Bioplastics Market Size to Reach USD 29.79 Billion By 2032
According to Custom Market Insights (CMI), the global bioplastics market size was estimated at USD 10.35 billion in 2021 and is projected to cross around USD 29.79 billion by 2030, with a healthy compound annual growth rate (CAGR) of 17.56% from 2022 to 2030. The bioplastic material is derived from renewable feedstock that includes feedstock, peat moss, prolactin acid, and others. It is an alternative to petroleum-based plastics and has the capacity to reduce 30-70% of carbon dioxide emissions. The production of bioplastic requires 65% less energy than conventional petroleum plastic. The global bioplastics market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby, increasing production capacity. It has a wide range of applications in various end-use industries such as agriculture, textile, automotive, transportation, consumer goods, and others. Browse the full “ Bioplastics Market Size, Trends and Insigh...