GVR Report cover Biodegradable Plastic Market Size, Share & Trends Report

Biodegradable Plastic Market Size, Share & Trends Analysis Report By Product (Starch Blends, Polylactic Acid, Poly(butylene adipate-co-terephthalate), PBS, PHA), By Application, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-410-9
  • Number of Report Pages: 102
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2023 - 2030 
  • Industry: Bulk Chemicals

Biodegradable Plastic Market Trends

The global biodegradable plastic market size was estimated at USD 5.43 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2030. Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth.

U.S. Biodegradable Plastic Market size and growth rate, 2024 - 2030

Additionally, increasing the use of biodegradable plastic in packaging and agriculture is anticipated to supplement the growth of the segment. Non-decomposable plastic is a global issue. Governments around the world are tackling this problem by banning single-use plastic and promoting the use of biodegradable plastic. Moreover, consumers are willing to pay more for biodegradable plastic owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a fillip to the market.

U.S. biodegradable plastic market is expected to rise significantly over the forecast period on account of the growing demand for bio-based packaging in food and consumer goods sectors. Bio bags and bio-based plastic have higher tensile strength, are eco-friendly in nature, and are convenient for use as compared to conventional plastic.

Moreover, expanding composting infrastructure and rising governmental efforts to reduce landfilling, such as the U.S. 2030 Food Loss and Waste Reduction Goal, are anticipated to augment the demand for bio-based bags or compostable bags used in the collection of food leftovers and other organic waste material over the forecast period.

U.S. market has been witnessing a significant rise in demand owing to the increasing usage of product for medical applications. Biodegradable plastic such as PLA are being increasingly used for manufacturing personal protection equipment such as masks, face shields, and other medical equipment.

Market Concentration & Characteristics

Biodegradable plastic market is highly concentrated in nature with the presence of various major players such as BASF SE, NatureWorks LLC, PTT MCC Biochem Co., Ltd., Total Corbion PLA, and Biome Technologies plc along with some small and medium-sized global and regional players globally.

Biodegradable Plastic Market Concentration & Characteristics

The global players face intense competition from each other as well as from regional players who have a well-established supply chain network and are aware of the regulations and suppliers across markets. Companies in the market compete on the basis of quality products offered and technology used for the production of biodegradable plastic.

With rising concerns over the use of plastic, an increase in demand for alternatives for plastic has been observed in the market. Owing to this manufacturer in the market are shifting their focus toward the development of biodegradable plastic. Companies are continuously developing product lines using biodegradable and recycled materials to address the concerns regarding toxic effects of plastic waste. A large number of small and medium-sale businesses have committed to using recycled or sustainably sourced materials by a specific time frame.

Product Insights

Starch Based was the largest product segment for biodegradable plastic in 2023 with a revenue share of more than 41.0%. On the basis of product, the market is divided into starch-based, PLA, PBAT, PBS, PHA, and others. Starch-based plastic is used in application industries such as packaging, automobiles, and agriculture. The PLA Product plastic is also rapidly gaining ground in the arena. The inexpensive cost of PLA compared to any other Product is a major driving factor for the segment.

PHA is projected to register significant growth during the forecast period. PHA is majorly used in medical applications such as drug encapsulation and medical implants. Other medical uses include tissue engineering, bone marrow scaffolds, and bone plates. Other than medical, PHA is also used in the production of compost bags; agriculture foil and films; and packaging for food and beverages and consumer products. These factors are expected to fuel the growth of PHA globally.

Application Insights

Packaging was the largest application segment for biodegradable plastic in 2023 with a revenue share of more than 61.0%. Packaging is one of the leading application sectors for biodegradable plastic. It is used in both rigid and flexible packaging. The replacement of conventional plastic by these plastics in food packaging such as boxes, wraps, cups, and plates are gaining momentum, which is supporting the growth of the biodegradable plastic market.

Global Biodegradable Plastic Market share and size, 2023

The agriculture sector also held a significant share of the market. The use of biodegradable mulch film ensures the conservation of water in the soil, suppression of weed growth, and conducive soil temperature maintenance in order to facilitate faster crop development. The surging use of biodegradable plastic in consumer goods is also evident in developed economies.

