The biodegradable plastics market size is expected to reach USD 6.12 billion by 2023 from USD 3.02 billion in 2018, at a CAGR of 15.1%. The increasing consumer demand for eco-friendly food packaging is shifting the focus of major plastic manufacturers and packaging companies on biodegradable plastics.
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New product launches and mergers, acquisitions & partnerships were key strategies adopted by industry players to gain traction in the biodegradable plastics market. Both the strategies accounted for a share of 92% of all growth strategies adopted by the market players from 2013 to 2018. Leading market players have adopted mergers, acquisitions & partnerships as their primary growth strategy. Companies operating in this market also adopted the strategy of new product launches and expansions to increase their product portfolio.
APAC, North America, and Europe were the most active regions, in terms of strategic initiatives undertaken from 2013 to 2018. Mergers, acquisitions & partnerships was the most adopted strategy in APAC and Europe. Companies such as NatureWorks (US), BASF (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Corporation (Japan), and Biome Bioplastics (UK) made several partnerships to serve customers more efficiently and increase their market shares. These companies have adopted both organic and inorganic growth strategies such as expansions, mergers, acquisitions & partnerships, and new product launches to strengthen their foothold in the biodegradable plastics market.
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BASF SE is a diversified chemical company. Its portfolio includes chemicals, functional & material solutions, performance products, agricultural solutions, and oil & gas, among others. The company operates in six business segments, namely, oil & gas, performance products, chemicals, functional materials & solutions, agricultural solutions, and others. It offers biodegradable plastics through the performance products business segment. The company focusses on organic growth strategies such as new product launches to meet the growing demand for biodegradable plastics.
NatureWorks is among the leading advanced materials companies and offers a broad portfolio of renewably-sourced polymers and chemicals for the packaging and chemical industries. The company offers Ingeo Biopolymer, which is used in 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications. It operates in North America, Europe, and APAC with manufacturing facilities in the US. NatureWorks focuses on organic growth strategies to achieve a competitive advantage over other manufacturers.
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