In the United Kingdom, a report by Future Market Insights predicts a double-digit CAGR during forecast period 2014-2020 for the global bio-based biodegradable plastics market. Europe leads the global bio-based biodegradable plastics market, followed by North America. Japan is another prominent market for bio-based biodegradable plastics, characterized by product innovation through substantial investments into R&D activities. On the other hand, the bio-based biodegradable plastics market in Latin America is expected to demonstrate the highest growth rate at a CAGR of 22.6%. The packaging sector accounts for the largest share of the global bio-based biodegradable plastics market and is largely driven by Europe.
Essien Jae, Lead Consultant at FMI said in their press release, “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”.
Bio-based Biodegradable Plastics Market Size to Grow Steadily By 2020