Global Biodegradable Plastic Market Analysis by Type, Application, Region and segments forecast till 2033
The global biodegradable plastic market is presently valued at USD 4,600 million and is poised to amplify at a CAGR of 9.7% over 2023-2033, thereby accumulating USD 10,000 million by end of the assessment timeframe.
Biodegradable plastics are referred to as the type of plastics that can be degraded into biomass, water, and carbon dioxide by the action of microorganisms. They are predominantly produced using petrochemicals, microbes, and renewable raw materials, or sometimes by combining them all. These plastics are sustainable in nature since they emit lesser amount of greenhouse gases as compared to tradition plastic forms. The rising instances of environmental pollution, stringent government regulations to decrease the utilization of single-use plastics, and growing R&D activities in the field are primarily augmenting the outlook of this industry vertical.
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