Market status and development prospect of global biodegradable plastics industry in 2020

Going out with the old and coming in with the new, is something every market needs to do. Sticking with the traditional plastic industry is creating concern towards the future of our environment, and a lot of companies have decided to dedicate a future with bioplastics and biodegradables.

Biodegradables are an alternative to plastics long-term lifespan; they can be decomposed by bacteria and have a shorter lifespan in the correct environments. The bioplastic and biodegradable plastics market are expected to rise significantly between 2020 and 2026. In 2018 the Biodegradable plastic packaging market was valued at USD 3.97 billion, by 2024, it is estimated to reach a market value of USD 10.3 billion. The current negative effects of plastic pollution are the driving force in the biodegradable plastic alternatives, it is one of the key elements in the market growth. Governments and federal agencies are putting in place strict regulations that aim to reduce our plastic waste and encourage biodegradable plastics, which is allowing the biodegradable market to grow further. Climate change and the expected future shortage of fossil resources means we owe it to our environment to find and use better alternatives to plastic. Bioplastic and biodegradable are trialed and tested, they are our future, they are the opportunity our environment needs to heal and repair itself before it is too late.