Biodegradable Plastics Industry - Regional Synopsis
On the basis of geographical analysis, the global biodegradable plastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is anticipated to account for largest revenue share by 2037, on the back of increasing disposable income of the people and high availability of cheap raw materials in the region. According to the Organization for Economic Cooperation and Development or OECD, the household disposable income in Australia witnessed an annual growth by 4.4 percent in the year 2019. Apart from these, improvements in the standards of living, especially in countries such as China and India, is also expected to drive the region’s market growth in the future. Additionally, the market in Europe is anticipated to acquire the largest share during the forecast period, which can be credited to the high awareness levels among the population regarding the ill-effects of plastic waste and imposition of ban on the usage of single-use plastics in the region.
