The global polylactic acid market size is expected to gain momentum by reaching USD 2,306,708.2 thousand by 2028 while exhibiting an impressive CAGR of 16.3% between 2021 and 2028. The report further mentions that the market stood at USD 698,200.9 thousand in 2020. The growth is attributable to the rising packaging industry and the growing demand for biodegradable plastics that will propel the demand for advanced polylactic acid during the forecast period.
We have segmented the market based on application and region. On the basis of application, the market is divided into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Additionally, based on application, the packaging segment is expected to experience considerable growth due to the increasing adoption of polylactic acid for food packaging and the growing focus on adopting biodegradable plastics as packaging materials by several industries globally.
Lastly, based on region, the market is bifurcated into Europe, Latin America, Asia-Pacific, North America, and the Middle East and Africa.
Rising Packaging Industry to Favor Market Growth
According to the United Nations Joint Group of Experts on the Scientific Aspects of Marine Pollution (GESAMP), it is estimated that around 80% of the land-based plastic sources account for the overall marine pollution globally. The rising concerns over the disposal of plastic is expected to boost the adoption of biodegradable plastics such as polylactic acid that are derived from biological raw materials across the packaging sector. The increasing adoption of sustainable packaging materials backed by the surging demand for packaged goods across supermarkets and retail stores is, therefore, expected to bode well for the global polylactic acid market growth during the forecast period.