TAGS: Biobased Solutions
The Bioplastics & Biopolymers Market is expected to grow from USD 10.5 billion in 2020 to USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period. The major factors driving the bioplastics & biopolymers industry include the focus of governments on green procurement policies and regulations and increasing use of bioplastics in the packaging end-use industry.
Packaging Industry Drive Demand for the Market
Packaging is one of the end-use industries that dominate the bioplastics & biopolymers market. Bioplastics, and especially biodegradable bioplastics, have witnessed an increased demand to replace conventional plastics to address environmental concerns. The use of bioplastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service-ware.
APAC - Fastest-growing Market
APAC is the fastest-growing market for bioplastics & biopolymers, globally. The major end-user industries of bioplastics & biopolymers are packaging, consumer goods, automotive & transportation, and agriculture & horticulture. Industrialization, growing population, and urbanization of APAC are boosting the bioplastics & biopolymers market.
Source: M&M