Major drivers for this growth include growing environmental concerns and the packaging sectors moving towards biodegradable plastics, the report says.
The bioplastics market growth forecast follows several recent efforts by industry groups and individual companies to make plastics more sustainable.
Last month IBM researchers said they discovered a new plastics recycling process that converts BPA-leaching plastics into environmentally safe material for water purification and medical devices — a technological advance that could lead to less plastic waste and cheaper recycled materials manufacturers can use to produce a wide range of products.
Also in June Dow Chemical debuted its RecycleReady Technology that allows polyethylene-based barrier packaging to be recycled as part of existing grocery store drop-off recycling programs. And the Association of Plastic Recyclers (APR) published the updated APR Design Guide for Plastics Recyclability that details steps for packaging and design engineers can take to make products and containers more recyclable.
In May, a plastics initiative that aims to increase recycling and reuse as well as bioplastics launched with the backing of major companies including Amcor, Unilever, Coca-Cola, Dow Chemical and Mars.
The New Plastics Economy initiative, organized by the Ellen MacArthur Foundation, followed a report by the Foundation, The New Plastics Economy: Rethinking the future of plastics, released at the World Economic Forum annual meeting in Davos in January.