According to GMI Research, the global bioplastics & biopolymers market was estimated at USD 3,587 billion in 2016 and is projected to reach USD 7,622 billion by the end of 2021, and is projected to witness a CAGR of 16.27% during the forecast period.
Supportive government policies and regulations owing to lesser toxicity and low carbon content, growing concern for human health, and the global increase in consumers preferring bio-based and bio-degradable packaging are the major factors boosting the growth prospects of the bioplastics and biopolymers market.
Bio-PET is projected to be the fastest growing segment. Bio-PET (PolyEthylene Terephatalate) is expected to register a higher growth rate owing to its extensive usage in industries such as packaging and bottling. Bio-Pet has similar properties to conventional PET however it has a low carbon footprint which helps sustain plastic and reduce solid waste.
Packaging and bottles segment is estimated to hold the largest market share in the bioplastics and biopolymers market. The packaging and bottles segment is estimated to capture the largest share of the total bioplastics and biopolymers market. Bioplastics are extensively used in the packaging of food, goods, cosmetics, and pharmaceuticals. The key factor propelling growth is the global consumer demand for bio-packaged products.
Europe is estimated to capture a substantial share in the bioplastics and biopolymers market. The increasing popularity towards sustainable packaging is the main reason for the market growth. Lawmakers across countries are aware of the environmental problems associated with conventional plastics which has led the governments across countries to enact stringent rules and regulations. These regulations have made companies started to use bioplastics in their products. The bioplastics and biopolymers markets in UK, Germany, and France are expected to grow at a faster rate across Western Europe countries.