The global bioplastic market size was US$ 5.9 billion in 2021. The global bioplastic market is forecast to grow to US$ 14.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12.8% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Bioplastics are the sustainable and eco-friendly solution used instead of synthetic plastic. Bioplastics are forecast to gain incredible traction, owing to favorable regulations by the governments of various nations. Thus, it will drive the bioplastics market forward.

Increasing awareness about effective sustainable solutions will contribute to the growth of the bioplastic market.

The growing population and rising demand for efficient packaged food and beverage will surge the growth of the bioplastic market. Green bottle shows equal efficacy to regular plastic bottles. Thus, this factor will benefit the overall market. On the contrary, poor mechanical, thermal, and water absorption properties of bioplastics may limit the growth of the global market.

Growing innovations in the industry will contribute to the growth of the global bioplastic market. For instance, Danimer Scientific inked a pact with UrthPact in October 2019. With this partnership, the companies aim to develop biodegradable drinking straws with Nodax polyhydroxyalkanoate (PHA). Moreover, Dow Inc. and UPM collaborated in 2019 to develop plastics made with renewable feedstock used in packaging.

COVID-19 Impact Analysis

In the immediate aftermath of the COVID-19 pandemic, the use of any new plastic bags, including biodegradable bags, was prohibited. Retail stores and small businesses also stopped providing new plastic bags to prevent further spread.

Prior to the COVID-19, various end-use companies like Danone, Coca-Cola, and Nestl, promised to use biodegradable plastics in response to pressure from activists and consumers. Following the terror of the COVID-19 outbreak, governments in various countries announced various changes to their regulations regarding disposable and single-use plastics. For example, the state of Maine delayed its ban on plastic bags until January 2021, which will benefit the market in the coming years.

The unavailability of raw material acted as a significant challenge for the entire bioplastic market. R&D activities were also halted, which hampered the growth of the industry.

Regional Analysis

The Asia-Pacific bioplastic market will emerge as the largest market. It is owing to the growing population and rising food and beverage industry. In addition, the growing awareness about the hazardous effects of plastics will surge the growth of the global bioplastic market. In addition, stringent regulations by government bodies to ban plastic will contribute to the growth of the global bioplastic market.

Competitors in the Market

BASF SE
Dow Inc.
Novamont S.p.A.
Plantic, Natureworks
Corbion N.V.
Biome Technologies plc
Mitsubishi Chemical Holdings
Eastman Chemical Company
Danimer Scientific
Other Prominent Players
Regional Analysis

The global bioplastic market segmentation focuses on Type, Application, and Region.

By Type

Biodegradable Plastic
Polylactic acid
Polyhydroxyalkanoate
Starch blend
Polyester
Cellulose acetate
Non-biodegradable Plastic
Epoxiy
Polyurethane
Polyethylene Terephthalate
Others
By Application

Packaging
Agriculture
Textile
Consumer durables
Others
By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America