World Bioplastics Market Is Expected to Reach $30.8 Billion by 2020, Finds New Report
World Bioplastics Market Opportunities and Forecast, 2014-2020, the global market for bioplastics would reach $30.8 billion by 2020, registering a CAGR of 14.8% during 2015-2020. The rising environmental awareness among the consumers and substantial curiosity of packaging industries towards biodegradability are the key factors responsible for the increasing adoption of bioplastics in rigid packaging applications. The rigid plastic application would account for more than 40% of the market revenue by 2020.
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