Market Size of Canada Bioplastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.85 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Bioplastics Market Analysis
The Canada bioplastics market is estimated to reach 22.31 kilotons by the end of this year and is projected to reach 42.68 kilotons in the next five years, registering a CAGR of 13.85% during the forecast period.
- The COVID-19 pandemic affected several industries negatively. The lockdown in Canada caused disruptions in production, as well as industrial activities, and restrictions on freight transportation, disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- The rising demand from the flexible packaging segment and favorable regulatory policies in Canada are major factors driving the growth of the market studied.
- However, the availability of cheaper alternatives to traditional plastics will likely restrain the studied market's growth.
- Nevertheless, future prospects in non-packaging solutions are likely to create lucrative growth opportunities for the market.
