Report forecasts bioplastics and biopolymers market to reach $4.71bn by 2029
In India, Valuates Reports stated that the global bioplastics and biopolymers market is projected to grow from $3.85 billion in 2023 to $4.71 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period.
“The demand for bioplastics and biopolymers is being driven by the expanding use of bioplastics in the packaging sector, tightening waste management laws in Europe, supportive government policies, an emphasis on bio-based content rather than biodegradability, and growing health awareness,” the report states.
“China, Japan, Europe, and North America are all major production regions. With roughly 47% of the global market for bioplastics and biopolymers in 2019, Europe holds the top spot. With about 24% of the global industry, the USA is the second-largest region,” the report adds.
Category: Fuels
