Biodegradable Plastic Market - Forecast(2021 - 2026)
Biodegradable Plastic Market Overview: As per the Plastic Oceans Organization, more than 8 million tons of plastic are dumped into the oceans every year and the production rate of plastic per year is approximately 300 million tons[1]. Owing to such alarming circumstances, UN has launched a campaign #CleanSeas to eliminate marine litter by 2022[2]. Growing consumer awareness regarding global warming and government legislation such as ban on plastic bags has escalated the worldwide application for biodegradable plastics. Plastics manufactured by renewable raw materials found in agricultural plant or animal products, that decay to carbon dioxide and water, aided by bacteria and microbes is known as biodegradable plastics. As per the IndustryARC business intelligence report, biodegradable plastics market through endless governmental campaigns and regulations has managed to divert a substantial chunk of traditional plastic consumers into its own domain. Such epidemic movements has augmented...