Regional Insights

Europe was the largest regional market for biodegradable plastic in 2023 with a revenue share of more than 42.0%. High awareness among people towards plastic waste coupled with the European Union ban on single-use plastic is estimated to propel the regional market over the forecast period.

Biodegradable Plastic Market Trends by Region, 2024 - 2030

Asia Pacific is expected to emerge as the fastest-growing market in the global arena. Positive government initiatives in developing countries such as China, Vietnam, Indonesia, and India to reduce the consumption of single use plastic is anticipated to have positive influence on product market. For instance, in July 2022, Indian government banned usage and consumption of single use plastic. This type of initiative is expected to increase the consumption of alternatives like biodegradable plastic.

Key Biodegradable Plastic Company Insights

Some of the key players of the market are Cargill Incorporated, Trineso, and Novamont S.p.A

  • Trineso engaged in the development and production of bioplastic and biochemicals. It offers biodegradable and compostable products under the brand names Mater-Bi, Matrol-Bi, and Celus-Bi.

  • Novamont S.p.A, mainly operates through six business segments, namely latex binders, synthetic rubber, performance plastic, polystyrene, feedstock’s, and American styrenics and serves various end-use industries including automotive, electrical & electronics, building and construction, healthcare and others

Key Biodegradable Plastic Companies:

The following are the leading companies in the biodegradable plastic market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these biodegradable plastic companies are analyzed to map the supply network.

  • Cargill Incorporated
  • PTT MCC Biochem Co., Ltd.
  • Biome Technologies plc
  • Plantic Technologies Limited
  • BASF SE
  • Total Corbion PLA
  • NatureWorks LLC
  • Eastman Chemical Company
  • Trineso
  • Danimer Scientific

Recent Developments

  • In June 2023, BASF announced the official opening of a Biodegradation and Microplastic Center of Excellence at the company’s Michigan site for helping regional customers in meeting their sustainability and circularity objectives. Focus areas will include understanding disintegration performance of compostable materials, biodegradation performance of novel chemistries, and gathering novel insights on microplastic.

  • In May 2023, TotalEnergies Corbion and Bluepha Co. Ltd signed an MoU regarding the acceleration of the adoption of PLA/PHA-based solutions in the Chinese market. The aim of the collaboration is to advance the development of various high-performance biopolymer offerings, through the combination of the former’s Luminy Polylactic Acid (PLA) technology with Bluepha Polyhydroxyalkanoates (PHA).

  • In May 2023, TotalEnergies Corbion announced a partnership with Xiamen Changsu Industrial Pte Ltd. for the development of the PLA sector. The companies will focus on the market promotion and R&D of new technologies and applications of BOPLA (biaxially oriented polylactic acid).

  • In February 2023, NatureWorks hosted a ceremony for celebrating the construction of the company’s Ingeo PLA manufacturing complex in Thailand. The facility, situated at the Nakhon Sawan Biocomplex (NBC) in Nakhon Sawan Province, will function as a production site for lactide, lactic acid, and polymer, with an annual capacity of 75,000 tons.

  • In December 2022, Futerro announced its plans to construct the first-ever vertically integrated biorefinery in Europe at Normandy, France, for the production and recycling of PLA. The biorefinery aims to include a PLA conversion unit, a lactic acid unit for transforming raw materials sourced from agriculture, and a unit for the molecular recycling of PLA.

  • In October 2022, at the K trade fair held in Germany, the first-ever compostable stick pack made out of a paper laminate and Novamont Mater-Bi bioplastic film was launched. The solution, made for a powdered multivitamin and multimineral supplement by DSM, has a bio-based raw material content of more than 65%.

  • In July 2022, PTT MCC Biochem announced a strategic partnership with International Fibres Group for the promotion of novel BioPBS-based staple fibers under the ‘IFGBio’ brand. The aim of the collaboration is to introduce an alternative sustainable material for staple fibers in areas such as food & beverage, geotextile, and construction, among others.

