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Global Bioplastics Market Projected To Reach USD 43.7 Billion by 2030, With a Rapid CAGR of 17.1% | Growth Market Reports
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the global bioplastics market is segmented into biodegradable and non-biodegradable plastics. The non-biodegradable plastics segment is anticipated to expand at a sustainable CAGR during the forecast period, owing to the increasing demand for sustainable materials in the world. Non-biodegradable plastics are derived from raw materials that are sustainable in nature including castor oil, corn, and sugarcane. The non-biodegradable plastic segment generated 47% of market revenue in 2021.
the global bioplastics market is segmented into packaging, agriculture, consumer goods, textile, automotive & transportation, building & construction, and others. The packaging segment constituted the largest share of the market during the forecast period. The problem of landfills and raising awareness of sustainable development fuels the market growth. Bioplastics are widely used for making containers, bottles, and food packaging. Moreover, bioplastics are utilized in packaging for personal care items, domestic goods, and films and sheets.
the market is segmented into five major regions, namely, North America , Europe , Asia Pacific , Latin America , and the Middle East & Africa . The market in Europe is projected to expand at a significant CAGR during the forecast period, owing to the growing adoption of bioplastics bags in the region. In Europe , more than 100 billion bags are used every year. Bioplastics are widely utilized to manufacture bags, making it a significant market for bioplastics in the European Union.
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