The bioplastics market is poised for remarkable growth, projected to soar to USD 15,552.3 million by 2028, indicating a robust CAGR of 10.7% from 2021 to 2028, according to Fortune Business Insights' recent report titled "Bioplastics Market, 2021-2028." In 2020, the market size was recorded at USD 7,043.9 million. The surge in demand for environmentally friendly plastics in packaging industries and mounting concerns regarding the persistence of non-biodegradable plastic waste are anticipated to be pivotal factors propelling the demand for bioplastics in the coming years.

Challenges in Green Investment Postponement amid COVID-19 Outbreak

Amid the unprecedented challenges posed by the COVID-19 pandemic, the postponement of green investment initiatives by governments has cast a shadow on market growth. Capgemini Research Institute's findings from October 2020 revealed that 37% of the 300 large energy companies surveyed planned to defer investments in low-carbon projects and infrastructure. This postponement and the halting of numerous projects are expected to impede the growth trajectory of the global bioplastics market.

Key Insights Offered in the Report

Fortune Business Insights' comprehensive report on the global bioplastics market encompasses qualitative and quantitative analyses of various factors influencing growth. It delves into the regional analysis, covering diverse geographical areas contributing to market expansion. The report also includes an assessment of the competitive landscape, highlighting leading companies and their strategies, such as forging partnerships, launching innovative products, and collaborating to foster market growth from 2021 to 2028. Moreover, the research employs diverse methodologies to glean insights into prevailing trends and industry developments that will drive market growth during the forecast period.

Driving Forces

Rising Demand for Eco-Friendly Plastics to Propel Market Growth

The alarming data from Clean our Ocean estimates that millions of marine animals succumb to plastic pollution annually. Heightened concerns surrounding plastic disposal have fueled the demand for eco-friendly plastic alternatives, including biodegradable variants. The packaging sector, in particular, has emerged as a significant beneficiary of these environmentally conscious plastics. The escalating adoption of eco-friendly plastics for both rigid and flexible packaging solutions is poised to stimulate global bioplastics market adoption. Thus, the growing apprehensions regarding the disposal of non-biodegradable plastics are expected to underpin the market's growth in the foreseeable future.

Competitive Landscape

Major Companies Pursue Merger and Acquisition Strategies to Enhance Market Presence

The global bioplastics market is characterized by dynamic competition, with numerous companies vying to fortify their market foothold. Many players are pursuing merger and acquisition endeavors to broaden their product portfolios and bolster sales revenues. Additionally, key market participants are striving to capture a significant market share through collaborative ventures, strategic partnerships, and the introduction of innovative products, all of which are poised to propel market growth in the coming years.

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https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940