Biodegradable Plastics Market Size

Biodegradable Plastics Market size was valued at USD 5.68 billion in 2023 and is anticipated to reach USD 17.62 billion by 2036, expanding at around 9.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of biodegradable plastics is assessed at USD 6.09 billion. The growth of the market can be attributed to the rising governmental initiatives to eliminate single use plastic, growing awareness about the hazardous effects of plastic waste around the world, and stringent regulatory framework against the usage of conventional plastic products. For instance, the European Commission launched the single-use plastics EU directive in 2019, which is aimed at tackling 10 single use plastic items found most commonly on European beaches, and promote sustainable alternatives. Furthermore, surge in the use of biodegradable packaging in agriculture and food & beverage sectors is also projected to accelerate the growth of the market in the forthcoming years. Along with these, rise in consumer willingness to pay more for biodegradable materials as a result of their environment friendliness is also evaluated to offer ample growth opportunities to the market in the near future.