  • In October 2021, the Bioplastic division of Biome commenced a large-scale field testing and commercial sales of biodegradable tree shelters in the UK. These solutions leverage the company’s proprietary bioplastic materials to offer conventional benefits of tree shelters for 5 years and then biodegrade naturally over the next 2 years.

Biodegradable Plastic Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 5.92 billion

Revenue forecast in 2030

USD 10.04 billion

Growth rate

CAGR of 9.2% from 2024 to 2030

Historical data

2018 - 2022

Forecast period

2024 - 2030

Quantitative units

Volume in kilotons, revenue in USD million, and CAGR from 2024 to 2030

Report coverage

Volume forecast, revenue forecast, competitive landscape, growth factors and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; Mexico; Germany; France; UK.; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia

Key companies profiled

Cargill Incorporated; PTT MCC Biochem Co., Ltd.; Biome Technologies plc; Plantic Technologies Limited; BASF SE; Total Corbion PLA; NatureWorks LLC; Eastman Chemical Company; Trineso; Danimer Scientific

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Biodegradable Plastic Market Report Segmentation 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of sub-segments from 2018 to 2030. For purpose of this study, Grand View Research has segmented biodegradable plastic market report on basis of product, application, and region:

Global Biodegradable Plastic Market Report Segmentation

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Starch Based

    • PLA

    • PBS

    • PBAT

    • PHA

    • Polycaprolactone

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • Packaging

    • Agriculture

    • Consumer Goods

    • Textile

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • U.K.

