North America’s Biodegradable Plastic Market is Booming – Here’s Why!
The North America biodegradable plastic market size is expected to reach USD 2,333.1 million by 2030, registering a CAGR of 9.6% during the forecast period, according to a new report by Grand View Research, Inc. With rising concerns about the use of plastics, an increase in demand for alternatives used for plastics has been observed in the market. With the pace of innovation and new product development, manufacturers in the market are shifting their focus toward the development of biodegradable plastics. Companies are continuously developing product lines using biodegradable and recycled materials to address the concerns regarding the toxic effects of plastic waste. A large number of small and medium-scale businesses have committed to using recycled or sustainably sourced materials by a specific time frame. This shift has further gained pace since the outbreak of the coronavirus as it has severely affected consumer buying behavior and their preference...