(MENAFN- EIN Presswire) EINPresswire/ -- The global bioplastics market is gaining momentum due to the growing shift toward bio-based products, which helps reduce dependency on conventional plastics. Rising environmental awareness among consumers and increasing demand for eco-friendly alternatives are key factors driving market expansion.

Key Market Insights:-

- According to Allied Market Research, the global bioplastics market was valued at $6.3 billion in 2021 and is projected to reach $18.7 billion by 2031, growing at a CAGR of 11.7% (2022–2031).

- The report provides a comprehensive analysis of market trends, key drivers, investment opportunities, competitive landscape, and regional outlook, offering valuable insights for stakeholders, investors, and new entrants.

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Drivers:

- Increasing environmental awareness and sustainability initiatives
- Expanding applications in packaging films for food, pharmaceuticals, and consumer goods

Opportunities:

- Rising number of online shoppers driving demand for sustainable packaging
- Growing preference for eco-friendly alternatives across industries

Restraints:

- High production costs compared to conventional plastics
- Limited consumer base in cost-sensitive markets

Nevertheless, the industry is poised for recovery, driven by increasing regulatory support and renewed focus on sustainable packaging solutions.

Segmental Analysis:-

By Type:

- Biodegradable plastics dominated the market in 2021, accounting for nearly three-fifths of total share, and are projected to register the fastest CAGR of 12.2% through 2031.
- Non-biodegradable plastics also hold a significant share in specialty applications.

By Application:

- Flexible packaging led the market in 2021, representing over one-fourth of total revenue.
- The consumer goods segment is expected to grow at the fastest CAGR of 13.8% during the forecast period.

By Region:

- Asia-Pacific accounted for over 40% of global revenue in 2021 and is anticipated to remain the leading and fastest-growing region, with a CAGR of 12.4%.
- Other regions analyzed include North America, Europe, and LAMEA.

Key Market Players:-

Prominent players operating in the global bioplastics market include:

- Eastman Chemical Company, Kuraray Co. Ltd., LG Chem, BASF SE, Biome Technologies Plc., CJ CheilJedang Corp., Corbion N.V., Danimer Scientific, Dow Inc., Mitsubishi Chemical Holdings, Novamont S.p.A, and SKC.

These companies are focusing on strategic collaborations, product innovation, joint ventures, and expansion initiatives to enhance market presence and competitiveness.

Key Takeaway:

- The bioplastics market is set for substantial growth driven by the global sustainability shift and innovation in biodegradable materials. With major players investing in R&D and governments implementing stricter environmental regulations, the industry is on track for a robust and eco-conscious future.

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About Us

Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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