BIODEGRADABLE PLASTICS MARKET ANALYSIS

Biodegradable Plastics MarketSize and Trends

The global Biodegradable Plastics Market size was valued at US$ 2.23 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 13.4% from 2023 to 2030. Biodegradable plastic is a form of plastic that is intended to degrade spontaneously in the environment due to the action of microorganisms such as bacteria and fungus. Unlike regular plastics, which can take hundreds of years to decay, biodegradable polymers can breakdown in a matter of months to a few years. Because of this feature, they are a more sustainable alternative to traditional plastics, since they have a lower environmental effect and can help alleviate the problem of plastic pollution. It is crucial to remember, however, that not all "biodegradable" plastics are genuinely ecologically beneficial, since some may require special circumstances or industrial processing to break down efficiently.

Global Biodegradable Plastics Market Trends:

Rise in popularity of biodegradable mulch film

Growing consumption of functional beverages, bakery products, and confectionery is augmenting the biodegradable mulch film is becoming more popular than traditional plastic films. This is attributed to many factors that indicate the market for biodegradable mulch film is developing due to greater decomposition in the soil. It is estimated that 75%-80% content in the mulch film is renewable and its use is increasing. Mulch films are made of renewable material which also contains substantial fossil content. New types of mulch films with minimal content of fossil material are being developed and are expected to be introduced in several years.

Mulch film is expected to witness growing demand as it is used in vegetable and strawberry cultivation and is laid for one season before it is removed. Biodegradable plastics are largely used in mulching films as they can simply be ploughed into the soil after use and need not be separated from organic matter. The market for biodegradable plastic for agricultural films is developing moderately and introduction of mulch films with majority of renewable content is expected to make way for growth opportunities in the market.

Polylactic Acid acting as alternative to traditional fossil

After starch blend, Polylactic Acid (PLA) is the major type of biodegradable bio plastic preferred largely as it is relatively cost effective and suitable for large number of packaging needs. It has emerged as an alternative to traditional fossil based plastic more specifically polyethylene terephthalate (PET) and to other plastic as well. PLA is approved and recommended plastic packaging material by various food regulatory bodies and authorities, making it highly suitable in various food packaging applications. PLA is transparent in appearance, which makes it desirable for packaging, wherein, product can be easily visible to consumers. PLA is a breathable material and ideal for food packaging that requires oxygen, for example salad leaves. Therefore, PLA is majorly a food packaging material and growing sustainable packaging needs is mainly driving its consumption.