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

Frequently Asked Questions About This Report

Table of Contents

Chapter 1. Methodology and Scope
                      1.1. Market Segmentation & Scope
                      1.2. Market Definition
                      1.3. Information Procurement
                          1.3.1. Purchased Database
                          1.3.2. GVR’s Internal Database
                          1.3.3. Secondary Sources & Third-Party Perspectives
                          1.3.4. Primary Research
                      1.4. Information Analysis
                          1.4.1. Data Analysis Models
                      1.5. Market Formulation & Data Visualization
                      1.6. Data Validation & Publishing
Chapter 2. Executive Summary
                      2.1. Market Snapshot, 2023
                      2.2. Product Segment Snapshot, 2023
                      2.3. Application Segment Snapshot, 2023
                      2.4. Competitive Landscape Snapshot
Chapter 3. Biodegradable Plastic Market Variables, Trends & Scope
                      3.1. Market Lineage Outlook
                      3.2. Industry Value Chain Analysis
                      3.3. Technology Overview
                      3.4. Regulatory Framework
                      3.5. Market Dynamics
                          3.5.1. Market Driver Analysis
                          3.5.2. Market Restraint Analysis
                          3.5.3. Industry Challenges
                          3.5.4. Industry Opportunities
                      3.6. Biodegradable Plastic Market- Business Environment Analysis
                          3.6.1. Porter’s Five Force Analysis
                          3.6.2. PESTEL Analysis
Chapter 4. Biodegradable Plastic Market: Product Estimates & Trend Analysis
                      4.1. Product Movement Analysis & Market Share, 2023 & 2030
                      4.2. Biodegradable Plastic Market Estimates & Forecast, By Product, 2018 to 2030 (Kilotons) (USD Million)
                      4.3. Starch-based
                          4.3.1. Biodegradable Plastic Market, Estimation and Forecast, by Starch-based, 2018 - 2030 (Kilotons) (USD Million)
                      4.4. Polylactic Acid (PLA)
                          4.4.1. Biodegradable Plastic Market, Estimation and Forecast, by PLA, 2018 - 2030 (Kilotons) (USD Million)
                      4.5. Polybutylene Adipate Terephthalate (PBAT)
                          4.5.1. Biodegradable Plastic Market, Estimation and Forecast, by PBAT, 2018 - 2030 (Kilotons) (USD Million)
                      4.6. Polybutylene Succinate (PBS)
                          4.6.1. Biodegradable Plastic Market, Estimation and Forecast, by PBS, 2018 - 2030 (Kilotons) (USD Million)
                      4.7. Polyhydroxyalkanoate (PHA)
                          4.7.1. Biodegradable Plastic Market, Estimation and Forecast, by PHA, 2018 - 2030 (Kilotons) (USD Million)
                      4.8. Others
                          4.8.1. Biodegradable Plastic Market, Estimation and Forecast, by Others, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Biodegradable Plastic Market: Application Estimates & Trend Analysis
                      5.1. Application Movement Analysis & Market Share, 2023 & 2030
                      5.2. Biodegradable Plastic Market Estimates & Forecast, By Application, 2018 to 2030 (Kilotons) (USD Million)
                      5.3. Packaging
                          5.3.1. Biodegradable Plastic Market, Estimation and Forecast, by Packaging, 2018 - 2030 (Kilotons) (USD Million)
                      5.4. Agriculture
                          5.4.1. Biodegradable Plastic Market, Estimation and Forecast, by Agriculture, 2018 - 2030 (Kilotons) (USD Million)
                      5.5. Consumer Goods
                          5.5.1. Biodegradable Plastic Market, Estimation and Forecast, by Consumer Goods, 2018 - 2030 (Kilotons) (USD Million)
                      5.6. Other
                          5.6.1. Biodegradable Plastic Market, Estimation and Forecast, by other, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Biodegradable Plastic Market: Regional Estimates & Trend Analysis
                      6.1. Regional Movement Analysis & Market Share, 2023 & 2030
                      6.2. North America
                          6.2.1. North America Chemical Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Million)
                           6.2.2. U.S.
                              6.2.2.1. Key country dynamics
                              6.2.2.2. U.S. Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.2.3. Canada
                              6.2.3.1. Key country dynamics
                              6.2.3.2. Canada Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.2.4. Mexico
                              6.2.4.1. Key country dynamics
                              6.2.4.2. Mexico Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                      6.3. Europe
                          6.3.1. Europe Chemical Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.3.2. Germany
                              6.3.2.1. Key country dynamics
                              6.3.2.2. Germany Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.3.3. UK
                              6.3.3.1. Key country dynamics
                              6.3.3.2. UK Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.3.4. Italy
                              6.3.4.1. Key country dynamics
                              6.3.4.2. Italy Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.3.5. France
                              6.3.5.1. Key country dynamics
                              6.3.5.2. France Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                      6.4. Asia Pacific
                          6.4.1. Asia Pacific Chemical Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.4.2. China
                              6.4.2.1. Key country dynamics
                              6.4.2.2. China Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.4.3. India
                              6.4.3.1. Key country dynamics
                              6.4.3.2. India Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.4.4. Japan
                              6.4.4.1. Key country dynamics
                              6.4.4.2. Japan Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.4.5. South Korea
                              6.4.5.1. Key country dynamics
                              6.4.5.2. South Korea Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                              6.4.5.3.
                      6.5. Central & South America
                          6.5.1. Central & South America Chemical Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.5.2. Brazil
                              6.5.2.1. Key country dynamics
                              6.5.2.2. Brazil Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
                      6.6. Middle East & Africa
                          6.6.1. Middles East & Africa Chemical Market Estimates & Forecast, 2018 - 2030 (Kilotons) (USD Million)
                          6.6.2. Saudi Arabia
                              6.6.2.1. Key country dynamics
                              6.6.2.2. Saudi Arabia Biodegradable Plastic market estimates & forecast, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Biodegradable Plastic Market - Competitive Landscape
                      7.1. Recent Developments & Impact Analysis, By Key Market Participants
                      7.2. Company Categorization
                      7.3. Company Market Share/Position Analysis, 2023
                      7.4. Company Heat Map Analysis
                      7.5. Strategy Mapping
                          7.5.1. Expansion
                          7.5.2. Mergers & Acquisition
                          7.5.3. Partnerships & Collaborations
                          7.5.4. New Process Launches
                          7.5.5. Research And Development
                      7.6. Company Profiles
                          7.6.1. Mitsubishi Chemical Corporation
                              7.6.1.1. Participant’s overview
                              7.6.1.2. Financial performance
                              7.6.1.3. Process benchmarking
                              7.6.1.4. Recent developments
                          7.6.2. Biome Technologies Plc
                              7.6.2.1. Participant’s overview
                              7.6.2.2. Financial performance
                              7.6.2.3. Process benchmarking
                              7.6.2.4. Recent developments
                          7.6.3. Plantic Technologies Limited
                              7.6.3.1. Participant’s overview
                              7.6.3.2. Financial performance
                              7.6.3.3. Process benchmarking
                              7.6.3.4. Recent developments
                          7.6.4. BASF SE
                              7.6.4.1. Participant’s overview
                              7.6.4.2. Financial performance
                              7.6.4.3. Process benchmarking
                              7.6.4.4. Recent developments
                          7.6.5. Corbion
                              7.6.5.1. Participant’s overview
                              7.6.5.2. Financial performance
                              7.6.5.3. Process benchmarking
                              7.6.5.4. Recent developments
                          7.6.6. Yield10 Bioscience, Inc.
                              7.6.6.1. Participant’s overview
                              7.6.6.2. Financial performance
                              7.6.6.3. Process benchmarking
                              7.6.6.4. Recent developments
                          7.6.7. Eastman Chemical Company
                              7.6.7.1. Participant’s overview
                              7.6.7.2. Financial performance
                              7.6.7.3. Process benchmarking
                              7.6.7.4. Recent developments
                          7.6.8. Natureworks LLC
                              7.6.8.1. Participant’s overview
                              7.6.8.2. Financial performance
                              7.6.8.3. Process benchmarking
                              7.6.8.4. Recent developments
                          7.6.9. Dow Inc.
                              7.6.9.1. Participant’s overview
                              7.6.9.2. Financial performance
                              7.6.9.3. Process benchmarking
                              7.6.9.4. Recent developments
                          7.6.10. Danimer Scientific
                              7.6.10.1. Participant’s overview
                              7.6.10.2. Financial performance
                              7.6.10.3. Process benchmarking
                              7.6.10.4. Recent developments
                          7.6.11. Novamont S.P.A.
                              7.6.11.1. Participant’s overview
                              7.6.11.2. Financial performance
                              7.6.11.3. Process benchmarking
                              7.6.11.4. Recent developments
                          7.6.12. Toray Industries, Inc.
                              7.6.12.1. Participant’s overview
                              7.6.12.2. Financial performance
                              7.6.12.3. Process benchmarking
                              7.6.12.4. Recent developments
                          7.6.13. Tianan Biologic Materials Co., Ltd.
                              7.6.13.1. Participant’s overview
                              7.6.13.2. Financial performance
                              7.6.13.3. Process benchmarking
                              7.6.13.4. Recent developments


