The biodegradable plastic market was valued at 8.06 billion in 2023, and it is anticipated to reach 28.35 billion at a 15.25% CAGR by the end of 2028.

Market drivers and restraints:

Biodegradable nature of plastics is estimated to be significant factors driving the global market over the recent period. The rise in awareness about eco-friendly products and strict regulations relating to the usage of traditional plastics is expected to drive the biodegradable plastics business. The critical factors for market growth are the significant initiatives taken by many governments to use biodegradable plastics over traditional plastics.

The price of producing biodegradable plastics is much more than conventional plastics. The higher cost-effectiveness and lack of technology can be significant challenges to many manufacturers, but they can be overcome with technology advancement. Volatile prices of crude oil can be an opportunity for the manufacturer to shift to biodegradable plastics over petroleum-based conventional plastics.

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Report segmented as:

By type:

polyhydroxyalkanoates (PHA)
polylactic acid (PLA)
polybutylene succinate (PBS)
polycaprolactone (PCL)
starch-based plastics
regenerated cellulose
By end-user:

packaging
textile
agriculture
injection moulding
Others
Geographical analysis:

North America
Europe
Asia Pacific
Latin America
Middle east and Africa
Important market players:

Major players operating in the global Biodegradable Plastics market are BASF SE (Germany), Corbion (Netherland), Biome Technologies PLC (U.K.), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (U.S.), Cardia Bioplastics Limited (Australia), Cereplast Inc (U.S), Plantic Technologies Ltd (Australia) and others.

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