Biodegradable Plastics Market: A Bright Future Ahead
Biodegradable Plastics Market: A Bright Future Ahead Projected to reach a remarkable USD 20.9 billion by 2028, the global biodegradable plastics market anticipates a robust compound annual growth rate (CAGR) of 21.3% from 2023 to 2028. This growth is fueled by: - Heightened awareness of environmental concerns linked to traditional plastics, spurring demand for sustainable alternatives. - Government regulations targeting plastic pollution, including bans on single-use plastics. - Ongoing technological advancements enhancing the performance and affordability of biodegradable plastics. - Increasing demand across sectors like packaging, food & beverage, and agriculture. PLA Biodegradable Plastics Takes the Lead Within the biodegradable plastics landscape, PLA (polylactic acid) is set to experience the fastest growth due to its: - Sourcing from renewable resources like corn starch or sugarcane, ensuring sustainability. Compostability in industrial composting facilities, breaking down w