Bioplastics Global Market Report 2024

Bioplastics are utilized to address the pollution issues associated with plastic waste by offering a more environmentally friendly alternative. Derived from natural or renewable sources like vegetable oils, starch, sugarcane, corn, and microbes, bioplastics are sustainable, largely biodegradable, and biocompatible. They play a vital role in various industrial applications, including food packaging, agriculture, horticulture, composting bags, hygiene products, and more.

There are two main types of bioplastics such as biodegradable and non-biodegradable. Biodegradable bioplastics naturally decompose through the action of living organisms, such as microbes, breaking down into water, carbon dioxide, and biomass, posing minimal harm to the environment. Examples of biodegradable bioplastics include starch blends, polyhydroxyalkanoates (PHAs), polylactic acid (PLA), and cellulose-based plastics. These bioplastics are distributed through online and offline channels and find applications in various sectors, such as rigid packaging, flexible packaging, textiles, agriculture, horticulture, consumer goods, automotive, electronics, building and construction, and more.

The bioplastics market research report is one of a series of new reports that provides bioplastics market statistics, including bioplastics industry global market size, regional shares, competitors with a bioplastics market share, detailed bioplastics market segments, market trends and opportunities, and any further data you may need to thrive in the bioplastics industry. This bioplastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bioplastics market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to environmental concerns, government regulations, the rise in oil prices, changing consumer preferences for eco-friendly products, and increased demand for sustainable packaging.

The bioplastics market size is expected to see rapid growth in the next few years. It will grow to $20.48 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to the rising food and beverage industry, growing automotive sector, global trade agreements, and expansion in emerging markets. Major trends in the forecast period include advanced feedstock sourcing, bio-based materials for durables, industry collaboration, and a focus on carbon neutrality.

The global market for bioplastics is anticipated to witness growth driven by heightened awareness of the environmental impact of traditional plastics. Worldwide, there is a growing recognition of the detrimental effects of plastic manufacturing and disposal on the environment. A study conducted by Pew Charitable Trusts and SYSTEMIQ, Ltd. projects a nearly threefold increase in the annual influx of plastic waste into the oceans by 2040, reaching 29 million metric tons if not addressed. This escalating pollution concern underscores the imperative for consumers to prioritize sustainability. Notably, a 2022 Ipsos Global Survey on Attitudes towards Single Use Plastics revealed that 83% of urban Indians advocate for a complete ban on single-use plastics. Consequently, the heightened awareness is expected to steer customers towards bioplastics, thereby propelling the bioplastics market.

The rising utilization of bioplastics in packaging is poised to drive the expansion of the bioplastic market. Packaging, a critical aspect of product storage, transportation, and presentation, plays a pivotal role in maintaining product quality, ensuring safety, and providing information to consumers. Bioplastics, deployed in packaging for items like food, disposable cutlery, and shopping bags, offer eco-friendly alternatives that naturally break down over time, minimizing environmental impact. In 2022, European Bioplastic reported that 48% (1.07 million tons) of all bioplastics were used in the packaging sector, making it the largest market segment within the bioplastics industry. The increasing adoption of bioplastics in packaging and compostable bag applications is thus anticipated to be a driving force behind the growth of the bioplastic market.

Companies operating in the bioplastics market are directing their investments towards environmentally friendly initiatives. Bioplastics, derived from biodegradable and renewable sources such as proteins, starch, and polylactic acid (PLA), are gaining prominence with a surge in available products and suppliers globally. Notably, in January 2022, Vikas Ecotech Limited expressed intentions to invest in environmentally friendly BioPlastics (PHA) technology and is in advanced stages of finalizing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the 'AuraPHA') to produce Biodegradable Plastics. This strategic focus on eco-friendly bioplastics showcases the industry's commitment to sustainable practices and further underscores the growth potential of the bioplastics market.

Key players in the bioplastic market are actively engaged in the development of cutting-edge bioplastics, particularly focusing on PHA biopolymers, with the aim of driving market revenues. PHA biopolymers, characterized by their biobased, biodegradable, and biocompatible nature, can be processed as thermoplastics, catering to diverse end-product applications. A notable example is TerraVerdae, a Canada-based company specializing in performance bioplastics, which introduced innovative PHA biopolymer technology in May 2021. Recognized as a leading alternative to non-sustainable plastics, PHA biopolymers find applications across agri-food, packaging, personal care, forestry, coatings, adhesives, and related sectors. The inherent performance properties of these plastic resins position them as a compelling choice for customers striving to address evolving material requirements and sustainability objectives.

In a strategic move to bolster its capabilities in the bioplastic arena, CBD Global Sciences, a Canada-based consumer goods and farming company, disclosed its acquisition of Pure BioPlastics Inc. in March 2022, with the transaction amount remaining undisclosed. This acquisition encompasses the complete ownership of Pure BioPlastics Inc., a US-based firm specializing in the production of bioplastic materials through a 100% bio-based pathway. Through this strategic integration, CBD Global Sciences aims to establish a dedicated Bio-Based Technologies Division, poised to offer progressive solutions to global environmental challenges associated with plastics. This initiative underscores the industry's commitment to advancing sustainable practices and underscores the ongoing evolution of the bioplastic market.

Major companies operating in the bioplastics market include BASF SE, Corbion NV, Danimer Scientific Inc., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A., Eastman Chemical Company, Futamura Group, Neste Oyj, NatureWorks LLC, Polymateria Ltd., TIPA Corp Ltd., Biome Bioplastics Limited, Braskem S.A., Indorama Ventures Public Company Limited, Teijin Limited, Toray Industries Inc., Toyota Tsusho Corporation, PTT MCC Biochem Co Ltd., An Phat Holdings Joint Stock Company, Saudi Basic Industries Corporation, Futerro SA, Trinseo S.A., Solvay SA, Trifilon AB, Biofase S.A. de C.V., Bioapply Polymers S.L., LyondellBasell Industries N.V., Avantium N.V., LCY Biosciences Inc., Kaneka Takasago Ltd.

Asia-Pacific was the largest region in the bioplastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioplastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the bioplastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The bioplastics market consists of sales of bioplastics such as protein-based bioplastics, aliphatic polyesters and organic polyethylene. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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