Bioplastics Market Size, Share, Growth Analysis, By Raw Material(Sugarcane and Potato), By Product Type(Biodegradable and Non-Biodegradable), By End-Use Industry(Packaging and Automotive & Transport), By Region - Industry Forecast 2024-2031

With a market size of USD 3.64 Billion, the bioplastics industry in 2023 witnessed a 48.6% share owned by Europe. Europe is a major center since it sets the global standard for product consumption as well as R&D. Roughly 25% of all bioplastics are now produced in the region, according to data from European Bioplastics. Moreover, strong demand for bio-based packaging products from local manufacturers and a thriving automotive sector are expected to drive market expansion. In addition, the research environment in Europe is highly developed, with many companies and institutions focused on the development of new bioplastics technologies, and research surrounding the potential regulatory impacts. Research focusing on such issues has made enormous progress in functionalities and application ranges of bioplastics, starting from performance features right up to ecologically friendly production techniques. 

Over the forecast period, the bioplastics market is expected to grow steadily in North America due to the region's growing requirement for electrical items and lightweight auto parts. The consumer goods vertical will also drive market expansion in the region because affluent consumers typically choose better-quality products over cheaper ones. Bioplastics are being used by different industries-manufacturing various commodities, such as in packaging to make ecologically friendly and aesthetically beautiful containers. Consumers seek quality products that will satisfy their high standards of quality and, at the same time, show responsible regard for environmental sustainability. Industry is rising because people look for high-quality and greener products; therefore, bioplastics have started making their existence quite prominent in an increasing number of things.