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

Market Size of Bioplastics in Canada (2017 – 2021)

Industry: Packaging Services
Current: Market Sizing & Shares

The Market value of Bioplastics in Canada reached $465.6 million in 2021
During the same period, the industry witnessed a Market volume of 138.3 thousand tonnes
The industry recorded a historical growth (CAGR) of 1.9% between 2017 and 2021 in terms of value, while the underlying market volume declined (CAGR) by 3.0% between 2017 and 2021

Market Size of Bioplastics in Canada (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 (plastics made partly from biological substances, which means they are not fully biodegradable), and biodegradable plastics (fully plant-based plastics that can be completely decomposed by microbes).

The market for bioplastics is expected to grow at a rate of over 10% during 2021–30. Canada is one of the five largest producers of bioplastics, along with China, Germany, Brazil, and the US. The Canadian bioplastics market was valued at $184 million in 2021, with a market volume of 55 thousand Tonnes. The country’s market recorded a compound annual growth rate (CAGR) of 3.1% during 2017–21 in terms of value, while the volume grew at a CAGR of 7.8% during this period.

The European Union and United Nations are the major advocators and motivators of the bioplastics 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 bioplastics 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 of essential scale-up facilities and demonstrator plants, perhaps via public-private partnerships.

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