List of Tables

Table 1 List of abbreviation
Table 2 Biodegradable plastic market (Kilotons) (USD Million), 2018 - 2030
Table 3 Global market estimates and forecasts by region, (Kilotons) (USD Million), 2018 - 2030
Table 4 Global market estimates and forecasts by product, (Kilotons) (USD Million), 2018 - 2030
Table 5 Global market estimates and forecasts by application, (Kilotons) (USD Million), 2018 - 2030
Table 6 Global market estimates and forecasts by region, (Kilotons) (USD Million), 2018 - 2030
Table 7 North America biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 8 North America biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 9 U.S. biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 10 U.S. biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 11 Canada biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 12 Canada biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 13 Mexico biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 14 Mexico biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 15 Europe biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 16 Europe biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 17 Germany biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 18 Germany biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 19 UK biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 20 UK biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 21 Italy biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 22 Italy biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 23 France biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 24 France biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 25 Asia Pacific biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 26 Asia Pacific biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 27 China biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 28 China biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 29 India biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 30 India biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 31 Japan biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 32 Japan biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 33 Central & South America biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 34 Central & South America biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 35 Brazil biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 36 Brazil biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 37 Middle East & Africa biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 38 Middle East & Africa biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)
Table 39 Saudi Arabia biodegradable plastic market by product, 2018 - 2030 (Kilotons) (USD Million)
Table 40 Saudi Arabia biodegradable plastic market by application, 2018 - 2030 (Kilotons) (USD Million)


