Biodegradable Plastic Market Qualitative Exploration Enhancing Research with Focus Group Methodology

Allied Market Research recently released a comprehensive report titled "Biodegradable Plastic Market by Biodegradable Plastic Type and Biodegradable Plastic Application: Opportunity Analysis and Industry Forecast, 2020-2027". According to the report, the global biodegradable plastic industry was valued at $1.6 billion in 2019 and is anticipated to reach $4.2 billion by 2027, with a compound annual growth rate (CAGR) of 13.3% during the forecast period.

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Key Drivers of Market Growth:

Eco-Friendly Nature and Consumer Adoption: The increasing consumer adoption of biodegradable plastics due to their eco-friendly characteristics is a significant driver of market growth.

High Demand in Food Packaging: There's a notable demand for biodegradable plastics in food packaging applications, contributing to market expansion.

Favorable Government Policies: Supportive government policies toward bio-plastics are fostering market growth.

Challenges:

High Cost: The high cost of biodegradable plastics poses a challenge to market growth.
Opportunities:

CSR Activities: The rise in corporate social responsibility (CSR) activities presents opportunities for market players.

Decreasing Dependence on Petroleum: There's potential for growth due to decreasing dependence on petroleum resources.

COVID-19 Impact:

The pandemic has led to increased usage of compostable plastic for making masks, PPEs, and other protective gear, raising concerns about plastic pollution. This has prompted a shift towards biodegradable plastics to mitigate environmental impacts.

Market Segmentation:

PLA Segment: Expected to register the highest CAGR, driven by its increasing application in sustainable food packaging.

Starch Blends Segment: Dominated the market in 2019, primarily due to demand in flexible packaging and agriculture.

Packaging Segment: Held the largest share in 2019, driven by consumer shift towards bio-based products.

Agriculture Segment: Expected to manifest the highest CAGR during the forecast period, fueled by the growing application of biodegradable mulch films.

Regional Analysis:

Europe and North America: Dominated the market in 2019, with Europe leading due to supportive legal frameworks. However, LAMEA is expected to exhibit the highest CAGR, driven by the abundance of sugarcane feedstock.

Major Market Players:

- Biome Technologies plc
- Mitsubishi Chemical Holdings
- Eastman Chemical Company
- Danimer Scientific
- BASF SE
- Dow Inc.
- Novamont S.p.A.
- Plantic
- Natureworks
- Corbion N.V.

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

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