Biodegradable Plastic Market Growth Trends: Key Developments, Business Demand and Opportunities Forecast to 2027

Allied Market Research recently dropped a knowledge bomb with their report on the Biodegradable Plastic Market. Brace yourself for some stats-global biodegradable plastic industry was $1.6 billion in 2019 and is geared up to hit $4.2 billion by 2027, riding a CAGR of 13.3%. What's fueling this growth? People love the eco-friendly vibes, consumers are embracing biodegradable plastics, and governments are giving it a thumbs up. The food packaging application is gobbling up biodegradable plastic like it's the next big thing. The only party pooper is the high cost of these plastics, but fear not, as CSR activities and a shift away from petroleum might turn things around.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/6136

Now, let's talk COVID-19. The pandemic saw a surge in compostable plastic usage for masks and PPEs, raising concerns about plastic pollution. Enter biodegradable plastic to save the day, and it's expected to continue its heroics post-pandemic.

Breaking it down by types, Polylactic acid (PLA) takes the lead with a forecasted CAGR of 13.9%, thanks to its sustainable star power in food packaging. Meanwhile, starch blends ruled the roost in 2019, hogging almost 40% of the market share.

In the application arena, packaging steals the show with over two-thirds of the market share. Consumers are ditching synthetic for bio-based products, thanks to growing environmental awareness. Agriculture is also catching up with a predicted CAGR of 14.1%, courtesy of biodegradable mulch films.

Geographically, Europe and North America were the cool kids in 2019, snatching up more than half of the market share. But wait, LAMEA (Latin America, Middle East, and Africa) is rising like a phoenix with a projected CAGR of 15.5%, all thanks to sugarcane feedstock.

Finally, the stars of the show-the major players. Biome Technologies plc, Mitsubishi Chemical Holdings, Eastman Chemical Company, Danimer Scientific, BASF SE, Dow Inc., Novamont S.p.A., Plantic, Natureworks, and Corbion N.V. are the key players making waves.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/biodegradable-plastic-market

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