List of Figures

Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Information Procurement
Fig. 6 Market Formulation and Validation
Fig. 7 Data Validating & Publishing
Fig. 8 Market Segmentation & Scope
Fig. 9 Biodegradable Plastic Market Snapshot
Fig. 10 Product Segment Snapshot, 2023 (USD Million)
Fig. 11 Application Segment Snapshot, 2023 (USD Million)
Fig. 12 Competitive Landscape Snapshot
Fig. 13 Parent market outlook
Fig. 14 Biodegradable Plastic Market Value, 2023 (USD Million)
Fig. 15 Biodegradable Plastic Market - Value Chain Analysis
Fig. 16 Biodegradable Plastic Market - Market Dynamics
Fig. 17 Biodegradable Plastic Market - PORTER’s Analysis
Fig. 18 Biodegradable Plastic Market - PESTEL Analysis
Fig. 19 Biodegradable Plastic Market Estimates & Forecasts, By Product: Key Takeaways
Fig. 20 Biodegradable Plastic Market Share, By Product, 2023 & 2030
Fig. 21 Starch-Based Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 22 Polylactic Acid (PLA) Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 23 Polybutylene Adipate Terephthalate (PBAT) Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 24 Polybutylene Succinate (PBS) Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 25 Polyhydroxyalkanoate (PHA)Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 26 Others Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 27 Biodegradable Plastic Market Share, By Application, 2023 & 2030
Fig. 28 Packaging Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 29 Agriculture Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 30 Consumer Goods Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 31 Others Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 32 Biodegradable Plastic Market Revenue, By Region, 2023 & 2030 (USD Million)
Fig. 33 North America Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 34 U.S. Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 35 Canada Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 36 Mexico Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 37 Europe Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 38 Germany Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 39 UK Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 40 Italy Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 41 France Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 42 Asia Pacific Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 43 China Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 44 India Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 45 Japan Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 46 Central & South America Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 47 Brazil Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 48 Middle East & Africa Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 49 Saudi Arabia Biodegradable Plastic Market Estimates & Forecasts, 2018 - 2030 (Kilotons) (USD Million)
Fig. 50 Key Company Categorization
Fig. 51 Company Market Positioning
Fig. 52 Key Company Market Share Analysis, 2023
Fig. 53 Strategy Mapping

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Market Segmentation

  • Biodegradable Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
    • Starch Based
    • PLA
    • PBS
    • PBAT
    • PHA
    • Polycaprolactone
  • Biodegradable Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
    • Packaging
    • Agriculture
    • Consumer Goods
    • Textile
    • Others
  • Biodegradable Plastics Region Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
    • North America 
      • North America Biodegradable Plastics Market by Product
        • Starch Based
        • PLA
        • PBS
        • PBAT
        • PHA
        • Polycaprolactone
      • North America Biodegradable Plastics by Application
        • Packaging
        • Agriculture
        • Consumer Goods
        • Textile
        • Others
      • U.S.
        • U.S. Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • U.S. Biodegradable Plastics by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • Canada
        • Canada Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Canada Biodegradable Plastics by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • Mexico
        • Mexico Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Mexico Biodegradable Plastics by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
    • Europe
      • Europe Biodegradable Plastics Market by Product
        • Starch Based
        • PLA
        • PBS
        • PBAT
        • PHA
        • Polycaprolactone
      • Europe Biodegradable Plastics by Application
        • Packaging
        • Agriculture
        • Consumer Goods
        • Textile
        • Others
      • Germany
        • Germany Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Germany Biodegradable Plastics by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • France
        • France Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • France Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • UK
        • UK Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • UK Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • Italy
        • Italy Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Italy Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • Spain
        • Spain Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Spain Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
    • Asia Pacific
      • Asia-Pacific Biodegradable Plastics Market by Product
        • Starch Based
        • PLA
        • PBS
        • PBAT
        • PHA
        • Polycaprolactone
      • Asia-Pacific Biodegradable Plastics Market by Application
        • Packaging
        • Agriculture
        • Consumer Goods
        • Textile
        • Others
      • China
        • China Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • China Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • India
        • India Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • India Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • Japan
        • Japan Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Japan Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
      • South Korea
        • South Korea Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • South Korea Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
    • Central & South America
      • Central & South America Biodegradable Plastics Market by Product
        • Starch Based
        • PLA
        • PBS
        • PBAT
        • PHA
        • Polycaprolactone
      • Central & South America Biodegradable Plastics Market by Application
        • Packaging
        • Agriculture
        • Consumer Goods
        • Textile
        • Others
      • Brazil
        • Brazil Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Brazil Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile
          • Others
    • Middle East & Africa
      • Middle East & Africa Biodegradable Plastics Market by Product
        • Starch Based
        • PLA
        • PBS
        • PBAT
        • PHA
        • Polycaprolactone
      • Middle East & Africa Biodegradable Plastics Market by Application
        • Packaging
        • Agriculture
        • Consumer Goods
        • Textile
        • Others
      • Saudi Arabia
        • Saudi Arabia Biodegradable Plastics Market by Product
          • Starch Based
          • PLA
          • PBS
          • PBAT
          • PHA
          • Polycaprolactone
        • Saudi Arabia Biodegradable Plastics Market by Application
          • Packaging
          • Agriculture
          • Consumer Goods
          • Textile

