The Bioplastics market is a segment of the global plastics industry that revolves around the production, consumption, and trade of biodegradable and renewable plastic materials. Bioplastics are derived from renewable sources such as plants, biomass, and microorganisms, as opposed to traditional plastics that are made from fossil fuels. They offer potential environmental advantages, including reduced carbon footprint and decreased reliance on non-renewable resources.
According to Persistence Market Research, the worldwide bioplastics market would be worth $8.98 billion in 2022. By the end of 2032, it is anticipated that sales of bio-based plastics will reach a market value of US$ 26.2 Bn, growing at a CAGR of 11.3%. The demand for bio-based plastics is mostly determined by macroeconomic trends, sustainable development, and a strong emphasis on innovation.
Biome Technologies plc (LON:BIOM) is a growth oriented, commercially driven technology group. The Group’s primary activity is the development of its fast growing business in bioplastics. The Group comprises two divisions: Biome Bioplastics and Stanelco RF Technologies.