According to the research report titled ‘Global Biodegradable Plastics Market (Value, Volume) - Analysis By Product, Application, By Region, By Country: Market Insights and Outlook Post Covid-19 Pandemic (2020-2025)’, available with Market Study Report, global biodegradable plastics market was valued USD 4709.19 million in 2019 and is expected to record a healthy growth rate over 2020-2025.
 

As per the report findings, rising emphasis towards carbon reduction during plastics manufacturing is fueling worldwide biodegradable plastics market growth. Moreover, developing consumer consciousness about environmental concerns, along with government directives such as ban of plastic bags are expected to propel the demand for biodegradable plastics in the upcoming years.
 

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On the contrary, surge in use of traditional plastics over biodegradable plastics by companies to cut costs, and maintain revenue and profit margins amid the Covid-19 pandemic has negatively impacted the industry outlook. Further, increasing availability of conventional plastics at a cheaper rate due to decline in petroleum prices is impeding the remuneration scope of the industry.
 

Based on product type, global biodegradable plastics market is categorized into starch blends, PHA, PLA, PBS, and others, among which, the foremost segment leads the industry growth. This can be ascribed the usage of starch blended biodegradable plastics in edible films and food packaging which reduces food loss and keeps fresh. Moreover, starch blend is utilized in the agriculture sector for greenhouse covering, mulch film and controlled release materials for fertilizers. Benefits like lower cost, renewability, and higher abundance are encouraging the product adoption.
 

Elaborating on the application spectrum, packaging segment is pulling the overall biodegradable plastics market share from consumer goods, textile, agriculture and other segments. Changing consumer lifestyle with increased demand for packaged food products in developed regions is fostering the segment growth. Further, growing application of biodegradable plastics, such as diapers, adult incontinence products, and landfill covers, is boosting the segmental share.
 

From a geographical perspective, Europe biodegradable plastics market size is expanding at a strong pace, owing to high consumer awareness regarding plastics waste and ban on single-use plastics in the region. Moreover, favorable government initiatives to promote the adoption bio-based plastic products is expected to present new growth opportunities in Europe.
 

Prominent players in global biodegradable plastics market sphere are Teijin Ltd., Danimer Scientific, Novamont S.p.A., Kuraray Co., Ltd., Mitsubishi Chemical Holdings, Biome Bioplastics, Total Corbion PLA, NatureWorks, LLC, BASF SE, and Carbios.