Biodegradable Plastic Market Dynamics

Driver: Growing Use of Renewable & Bio-Based Products

Increasing concerns regarding toxic issues about petrochemicals along with depleting crude oil reserves have been driving bio-based polymer development. Government regulations restricting petrochemical use in certain applications such as food packaging and medical devices are expected to further incentivize biodegradable plastics production in the plastic industry. The global production of biodegradable plastic materials is mainly from North America, Europe, and Asia Pacific. The increasing usage of environment-friendly plastics in many industries such as food and pharmaceuticals is anticipated to increase the demand for biodegradable plastics all around the globe.

 With rising concerns over the use of plastics, an increase in demand for alternatives for plastics has been observed in the market. With the pace of innovation and new product development, manufacturers in the market are shifting their focus toward the development of biodegradable plastics. Companies are continuously developing product lines using biodegradable and recycled materials to address the concerns regarding the toxic effects of plastic waste. A large number of small and medium-scale businesses have committed to using recycled or sustainably sourced materials by a specific time frame.

Driver: The Shift in Consumer Preferences Toward Eco-Friendly Packaging and Strict Government Regulations

 Unlike conventional plastics, biodegradable plastics do not take several hundred years to degrade in the environment. Rising plastic accumulation, it's recycling and reuse are major concerns for governments across the globe. The non-recycled plastic accumulates over time and results in severe impacts on native organisms. It has been found that a significant portion of the plastics remains in the fields. This accumulation of plastic in the area negatively affects the soil quality. To curb and prevent these adverse effects caused by plastic waste accumulation, the European Union and many countries are formulating laws to promote biodegradable plastics. In countries such as Italy and France, regulations related to biodegradable plastics already exist. Following suit, the European Committee for Standardization (CEN) is in the process of developing standards related to biodegradation, toxicology, and characteristics of biodegradable plastics.

These trends are expected to benefit the overall market growth over the forecast period. Biodegradable plastics help reduce the microplastic content in the soil. Efforts have been taken by associations, such as the European Bioplastics, to clarify further the definition of biodegradable plastics in the regulations prescribed by the government. The European regulation is positively impacting the biodegradable plastic market. One such regulation is a European Commission (EC) landfill directive, which orders the diversion of 65% of organic waste from landfills.

Restraint: Shortcomings of Biodegradable Plastics

Although biodegradable plastics have several advantages over conventional plastics, they cannot be used to completely replace petroleum- owing to the low durability of biodegradable plastics. The cost of machinery and molds needed for the production of biodegradable plastic products is high. The manufacturing of biodegradable plastic products requires advanced technology with highly skilled labor to handle the same. The high initial investment is projected to hamper growth over the forecast period. Some of the biodegradable plastics can be harmful to the environment as when these plastics are buried in a landfill for decomposition, they release methane gas which is a greenhouse gas and thus adds to the global warming problem.

