Demand for bioplastics will grow 18.9% per year through 2021 as technological advancements and new production capabilities drive down costs, market research institute Ceresana said in a market research report.
Ceresana forecasts revenues generated on the global market for bioplastics to rise to approximately $5.8 billion in 2021, triple the current value. Europe currently accounts for more than one-third of total global bioplastics consumption. Europe is leading in the research and development of bioplastics, according to Ceresana.
Asia-Pacific and South America are growing markets as well.
For more information, visit www.ceresana.com.