Increasing Demand For Environment Friendly Packaging To Aid Expansion of The Biodegradable Plastic Market
Biodegradable Plastic Industry Overview The global biodegradable plastic market size was estimated at USD 4.1 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 9.7% during the forecast period. Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth. Additionally, the increasing use of biodegradable plastics in packaging and agriculture is anticipated to supplement the growth of the segment. Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting the use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a fillip to the market. Gather more insights about the market drivers,...