World Bioplastics Market - Opportunities and Forecast, 2014 - 2020
Bioplastics are the family of plastics derived from the renewable feedstocks such as corn, sugarcane and cellulose. Eco-friendly nature, availability of renewable feedstocks and favourable government policies were the prime reasons for manufacturers to shift towards bio-based plastics. In 2014, the market for bio-plastics stood at 4,869.2 kilo tons and is expected to grow at a CAGR of 17.5% during 2015-2020. Increasing adoption of biodegradable products and increasing popularity in the end user industries are the key factors driving the growth of bio-plastics market. However, its high production cost may hamper the market growth to a certain extent.