use Bioplastics products for saving the environment. In addition, Asia-Pacific regions offer low-cost labour and a low cost of setting up manufacturing units. Scrutinizing these factors for the countries is expected to enhance the value chain of the Bioplasticss market and aid us with better insights about the same.

Bioplastics Market In-depth Analysis Aspects

To mention certain other aspects which will include the Porter Five Forces, Pricing analysis, PESTEL Analysis, Export-Import data, and Industry Value Chain will also bind the analysis of the report.

Research Methodology

The study period of the market is considered to be 10 years (2019-2029) which will be analysed through the two major research techniques – Primary and Secondary Research methods. The primary research method includes the interviews of the key personnel in the industry considered as the industry experts, major distributors, suppliers, and consumer base sample survey to understand the direct perspective of the market. Additionally, these data are backed by the secondary research method which includes company overview through websites, annual reports, SEC filings, investor presentations, news, and databases. The growth trends are always measured based on current and past scenarios considering any recent news which can drastically impact the growth rate of the market studied. Moreover, the consumption forecast depends on the company’s upcoming plans and revenue generation aspects.

Benefits of The Report

• The report is designed to understand the past, present, and future market scenarios considering all the growth, restraining, and other factors influencing the market studied.
• The report is designed with the assistance of the industry experts for a better understanding of the market studied
• The market is analysed with an in-depth study of the company’s view on the market considering the present economic, political, social, geographical, and legal factors.
• To gain a clear insight for a better future perspective of the market studied in 360-degree synopsis.
• Understand the competition in the market is a part of the market or a new entrant in the market.
• Analyse the different aspects in different geographies influencing the growth of the market through a diverse consumer base.