By type, the polylactic segment accounted for the largest share in 2023, contributing to one-third of the global biodegradable plastic market revenue. Polylactic acid (PLA) is a biodegradable polymer made from renewable resources such as corn starch or sugarcane. As concerns about plastic pollution and environmental sustainability rise, there is a growing demand for alternatives to traditional petroleum-based plastics. PLA's ability to break down into harmless byproducts under certain conditions makes it attractive for various applications, particularly in single-use products such as packaging and food containers. 

The packaging segment to maintain its lead position during the forecast period. 

By application, the packaging segment accounted for the largest market share in 2023, contributing to more than three-fifths of the global biodegradable plastic market revenue. Packaging is a major contributor to plastic pollution, as most of it ends up in landfills or as litter in the environment. Consumers, governments, and businesses are increasingly aware of the environmental impact of traditional plastic packaging and are seeking more sustainable alternatives. Biodegradable plastics offer a solution by breaking down into natural components, reducing the accumulation of plastic waste in the environment.  

Asia-Pacific Asia-Pacificto maintain its dominance by 2033  

By region, Europe held the highest market share in terms of revenue in 2023, accounting for more than two-fifths of the biodegradable plastic market and is projected to register the highest CAGR of 8.7% during the forecast period. Europe has been at the forefront of environmental awareness and action, with strong public concern over plastic pollution and its impact on ecosystems. As a result, there's increasing pressure from consumers, environmental organizations, and policymakers to reduce plastic waste and transition to more sustainable alternatives. plastics offer a promising solution by breaking down into harmless byproducts, thus reducing the environmental burden associated with traditional plastics. Furthermore, the European Union (EU) has implemented stringent regulations and directives aimed at reducing plastic waste and promoting the use of biodegradable materials. For instance, the EU's Single-Use Plastics Directive restricts the sale and use of certain single-use plastic products, while the Circular Economy Action Plan sets targets for recycling and waste reduction. These regulations create a favorable market environment for biodegradable plastics and drive the demand for compliance products.