Biodegradable Plastics Market Forecast Report 2023-2028: Changing Consumer Preference Toward Eco Friendly Plastic Products and Increasing Use of Packaging and Compostable Bags
The Biodegradable plastic market is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023.
- The Biodegradable plastic market is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023.
- The combination of environmental concerns, regulatory actions, consumer demand, corporate sustainability efforts, and advancements in biodegradable plastics technology are driving the adoption and use of biodegradable plastics.
- Increasing environmental regulations and changing lifestyles of consumers have increased the demand for biodegradable plastics in the packaging industry.
- The rising population, urbanization, and industrialization are some of the factors that will drive the biodegradable plastic market in this region.