As per the report published by Fortune Business Insights™, the global bioplastics market size will exhibit a CAGR of 16.2% and reach USD 19.93 billion by 2026. The forecast period is set from 2019 to 2026, and the market value as per 2018 was USD 6.04 billion.
The global bioplastics market is anticipated to witness promising growth on account of the rising awareness about environmental protection worldwide. Fortune Business Insights™ in their report titled, “Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2019-2026,” offers a detailed analysis of the market and throws light on major industry developments.
According to the current bioplastics market trend, the industry is dominated by the rigid packaging segment concerning applications. This is on account of high demand from shipping companies that demand sustainable yet sturdy packaging products fit for carrying a heavy load.
Surging Demand for Ready-to-eat Food Products will help Promote market for Bioplastics
A major bioplastics market growth driver is the increasing environmental concerns related to the use of plastic and its harmful effects. This, followed by the rise in demand for alternatives for plastics, is expected to help increase the overall bioplastics market size in the forecast period. Besides this, the increasing demand for bioplastics from industries such as pharmaceutical companies and food industries is anticipated to help attract high bioplastics market revenues in the forecast period. This is owing to the rise in demand for ready-to-eat food products that require safe packaging materials with low environmental impact.
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Source: Globenews Wire