London-based market research and consulting firm, Future Market Insights (FMI), in its latest report titled “Global Bio-based Biodegradable Plastics – Market Analysis and Opportunity Assessment, 2014-2020”, states that the global bio-based biodegradable plastics market is expected to demonstrate a double-digit CAGR during forecast period 2014-2020.
Global penetration of biodegradable and bio-based biodegradable plastics is currently significantly lower in comparison to traditional fossil fuel-based plastics. Of the 300 Mn metric tonnes of plastics consumed in 2013, biodegradable plastics accounted for 0.21% of the total consumption. The total consumption of bio-based biodegradable plastics was 591,000 metric tonnes in 2013, accounting for 0.1% share of the total global plastics consumption.
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Essien Jae, Lead Consultant at FMI said, “Consumption of bio-based biodegradable plastics is substantially low compared to fossil fuel-based plastics, but this is expected to grow rapidly over the next five years. By 2020, the total revenue of the global bio-based biodegradable plastics market is expected to grow two and half times as compared to 2014”.
Regional Bio-based Biodegradable Plastics Markets to Demonstrate an Impressive CAGR till 2020
Europe leads the global bio-based biodegradable plastics market, followed by North America. The two major markets contributed approximately 70% to the global bio-based biodegradable plastics market revenue in 2014. The European bio-based biodegradable plastics market is relatively mature due to early adoption of these materials compared to other regions.
North America is the second-largest market and is estimated to demonstrate robust double-digit growth between 2014 and 2020. On the other hand, the bio-based biodegradable plastics market in Latin America is expected to demonstrate the highest growth rate at a...