The “Biodegradable Plastic Bags Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Biodegradable Plastic Bags Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global biodegradable plastic bags market size was US$ 2,299.7 million in 2021. The global biodegradable plastic bags market size is forecast to reach US$ 4,122.4 million by 2030, growing at a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2022 to 2030.
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A form of plastic known as biodegradable can destroy microorganisms like fungi or bacteria. In contrast to oil-based polymers made from petroleum, this form of plastic is produced from plant-based ingredients including corn, potato, and wheat starch. When biodegradable plastic is used to create plastic bags, recycling becomes easier since the smaller pieces of broken-down plastic can be easily handled by the bacteria and fungi that are naturally prevalent in the environment, which can significantly reduce the looming landfill problem.
Factors Influencing Market Growth
The increased development of the packaging industry and the surge in the usage of environment-friendly bags drive the global market.
The ban on the usage of single-use plastic bags and the rising promotion of the newest biodegradable technology is forecast to offer lucrative opportunities for the global market.
The increasing demand for biodegradable plastics from several end-use industries, strict regulatory & sustainability grants, and growing concerns about the environment boosts the global market growth.
The increased prices of biodegradable plastic bags may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic has affected the growth of the biodegradable plastics market. Operational limitations and a disrupted supply chain were faced by the global market. Due to severe lockdown regulations around the world, the outbreak caused labor impairment and the shutdown of manufacturing operations.
Reduced demand for the product has been noticed as a result of the pandemic’s impact on sectors including textile and agriculture. However, the rise in e-commerce during the pandemic led to a rise in the demand for packaging-related goods. The market for biodegradable plastics will likely grow during the projected period.
Regional Analysis
The Asia Pacific region garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the easy presence of raw materials used in the production of biodegradable plastics and rising awareness of the use of biodegradable plastic bags.
Europe is forecast to have considerable growth during the forecast period. As a result of the rising demand for the industry across various end-user such as packaging, agriculture, consumer goods, and textiles. In addition, the existence of strict environmental rules and growing environmental concerns support market growth in the region.
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Leading Competitors
The leading prominent companies profiled in the global biodegradable plastic bags market are:
Biopac India Corporation Ltd.
Smurfit Kappa Group
Mondi Group
BASF SE
WestRock Company
Georgia-Pacific
Metabolix, Inc.
Cereplast Inc.
Novolex
Shabra Group
International Plastics Inc.
Ampac Holdings LLC, Bulldog Bag Ltd.
Abbey Polyethene
Sahachit Watana Plastic Industry Co Ltd.
Sarah Bio Plast
Other Prominent Players
Scope of the Report
The global biodegradable plastic bags market segmentation focuses on Type, Distribution Channel, End-User, and Region.
Segmentation based on Type
Hydro Biodegradable Plastic (HBP)
Oxo-Biodegradable Plastic (OBP)
Segmentation based on Distribution Channel
E-commerce
Convenience Stores
Segmentation based on End-User
Commercial Use
Retail Industry
Personal Use
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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