In Delaware, Future Market Insights reported that the biobased biodegradable plastic market is expected to be valued at $5.2 billion in 2023.
The research also found that the market is predicted to expand at a 10% CAGR from 2023 to 2033, reaching a value of $13.6 billion by 2033.
“Partnership between the public and business sectors will encourage research and provide a steady supply of novel biodegradable products. Market dominance in emerging nations, combined with increased awareness of ecological issues globally, is expected to fuel market growth,” said Nikhil Kaitwade, Associate Vice President at Future Market Insights.
According to the research, the market in the United States will be valued at $1.2 billion by 2033, while the market in the United Kingdom is predicted to expand at a 9.6% CAGR from 2023 to 2033.
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