Market Size of Bioplastics Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 2.09 Million tons |
| Market Volume (2029) | 4.63 Million tons |
| CAGR (2024 - 2029) | 17.25 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bioplastics Market Analysis
The Bioplastics Market size is estimated at 2.09 Million tons in 2024, and is expected to reach 4.63 Million tons by 2029, growing at a CAGR of 17.25% during the forecast period (2024-2029).
Due to the COVID-19 outbreak, nationwide lockdowns around the globe disrupted manufacturing activities and supply chains, and production halts impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory during the forecast period.
- A significant factor driving the market studied is the environmental issues encouraging a paradigm shift to promote bioplastics. Additionally, the growing demand for packaging will likely favor the market's growth.
- However, the cheaper alternatives availability is likely to hamper the market's growth.
- Growing use in the electronics industry will likely provide new growth opportunities for the market.
- Europe accounts for the highest market share and is expected to dominate the market during the forecast period.
