Biodegradable Plastic Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027
The Global Biodegradable Plastic market stood at USD3438.70 million in 2021 and is expected to grow at a CAGR of 9.03% during the forecast period. This can be attributed to the factors like the rising trend of environmentally friendly materials for packaging and rising environmental awareness among the masses, extensively publicized effects of climate change, price increases of fossil materials, research on the bio-based economy, which several national governments are already supporting, and advantages over conventional Plastic. Moreover, corporates are becoming more focused on sustainability. Rising Environmental Awareness The increasing use of biodegradable Plastic, with growing awareness among the public towards the ill effects of conventional plastic waste, is the major growth driver of the biodegradable Plastic industry. The rising trend of environmentally friendly materials for packaging has also influenced the market growth of biodegradable Plastic. These factors also contribut...