The global bioplastics & biopolymers market is anticipated to reach upto USD 28.9 billion by 2027 from USD 11.2 billion in 2020 growing at a CAGR 21.9% during the forecast years.
Bioplastics & biopolymers are materials that are made from renewable sources such as animal & human waste, plant & agricultural waste and hence they are capable of decomposing or bio-degrading under certain action of enzymes or bacteria. Bioplastics & biopolymers materials can be recycled and reused and therefore mainly used by the packaging industry. These materials are often used for packaging in various industries ranging from pharmaceuticals, food & beverages, personal care products, and others.
Bioplastics is most commonly used to preserve the food products and it can be stored for a prolonged period and it also retains the chemical properties.
The global Bioplastics & Biopolymers Market is growing at a rapid pace attributed to factors such as growing demand of stored/processed food, an increased use of biodegradable materials in the packaging industry leads to the rising demand for biopolymers & bioplastics, initiatives taken by government to promote the green procurement policies across the globe, and high utilization of bio-polymers in the automobiles and construction industries. However, relatively higher prices of bioplastic material than that of traditional material and concerns related to their performance may restrict the growth of the market. The rising investment on frontline technologies, inventions and creating footprints on the untapped market of growing economies is projected to create lucrative growth opportunities to the bioplastics & biopolymers market.
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The global bioplastics & biopolymers market is classified in the following segments and sub segments.
On the basis of Material Type; the market is segmented as
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