According to a report published by an ESOMAR-certified market research and consulting firm, the bioplastic textiles market is anticipated to expand at a CAGR of around 12% over the next ten years.
Ensuring long term investments in biorefineries and integration with local agronomical value chain will give a major boost to the bioplastic textiles industry and eventually help in transitioning to a circular economy. Favorable governmental policies coupled with increasing awareness regarding a circular economy is expected to drive the demand for bioplastics over the forecast period.
Among end uses, the packaging sector has been the fastest-growing segment, owing to the rise of the food and beverage industry over the past decade. Europe is set to dominate market revenue in 2021 and is set to dominate till 2031.
Due to the COVID-19 pandemic, demand for bioplastics was hit in 2020, which saw a decline but with the packaging industry back on track, bioplastic demand is expected to bounce back.