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Explore the latest trends and actionable insights on the US Bioplastics market to inform business strategy and pinpoint opportunities and risks

Market Size of Bioplastics in United States of America (2017 – 2021)

Industry: Packaging Services
Current: Market Sizing & Shares

The Market value of Bioplastics in United States of America reached $870.5 million in 2021
During the same period, the industry witnessed a Market volume of 216.6 thousand tonnes
The industry recorded a historical growth (CAGR) of 6.9% between 2017 and 2021 in terms of value, while the underlying market volume grew (CAGR) by 1.8% between 2017 and 2021

Market Size of Bioplastics in United States of America (2017 – 2021)

Eco-friendly properties of bioplastics, consumers’ acceptance of plant-based products, legislative backing for the development of degradable packaging materials, and abundant supply of renewable raw material sources to produce bioplastics are some of the major factors propelling the market for bioplastics. Bioplastic production is highly energy efficient as it requires 65% less energy in comparison to the manufacture of conventional plastic. It also significantly reduces wastage as these materials do not have any toxicity and can degrade easily and emit lower amount of greenhouse gases (GHGs) during degradation. Furthermore, increased demand for bioplastics is expected to reduce the consumption of petroleum used for the production of conventional plastic by 15–20% by 2025.

Bioplastics are produced from natural resources such as vegetable oils and starches. They can be segregated into bio-based, non-biodegradable plastics, and biodegradable plastics. Bio-based but non-biodegradable plastics often structurally mimic petro-based plastics made partly from biological substances, which means they are not fully biodegradable. These plastics are considered drop-in solutions as they possess almost similar attributes to their petro-based counterparts.

The global market for bio-based plastics is projected to grow at a compound annual growth rate (CAGR) of more than 25% during 2021–30. The US is one of the five largest producers of bio-based non-biodegradable plastic, along with China, Germany, Brazil, and Canada. The US bio-based non-biodegradable plastic market was valued at $334 million in 2021, with a market volume of 84,000 tonnes. The country’s market grew at a CAGR of 2.0% during 2017–21 in terms of value, while the volume declined at a CAGR of 2.9% during 2017–21.

The European Union and the United Nations are the major advocators and motivators of the biodegradable plastics market. Owing to the presence of a significant number of countries in the UN and the EU, the Bioeconomy Strategy and Action Plans could stimulate policy actions directly targeting the biodegradable plastics market. Big economies such as the US and China, along with the EU member countries, have already unveiled significant bio-economy strategies, while other countries are not far behind. A crucial step for the governments could be to implement measures aimed at the development, perhaps via public-private partnerships, of essential scale-up facilities and demonstrator plants.

Explore the latest trends and actionable insights on the US Bioplastics market to inform business strategy and pinpoint opportunities and risks Explore the latest trends and actionable insights on the US Bioplastics market to inform business strategy and pinpoint opportunities and risks Visit Report Store