Bioplastics Market Share 2023-2028 |Industry Size, Growth and Forecast
The global bioplastics market size reached US$ 11.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028. Bioplastics refer to biodegradable plastic materials produced from renewable biomass sources, including vegetable oils and fats, corn starch, recycled food waste, etc. They do not require fossil fuel as a raw material as compared to common plastics or petro-based polymers. Bioplastics are highly durable, lightweight, and can be molded into multiple shapes and sizes. They consume less amount of energy during the manufacturing process and are easily absorbed by the soil and converted to humus or compost. Bioplastics reduce the need for more landfills and help to decrease plastic waste polluting the environment. Consequently, they find extensive applications across numerous sectors, such as agriculture, consumer goods, textile, automotive, pharmaceutical, etc. Get a F...