Market Size of Southeast Asia Bioplastics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Bioplastics Market Analysis
The Southeast Asia bioplastics market is expected to register a CAGR of over 10% during the forecast period.
COVID-19 negatively impacted the production and supply of bioplastics during the lockdown. However, the demand from the packaging segment surged due to the increasing use of online food and e-commerce service during the pandemic. After 2020, the market improved steadily due to the continuous activities in the Southeast Asian region.
- Growing demand for bioplastics in packaging and environmental factors encouraging a paradigm shift is expected to drive the bioplastics market's growth in Southeast Asia.
- However, the availability of cheaper alternatives is the primary factor hindering the market's growth.
- Growing use in the electronics industry will likely be an opportunity.
- Indonesia is expected to dominate the bioplastics market in Southeast Asia and is also likely to witness the highest CAGR during the forecast period.
