Biodegradable Plastic Market Set to Reach $12 Billion Worldwide by 2028: Can the Industry Overcome Upcoming Challenges?

The global biodegradable plastics market is predicted to cross $12 billion by 2028, according to analysts’ reports. The market is being driven by the rising demand from various industries, including packaging, automotive, and electronics. Biodegradable plastics are made from renewable sources such as sugarcane, castor beans, and soy, as well as microbes and petrochemicals. Some biodegradable plastics are compostable, breaking down under controlled conditions. The growing awareness of the environmental damage caused by traditional plastics is causing consumers to shift their preferences towards eco-friendly plastic solutions. Biodegradable plastics degrade by 60% in less than 180 days, compared to the 1,000 years that traditional plastics take to decompose. This, coupled with stringent regulations by governments and federal agencies, has increased the demand for biodegradable plastics. However, the major challenge faced by the biodegradable plastics market is the high production cost, which is 20-80% more than that of traditional plastics.