At 16.7% CAGR, the South & Central America Biodegradable Plastics Market is projected to be worth US$ 1,202.82 million by 2028, says Business Market Insights

According to Business Market Insights research, the South & Central America biodegradable plastics market was valued at US$ 475.10 million in 2022 and is expected to reach US$ 1,202.82 million by 2028, registering a CAGR of 16.7% from 2022 to 2028.Growing awareness among customers about adverse effects of conventional plastics and implementation of biodegradable plastics in biomedical applications are the critical factors attributed to the South & Central America biodegradable plastics market expansion.               

The customers in developed and developing countries have been educated of the ill effects of conventional plastics on their lifestyle and the environment. As a result, they demand more environmentally friendly products, which leads to a depreciation in the use of crude oil and natural gas, that results in the reduction carbon footprints. Biodegradable plastic is a surrogate for nearly all conventional plastics used in a diverse range of applications. These plastics offer innovative alternatives with enhanced properties, along with distinctive ability to lessen the emissions as well as provide the same qualities and functionalities as that of conventional plastics. The biodegradable plastics are synthesized using renewable resources as well as fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters (PBS, PBAT, etc.). Various organizations are engaged in bringing transformation in the handling of plastics, through strategic planning, communication, consumer awareness campaigns, documentary films, education, clean up campaigns, raising business awareness, scientific research, entrepreneurial innovation, legislation, and sustainability. The key aim is to educate the users regarding plastic pollution, thereby encouraging the invention of more sustainable solutions, and empowerment of more people and business organizations to take action to stop plastic pollution. Therefore, the revolution in consumer demand on the basis of environmental awareness, packaging convenience, and sustainable plastic production systems is boosting the biodegradable plastic market growth.  

On the contrary, cheaper alternatives like conventional plastics hurdles the growth of South & Central America biodegradable plastics market.

Based on type, the South & Central America biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment held 37.9% share of South & Central America biodegradable plastics market in 2022, amassing US$ 180.06 million. It is projected to garner US$ 453.28 million by 2028 to expand at 16.6% CAGR during 2022–2028.

Based on end-user, the South & Central America biodegradable plastics market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. The packaging and bags segment held 45.4% share of South & Central America biodegradable plastics market in 2022, amassing US$ 215.53 million. It is projected to garner US$ 554.00 million by 2028 to expand at 17.0% CAGR during 2022–2028.  

Based on country, the South & Central America biodegradable plastics market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 56.7% share of South & Central America biodegradable plastics market in 2022. It was assessed at US$ 269.41 million in 2022 and is likely to hit US$ 633.44 million by 2028, exhibiting a CAGR of 15.3% during the forecast period.  

Key players profiles in the South & Central America biodegradable plastics market report BASF SE; FKuR Kunststoff GmbH; Mitsubishi Chemical Holdings Corp; Novamont SpA; TotalEnergies Corbion BV, among others.

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