The Plastics Industry Association (PLASTICS) released its 2024 Bioplastics Market Watch Report during an education session at NPE2024: The Plastics Show which runs from May 6-10th in Orlando, Florida and attracts thousands of attendees from around the globe. 鈥淏ioplastics manufacturing is growing and consumers鈥� familiarity with bioplastics has increased, based on PLASTICS consumer survey,鈥� said PLASTICS鈥� Chief Economist Dr. Perc Pineda. 鈥淥verall, the outlook for this industry is positive.鈥�
Among the highlights found in the 2024 Bioplastics Market Watch Report:
- Bioplastics manufacturing revenue is now projected to grow at a Compound Annual Growth Rate (CAGR) of 1.9% to reach $1.2 billion by 2028. The size of the U.S. bioplastics market will continue to vary depending on the different metrics used to quantify it. Nevertheless, the production capacity of bioplastics in North America, predominantly concentrated in the U.S., is estimated to account for 18.7% of the global production capacity.
- Although consumer perceptions of bioplastics continue to evolve, familiarity with bioplastics has increased significantly over a five-year period. In last year鈥檚 survey, 68% of consumers expressed a net familiar response, with just 14% indicating unfamiliarity. This marks a notable shift from the 2018 survey, where the net familiarity was 63%, with 31% indicating unfamiliarity.
- Competition within bioplastics manufacturing is expected to increase within and outside U.S. borders, driven by new materials development and new applications.