The Plastics Industry Association (PLASTICS) released its 2024 Bioplastics Market Watch Report
“Bioplastics manufacturing is growing and consumers’ familiarity with bioplastics has increased, based on PLASTICS consumer survey,” said PLASTICS’ chief economist Dr. Perc Pineda. “Overall, the outlook for this industry is positive.”
Among the highlights found in the 2024 Bioplastics Market Watch Report:
Bioplastics manufacturing revenue is now projected to grow at a Compound Annual Growth Rate (CAGR) of 1.9 percent to reach $1.2 billion by 2028. The size of the U.S. bioplastics market will continue to vary depending on the different metrics used to quantify it. Nevertheless, the production capacity of bioplastics in North America, predominantly concentrated in the U.S., is estimated to account for 18.7 percent of the global production capacity.
Although consumer perceptions of bioplastics continue to evolve, familiarity with bioplastics has increased significantly over a five-year period. In last year’s survey, 68 percent of consumers expressed a net familiar response, with just 14 percent indicating unfamiliarity. This marks a notable shift from the 2018 survey, where the net familiarity was 63 percent, with 31 percent indicating unfamiliarity.
Competition within bioplastics manufacturing is expected to increase within and outside U.S. borders, driven by new materials development and new applications.