Bioplastics Market on Path to Hit $23.56 Billion by 2029 at 16.8% CAGR

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Bioplastics Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent years, the size of the bioplastics market has seen significant expansion. It is projected to escalate from $10.84 billion in 2024 to $12.65 billion in 2025, with a compound annual growth rate (CAGR) of 16.6%. Factors contributing to this growth during the historic period include environmental worries, government policies, an increase in oil prices, evolving consumer choices towards environmentally friendly products, and a growing demand for sustainable packaging.

What Is the Expected CAGR for the Bioplastics Market Growth Through 2029?
In the upcoming years, the bioplastics market is anticipated to experience swift expansion. Its worth is projected to escalate to $23.56 billion by 2029, surging at a compound annual growth rate (CAGR) of 16.8%. The predicted growth during this period can be credited to factors such as the expanding food and beverage sector, the booming automobile industry, international trade deals, and growth in emerging markets. Key trends to watch in this forecasting phase include innovative feedstock sourcing, the use of bio-based materials for durable goods, industry cooperation, and emphasizing carbon neutrality.

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What Are the Primary Drivers Behind Bioplastics Market Growth?
The rise in understanding about the significance of bioplastics is projected to propel the industry forward. Around the world, more and more people are becoming mindful of the damaging outcomes of contamination resulting from the production and disposal of plastics. A study conducted by Pew Charitable Trusts and SYSTEMIQ, Ltd. forecasts that the amount of plastic rubbish pouring into the oceans could nearly triple to 29 million metric tons by 2040 if no corrective action is taken. This adds to the escalating levels of pollution and necessitates a shift towards sustainability from consumers. For example, a 2022 Ipsos Global Survey on Attitudes towards Single Use Plastics revealed that 83% of urban Indians, equivalent to at least 8 out of every 10, expressed a desire for a total ban on single use plastics (SUP). Hence, the escalating consciousness will steer consumers towards bioplastics, propelling the growth of the bioplastics market.

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What Are the Key Segments Driving Bioplastics Market Growth?
The bioplastics market covered in this report is segmented -

1) By Type: Biodegradable, Non-Biodegradable
2) By Distribution Channel: Online, Offline
3) By Application: Rigid Packaging, Flexible Packaging, Textile, Agriculture And Horticulture, Consumer Goods, Automotive, Electronics, Building And Construction, Other Applications

Subsegments:
1) By Biodegradable: Starch-Based Bioplastics, Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Cellulose-Based Bioplastics
2) By Non-Biodegradable: Bio-Based Polyethylene (Bio-PE), Bio-Based Polyethylene Terephthalate (Bio-PET), Bio-Based Polypropylene (Bio-PP), Bio-Based Nylon

What Are the Technological Trends Impacting the Bioplastics Market?
The focus of businesses within the market is shifting towards injecti increasing funding into eco-friendly bioplastics. These bioplastics are manufactured from compostable and renewable sources, including proteins, starch, and polylactic acid (PLA). There has been an uptick in the number of products available and suppliers in recent times, giving rise to the utilization of bioplastics in various commercial markets globally. For instance, Vikas Ecotech Limited outlined its plans in January 2022 to inject funds into the eco-friendly BioPlastics (PHA) technology. Moreover, they're at the advanced phase of sealing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the 'AuraPHA') to manufacture Biodegradable Plastics.

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Who Are the Major Competitors in the Global Bioplastics Market?
Major companies operating in the bioplastics market include BASF SE, Corbion NV, Danimer Scientific Inc., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A., Eastman Chemical Company, Futamura Group, Neste Oyj, NatureWorks LLC, Polymateria Ltd, TIPA Corp Ltd, Biome Bioplastics Limited, Braskem S.A., Indorama Ventures Public Company Limited, Teijin Limited, Toray Industries Inc., Toyota Tsusho Corporation, PTT MCC Biochem Co Ltd., An Phat Holdings Joint Stock Company, Saudi Basic Industries Corporation, Futerro SA, Trinseo S.A., Solvay SA, Trifilon AB, Biofase S.A. de C.V., Bioapply Polymers S.L., LyondellBasell Industries N.V., Avantium N.V., LCY Biosciences Inc., Kaneka Takasago Ltd.

Which Region Dominates the Bioplastics Market Share in 2025?
Asia-Pacific was the largest region in the bioplastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioplastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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