The Bioplastics Market Is Set To Reach A Value Of $17.1 Billion By 2027, Driven By Heightened Environmental Awareness As Per The Business Research Company's Bioplastics Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

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LONDON, Sept. 19, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Bioplastics Global Market Report 2023, the global bioplastics market has experienced significant expansion, surging from $7.81 billion in 2022 to $9.08 billion in 2023, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 16.3%. The market is poised for continued growth, with a projected value of $17.13 billion by 2027, maintaining a robust CAGR of 17.2%.

A Sustainable Future

Increasing awareness of the environmental impact of traditional plastics production and disposal is a pivotal driver propelling the bioplastics market forward. As concerns about plastic pollution escalate, customers worldwide are prioritizing sustainability. For example, an Ipsos Global Survey in 2022 found that 83% of urban Indians support a complete ban on single-use plastics.

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Industry Leaders

Major players in the bioplastics market include BASF SE, Corbion NV, and Danimer Scientific, among others.

Growing Commitment to Sustainable Bioplastics Investment"

Businesses within the industry are increasingly directing their resources toward eco-friendly bioplastics. Bioplastics, derived from biodegradable and renewable sources like proteins, starch, and polylactic acid (PLA), have witnessed a surge in product availability and suppliers. This surge has propelled the use of bioplastics in global commercial markets. As an illustration, in January 2022, Vikas Ecotech Limited announced plans to invest in environmentally responsible BioPlastics (PHA) technology, reaching an advanced stage in forming a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the 'AuraPHA') for the production of Biodegradable Plastics.

Global Expansion

Asia-Pacific led the bioplastics market in 2022 and is expected to maintain its position as the fastest-growing region in the forecast period.

Market Segmentation

The global bioplastics market is segmented -

1) By Type: Biodegradable, Non-Biodegradable

2) By Distribution Channel: Online, Offline

3) By Application: Rigid Packaging, Flexible Packaging, Textile, Agriculture And Horticulture, Consumer Goods, Automotive, Electronics, Building And Construction, Other Applications

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In an era where sustainability has become a global imperative, the bioplastics market emerges as a beacon of promise, appealing to both discerning consumers and industry stakeholders alike. As environmental consciousness permeates every facet of society, the bioplastics industry presents a transformative solution to the environmental challenges posed by conventional plastics.

This comprehensive market report delves deeply into the bioplastics sector, offering a wealth of valuable insights. It serves as an indispensable resource for businesses navigating the intricate landscape of sustainable alternatives. In an age where informed choices are paramount, this report equips decision-makers with the knowledge and data needed to navigate the dynamic and eco-conscious bioplastics market.

Bioplastics Global Market Report 2023 by The Business Research Company provides insights on the bioplastics market size, bioplastics market segments, bioplastics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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