Bioplastics Market Size, Share, Growth and Trends, Forecast 2024-2031

Global Bioplastics Market reached US$ 11.5 billion in 2023 and is expected to reach US$ 63.5 billion by 2031, growing with a CAGR of 18.4% during the forecast period 2024-2031.

Bioplastics are a type of plastic material derived from renewable sources such as plants, agricultural by-products, or microorganisms. Unlike conventional plastics, which are made from fossil fuels, bioplastics are designed to be more environmentally friendly. They can be biodegradable, meaning they break down naturally over time, or compostable, meaning they decompose into non-toxic components under specific conditions.

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Key Developments:

• On May 6, 2021, TerraVerdae introduced a new range of bioplastics, designed for wide-scale development in producing biodegradable plastics. The product comes in three different forms-blown, injection molding, and thermoforming-catering to various manufacturing needs.

• Fast forward to October 26, 2022, Rochling-BioBoom, a part of the international Rochling Group, unveiled two new sustainable products, reinforcing their commitment to using biodegradable raw materials.

• Then, on April 24, 2023, Kelpy made waves by launching its hyper-scalable bioplastic pellets, designed to replace traditional oil-based plastics. Kelpy claims to be the first company to offer a 100% bio-based product specifically for rigid packaging.

Market Dynamics:

Surge in Sustainable Packaging Solutions

Consumer preferences are increasingly leaning towards brands that embrace eco-friendly practices and offer packaging designed to minimize environmental impact. This shift is driving a significant rise in the market for bioplastics, which provide a greener alternative to conventional packaging.

A prime example of this trend is seen in the work of Ardra Nair, founder of Greenamor Ventures in Kerala, India. On March 6, 2023, Ardra introduced innovative eco-friendly packaging solutions made from bioplastics derived from locally sourced coir waste. Acknowledging the environmental issues tied to traditional packaging, particularly in the cosmetic sector, Ardra's initiative aims to turn waste materials into valuable resources, addressing both waste management challenges and consumer demand for sustainability.

This development highlights the growing importance of sustainable packaging solutions and the crucial role of bioplastics in catering to the evolving needs of environmentally conscious consumers.

Segment Covered in Bioplastics Market:

By Type: Biodegradable, Non-Biodegradable.

By End-User: Packaging, Consumer Goods, Agriculture, Automotive and Transportation, Textile.

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Key players involved in Bioplastics Market:

• Arkema
• BASF
• Bioterra
• Kuraray Europe GmbH
• NatureWorks LLC
• Novamont S.p.A.
• TotalEnergies Corbion
• Braskem
• Mitsubishi Chemical Corporation
• Plantic Technologies Ltd

*Note:

• Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

Regional Analysis:

The Bioplastics Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Bioplastics Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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