Biodegradable Plastics Market to Foresee Growth from Developing Countries
The biodegradable plastics market is expected to witness a CAGR of 6.2% to reach $2.63 billion by 2023.
Bangalore, India, November 22, 2018: With its recent published study “Biodegradable Plastics Market: Global Drivers, Restraints, Opportunities, Trends, and Forecast up to 2023”, Infoholic Research forecasts that the global market for biodegradable plastics will continue to grow. The growing disposable income among developing countries, increasing awareness about environment, and changing packaging aesthetics are the factors driving the biodegradable plastics market growth. The market revenue will increase to $2.63 billion by 2023, growing at a CAGR of 6.2%.
Biodegradable plastics are decomposable in the environment. Some of the major ingredients utilized in manufacturing biodegradable plastics are natural ingredients like corn, plants, and others. The increasing awareness to reduce plastic waste is leading to the increasing demand for the biodegradable plastics. The customers are inclining towards usage of biodegradable plastics over plastics owing to the government regulations.
Packaging end user segment is dominating the biodegradable plastics market. The next major end user segment contributing towards the market is the others segment which includes automotive, construction, and retail. The packaging segment is expected to grow rapidly with a high CAGR. The agriculture segment also contributes majorly towards the market.
Starch-based segment is contributing heavily towards the market. It is expected to grow at a CAGR of 5.7% during the forecast period. The major trend impacting the market positively is the go green and save environment movement. The stringent regulations towards plastic use is also positively impacting the biodegradable plastics market, which is easily decomposable. Another major factor helping the market to grow is the usage of biodegradable plastics doesn’t contribute towards plastic waste in land or in water and does not affect the environment immensely.
“The biodegradable plastics have paced up in the recent years. The government regulations have been strict and efforts to reduce the plastic waste from land and water is accelerating the market. The plastic waste is hampering the natural ecosystem and thus, usage of biodegradable plastics should be promoted. These factors will improve the biodegradable plastics market.” said Vasundhara Singh, Research Associate, Infoholic Research.
Key insights of the report include:
- Major types:
- Key end-users:
- Consumers Goods
- Industry outlook: Market trends, drivers, restraints, and opportunities