The market for biodegradable plastics was valued at USD 7.1 billion in 2023–2024 and is expected to reach USD 25.5 billion by 2030, growing at a compound annual growth rate (CAGR) of 21.4 percent. Over the course of the forecast period, the use of biodegradable plastics in food packaging is anticipated to grow significantly. This growth is being driven by the growing demand for environmentally friendly substitutes for conventional plastics, particularly biodegradable polyesters.

Additionally, there is a growing need for biodegradable plastics as a result of the growing demand for bottles, disposable tableware, and food packaging. Governments everywhere are promoting biodegradable plastics by enforcing stringent laws against the use of plastics derived from petroleum in an effort to reduce pollution in the environment. Furthermore, it is anticipated that growing consumer awareness of biodegradable products will accelerate market expansion.

The application of biodegradable plastics in the agriculture sector, particularly through the use of biodegradable plastics, is a noteworthy and impactful trend. Biodegradable plastics help in the conservation of water by reducing evaporation and improving soil moisture retention, leading to more efficient water usage in agriculture. Biodegradable plastics contribute to maintaining optimal soil temperatures, fostering a conducive environment for seed germination, root development, and overall faster crop growth.

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The biodegradability of these plastics used in agriculture ensures that they break down naturally over time, eliminating the need for their removal and reducing environmental impact compared to traditional plastic mulch films. The increased use of biodegradable plastics in consumer goods with a growing awareness and preference for sustainable and environmentally friendly products is projected to fuel market growth. Consumer goods is one of the major end-use industry of biodegradable plastics. Biodegradable plastics are increasingly utilized in domestic and electrical appliances. The major consumer goods manufacturers are shifting their focus from traditional plastics to biodegradable plastics to reduce the negative impact on the environment. 

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The dual impact of biodegradable plastics in agriculture and consumer goods demonstrates the versatility and positive environmental contribution of these materials. As sustainability becomes a focal point in various industries, the adoption of biodegradable plastics is likely to grow, driven by both regulatory pressures and consumer preferences.

The demand for biodegradable plastic is expected to rise in both developed and developing economies. Major market players are investing significantly into research & development to create innovative biodegradable plastic products that are durable and break down easily in the natural environment. In June 2023, BASF announced the opening of their new Biodegradation and Microplastics Center of Excellence at their Michigan site. The center will focus on comprehending the disintegration performance of compostable materials, biodegradation performance of new chemical compositions, and collecting innovative insights on microplastics.

The Latin America emerged as a promising destination in the market. The availability of cost efficient raw materials is most likely to complement the growth of the market in the region.  Key players operating in the market are BASF, Biome Technologies, Cargill, Danimer Scientific, Eastman Chemical, FKuR Kunststoff, Futerro, NatureWorks, Novamont, Plantic Technologies, PTT MCC Biochem, Synbra Technology, Total Corbion and Trineso.

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