The Biobased Biodegradable Plastics Market size is estimated to reach $15.7 billion by 2030, growing at a CAGR of 20.2% during the forecast period 2024-2030

The Biobased Biodegradable Plastics Market size is estimated to reach $15.7 billion by 2030, growing at a CAGR of 20.2% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Biobased Biodegradable Plastics Market – By Type (Polyhydroxyalkanoate (PHA), Polylactide Acid (PLA), Polybutylene Succinate (PBS), Polybutylene Adipate Terephthalate (PBAT), Starch Blends, and Others), By End-Use Industry (Packaging, Textile, Agriculture, Transportation, Building & Construction, Electrical & Electronics, Consumer Goods, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising consumer demand for eco-friendly products and increased government regulations on plastic waste are fueling the growth of the Biobased Biodegradable Plastics industry during the forecast period.

Europe dominated the Biobased Biodegradable Plastics market in 2023, holding a 38% market share. This is largely attributed to stringent government regulations, increased consumption of bio-based products, and growing public awareness. In November 2022, the European Commission introduced a policy framework focused on biobased, biodegradable, and compostable plastics. The EU’s proposal on packaging legislation also emphasized promoting bio-based plastics made from waste byproducts, including urban and agricultural waste. Additionally, a 2024 survey by Veolia and RECOUP revealed that 93% of UK citizens support recycled content in plastic bottles and are willing to pay more for it. Companies are aligning with the region's sustainability goals, such as PepsiCo’s commitment to using 50% recycled plastic (rPET) by 2030 and phasing out virgin fossil-based plastic from snack packaging. These collective efforts are accelerating the growth of bioplastics in Europe, driven by both regulatory support and consumer demand for sustainable alternatives. 

Governments worldwide are taking steps to encourage environmental sustainability by implementing policies that promote Biobased Biodegradable Plastics over conventional plastics. For example, India implemented a ban on 19 single-use plastic items starting July 1, 2022. Similarly, in October 2023, Hong Kong’s legislature passed a law to ban single-use plastics, set to take effect on April 22, 2024. Violations of this law could result in fines up to $10,000. In Nigeria, both the Federal Ministry of Environment and the Lagos State government announced single-use plastic bans in January 2024. The Solomon Islands will also enact a ban on single-use plastics by March 1, 2024, targeting import, manufacturing, and sales. In fact, 127 countries have introduced legislation regulating conventional plastics, opening up significant opportunities for the Biobased Biodegradable Plastics market.

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Innovations, along with a rise in e-commerce, shifting lifestyles, and greater health awareness, are driving growth in the global packaging industry. This boom is evident in sectors such as imports and exports, where superior packaging standards are necessary for international trade. For instance, the Indian food and beverage packaging industry is growing at a rate of 14.8% annually and is expected to reach $86 billion by 2029, driven by urbanization and rising incomes. In Japan, the Ministry of Economy, Trade, and Industry reported that the production of key packaging materials reached 2.5 million tons in 2022. The combination of a flourishing packaging industry and supportive government initiatives is set to significantly boost the Biobased Biodegradable Plastics market in the coming years. 

• In June 2024, researchers at the University of Copenhagen unveiled a 100% biodegradable plastic made from barley starch and sugarbeet fiber. Designed to decompose in nature within two months, this eco-friendly material aims to reduce plastic pollution and offers a sustainable alternative for packaging and other applications.

• In August 2023, researchers at the University of Washington unveiled biodegradable plastics made from spirulina, a carbon-neutral algae. These plastics, which decompose in backyard compost bins, boast strength comparable to conventional plastics and unique fire-resistant properties, offering a scalable and sustainable alternative to traditional materials.

Biobased Biodegradable Plastics Market: 

Competitive Landscape Key companies profiled in the Biobased Biodegradable Plastics Market are Versalis, Arkema S.A., Toyota Tsusho Corporation, BASF SE, Mitsubishi Plastics Inc., Corbion NV, Teijin Ltd., Natureworks LLC, Toray Industries Inc., Solvay SA.and others.