High demand for biodegradable plastic in food packaging applications, environmentally friendly nature & growing consumer adoption of biodegradable plastics, and favorable government policy toward bioplastic have boosted the growth of the global biodegradable plastic market. The market across Europe held the lion’s share in 2018, accounting for more than half of the market. However, the starch blend segment held the largest share in 2018, accounted for two-fifths of the market.

Portland, OR, Feb. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global biodegradable plastic market accounted for $1.29 billion in 2018, and is projected to hit $6.00 billion by 2026, growing at a CAGR of 21.3% from 2019 to 2026.

High demand for biodegradable plastic in food packaging application, environmentally friendly nature & growing consumer adoption of biodegradable plastics, and favorable government policy toward bioplastic have boosted the growth of the global biodegradable plastic market. However, high cost of biodegradable plastic hampers the market. On the contrary, growing CSR activities and decreasing dependence on petroleum resource are expected to create lucrative opportunities in the near future.

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The global biodegradable plastic market is divided on the basis of type, application, and geography. Based on type, the market is categorized into PLA, PBAT, PBS, PHA, starch blends, and others. The PLA segment is expected to manifest the fastest CAGR of 22.0% during the forecast period. However, the starch blend segment held the largest share in 2018, accounted for two-fifths of the market.

Based on application, the market is segmented into packaging, agriculture, consumer durable, textile, and others. The agriculture segment is expected to manifest the highest CAGR of 22.2% during the study period. However, the packaging segment dominated the market in 2018, accounting for more than two-thirds of the market.

The global biodegradable plastic market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is anticipated to register the highest CAGR of 23.4% during the forecast period. However, the market across Europe held the lion’s share in 2018, accounting for more than half of the market.

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The global biodegradable plastic market report includes an in-depth analysis of the major market players such as DowDuPont Inc., Plantic, Eastman Chemical Company, Biome Technologies plc., Natureworks, Corbion N.V., Novamont S.p.A., Danimer Scientific, and BASF SE.

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