Bioplastics Market Trends, Growth, Industry & Revenue [2031]

Report Description

The global bioplastics market was valued at USD 10.2 billion in 2021 and is estimated to reach USD 43.7 billion by 2030, expanding at a CAGR of 17.1% during the forecast period, between 2022 and 2030. Increasing awareness about health along with growing demand for products that are harmless to human health and high popularity of bioplastics as a sustainable product among people is boosting the bioplastics market. The bioplastics market in Asia Pacific is driven by high demand for bioplastics from the end-users in the region. Bio-based bags and bioplastics are proving to be a popular material for packaging in the US, thus boosting the bioplastics market in the US.

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Introduction to Bioplastics:

Bioplastic is a type of plastic, which is made from substances that are biodegradable in nature. It is a polymer that can be manufactured into a commercial product from a natural source or a renewable resource. Bioplastics are made through a number of different processes. Some processes use a microorganism to process base materials, such as vegetable oils, cellulose, starches, acids and alcohols. The degrading property of bioplastics depends on its molecular structure rather than its source. The basic raw material required for manufacturing bioplastic is renewable, hence bioplastics earns an edge over conventional plastics made from petroleum products, as they are non-renewable. Bioplastic is more popular than conventional plastic, due to increasing cost of petroleum products.

Market Trends, Drivers, Restraints, and Opportunities:

• Eco-friendly properties of bioplastics, legislative backing for developing degradable packaging materials, high consumer acceptance for bio-based products, and availability of renewable raw materials for the production of bioplastics are driving the bioplastics market.
• Increasing demand for bioplastics in different sectors such as packaging, agriculture, construction, textile, and transportation is driving the market.
• During the pandemic period, many governments and organizations postponed legislation on single-use plastics and green investments, which resulted in a decrease in the adoption of bio-based alternatives.
• Increased cost of bioplastics in comparison to conventional plastics is expected to restrain the growth of the bioplastics market.
• High investment in R&D of bioplastics is required to make it environmentally friendly, increase the quality of the product, simplify the synthesis process and maximize its usage. Increasing CSR activities of companies is projected to fuel the demand for bioplastics and promote the interest of investors in the bioplastic market.

Scope of the Report

The report on the global bioplastics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Bioplastics Market Segment Insights:

Non-biodegradable plastics segment dominated the market in 2021

Based on products, the bioplastics market is segmented into biodegradable and non-biodegradable plastics. The non-biodegradable plastics segment constituted a major share of the market (47%) in 2021 and is anticipated to maintain its growth rate during the forecast period. These plastics are derived from raw materials that are sustainable in nature, such as sugarcane, corn, and castor oil. Rising demand for sustainable materials in the world boosts the use of such products. These plastics are an ideal alternative to petroleum-based products. In biodegradable plastics, starch blends proved to be a major product in terms of revenue in 2021.

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Packaging segment constituted the largest share of the market in 2021

On the basis of applications, the bioplastics market is segmented into packaging, agriculture, consumer goods, textile, automotive & transportation, building & construction, and others. More than 62% of revenue of the bioplastics market is generated by the packaging segment. Bioplastics are majorly used in packaging of food & beverages, personal care products, household products, and films & sheets. Inclination of people towards sustainable development and the problem of landfills are forcing manufacturers to move towards bioplastics. Bioplastics are widely used for making bottles, containers, and other food packaging. Polylactic acid, which is a biodegradable plastic, does not emit any radiation during burning, hence it can be widely used as petroleum-based alternative. Increasing adoption of bioplastics in agriculture sector is attributed to its environment-friendly nature.

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Europe is leading the market with a major share of revenue

In terms of regions, the bioplastics market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The global bioplastics market was led by Europe in 2021 with a share of more than 43% in terms of revenue. Bioplastics are used to make bags on a large scale in European Union, which makes it a major market for bioplastics. In Europe, more than 100 billion bags are used every year. High use of sustainable materials in Europe drives the bioplastics market in the region. Increasing acceptance of bioplastics by end-users and consumers boosted its manufacturing. North America is anticipated to be a major market, as the governments in the region are promoting the use of sustainable products.

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