Moreover, these biodegradable plastics do not readily degrade into the environment. The biodegradable plastics need a special environment to decompose in the soil, still, it takes years to break down completely. The breakdown can also leave some toxic residues behind. One of the arguments made by environmentalists against biodegradable plastics is that it takes land to produce biodegradable plastics which instead can be used to grow food for the population. The biodegradable plastics are made from plants such as maize and corn, which requires agricultural land. The use of land to grow biodegradable plastic plants instead of food can increase the cost of food which can significantly affect society.

What Does This Report Include?

This section will provide insights into the contents included in this biodegradable plastic market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Biodegradable plastic market qualitative analysis

  • Industry overview

  • Industry trends

  • Market drivers and restraints

  • Market size

  • Growth prospects

  • Porter’s analysis

  • PESTEL analysis

  • Key market opportunities prioritized

  • Competitive landscape

    • Company overview

    • Financial performance

    • Product benchmarking

    • Latest strategic developments

Biodegradable plastic market quantitative analysis

  • Market size, estimates, and forecast from 2018 to 2030

  • Market estimates and forecast for product segments up to 2030

  • Regional market size and forecast for product segments up to 2030

  • Market estimates and forecast for application segments up to 2030

  • Regional market size and forecast for application segments up to 2030

  • Company financial performance

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Research Methodology

A three-pronged approach was followed for deducing the biodegradable plastic market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for biodegradable plastic market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of biodegradable plastic market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Biodegradable Plastic Market Categorization:

The biodegradable plastic market was categorized into three segments, namely product (Starch Based, PLA, PBS, PBAT, PHA), application (Packaging, Agriculture, Consumer Goods), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The biodegradable plastic market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The biodegradable plastic market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fourteen countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK.; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Biodegradable plastic market companies & financials:

The biodegradable plastic market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Cargill, Incorporated: The company operates its businesses across the product segments of grains & oilseeds, animal nutrition & health, bioindustrial, oils, fats & foods, and metals.

  • BASF SE: The company operates through six business segments, namely chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The products offered by the company find application in industries such as agriculture, construction, pharmaceuticals, energy & power, home care & nutrition, automotive & transportation, rubber & plastics, leather & textiles, and personal care & hygiene.

  • PTTMCC Biochem Co., Ltd.: PTTMCC Biochem Co., Ltd. is a strategic joint venture between PTT Global Chemical Public Company Limited (PTTGC) and Mitsubishi Chemical Corporation (MCC). The company is engaged in the production of bio-based PBS which is derived from natural resources and the 1,4- butanediol since year 2017.

  • Biome Technologies plc: The company is engaged in the manufacturing of highly functional, biobased plastics. It operates through two business segments, namely bioplastics and radio frequency technology.

  • Plantic Technologies Limited: The company is engaged in the manufacturing of bio-based plastics. The company operates through two business segments, namely bioplastics and radio frequency technology.

  • Total Corbion PLA: The company is one of the prominent technology leaders in polylactic acid (PLA) and lactide monomers. It is a 50/50 joint venture between Total and Corbion.

  • Synbra Technology BV: The company started as a manufacturer of PBS in 1957 and entered the business of PLA in 2011. In 2011, the manufacturing plant of PLA commenced its production at Etten-Leur, the Netherlands with an annual capacity of 5,000 tons.

  • Futerro: The Company produces polylactic acid (PLA) from biodegradable vegetable resources and has an annual production capacity of 1,500 tons. Other products offered by the company include lactides and oligopolymers. Lactide monomer is used to synthesize PLA by ring-opening polymerization (ROP).

  • Novamont S.p.A.: The company is engaged in the development and production of bioplastics and biochemicals. It offers biodegradable and compostable products under the brand names Mater-Bi, Matrol-Bi, and Celus-Bi.

  • NatureWorks LLC: The company is jointly owned by Cargill and PTT Global Chemical and caters its products to food, agricultural, financial, and industrial sectors across the world. While, its manufacturing facility is in Nebraska, U.S., the company has a presence across various countries including the U.S., Japan, Thailand, and the Netherlands. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Biodegradable Plastic Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Biodegradable Plastic Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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