The global bioplastics & biopolymers market is expected to witness high growth during the forecast period owing to the increasing usage of bioplastics in packaging end-use industry pollution around the globe. Bioplastics & biopolymers are very important among various end-use industries such as packaging, consumer goods, automotive & transportation, textiles, agriculture, and others. MarketsandMarkets projects the global bioplastics & biopolymers market size to grow from USD 10.5 billion in 2020 and USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period.
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The non-biodegradable/bio-based bioplastics & biopolymers segment accounts for the larger share of the overall market. The non-biodegradable/bio-based bioplastics & biopolymers types do not largely differ from their conventional plastic. The key applications of non-biodegradable/bio-based and biodegradable bioplastics & biopolymers are in food packaging, disposable cutlery, bags, fibers, and agricultural applications. Non-biodegradable/bio-based bioplastics such as bio-PE and bio-PET are identical to fossil-based and are used in food packaging.
Packaging is the largest end-use industry of bioplastics & biopolymers. The need for sustainable solutions has encompassed several industry verticals, including food & beverages, e-commerce, and FMCG. The unique properties of packaging are enabling its use in various food and non-food applications such as cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. In addition, the rise in e-commerce has played an intense focus on increased packaging requirements.
Europe is the largest consumer of bioplastics & biopolymers and the second-largest producer of bioplastics globally. Packaging industry is the largest end-use industry of bioplastics & biopolymers in Europe. According to Plastics Europe 2018, the total demand for plastics in the packaging industry was around 20.42 million tons in the region. The political and economic conditions have also driven the market penetration of bioplastics & biopolymers.
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