Canada Bioplastics Market Insights Forecasts to 2033

• The Canada Bioplastics Market Size was valued at USD 0.6 Billion in 2023.
• The Market Size is Growing at a CAGR of 8.84% from 2023 to 2033
• The Canada Bioplastics Market Size is Expected to reach USD 1.4 Billion by 2033

The Canada Bioplastics Market is anticipated to exceed USD 1.4 Billion by 2033, Growing at a CAGR of 8.84% from 2023 to 2033. The Growing demand for flexible packaging, and favorable regulatory policies are driving the Growth of the bioplastics market in Canada.     

Market Overview

Bioplastics are plastic materials produced from renewable biomass sources, such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food waste, etc. Bioplastics don’t require fossil fuels as their raw material, which is a limited supply that is distributed unevenly globally and is connected to issues of environmental effects and petroleum politics. Studies on life cycle analysis demonstrate that certain bioplastics can be produced with a lower carbon footprint than their fossil fuel equivalents, such as when biomass is used as a raw material and to produce electricity. Disposable products like straws, pots, bowls, crockery, and packaging are made of bioplastics. In terms of biodegradability, low carbon footprint, energy economy, adaptability, special mechanical and thermal properties, and social acceptability, bioplastics are superior to traditional plastics. Petroleum-based plastics could be completely replaced by bioplastics in a variety of industries, including automotive and biomedical. The need to substitute single-use products that are not easy to collect has inspired a lot of research toward finding sustainable replacements for oil-based plastics. The growing investments in bioplastics present new opportunities in the forest industry while fighting pollution and embracing a sustainable way of life for the future. 

Report Coverage

This research report categorizes the market for the Canada bioplastics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Bioplastics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the bioplastics market.

Driving Factors

The increasing demand for flexible packaging segments such as packaging films for food items, medicines, beverage bottles, packaging films, and non-food products like napkins, tissues, toilet paper, cardboard, and coat paper for food wrapping is anticipated to propel the market growth for bioplastics. Further, the consumption of bioplastics for making plastic bags in hospitals, hotels, restaurants, commercial and retail outlets, and houses is driving the bioplastics market. In addition, favorable regulatory policies in Canada are responsible for escalating the market.

Restraining Factors

The availability of cheaper alternatives to traditional plastics and the higher production cost of bioplastics are restraining the bioplastics market. Further, the lack of technological advancements is hampering the market.

Market Segmentation

The Canada Bioplastics Market share is classified into product and application.

• The biodegradable plastics segment dominated the market with the largest market share in 2023.

The Canada bioplastics market is segmented by product into biodegradable and non-biodegradable. Among these, the biodegradable plastics segment dominated the market with the largest market share in 2023. Polylactic acids, starch blends, PBS, PBAT, PHA, polycaprolactone, and cellulose acetate are several examples of biodegradable polymers. Because starch blends are so readily available, they are a great substitute for traditional plastics. Biodegradable plastics help remove carbon dioxide from the atmosphere, require less energy, produce less waste, and quick decomposition.    

• The packaging application segment dominates the market and accounted for the largest market share in 2023.

Based on the application, the Canada bioplastics market is divided into packaging, agriculture, consumer goods, textile, automotive & transportation, building & construction, and others. Among these, the packaging application segment dominates the market and accounted for the largest market share in 2023. The development of sophisticated bioplastic packaging for food products has greatly improved the shelf life of the food, providing a real solution to the need for a reduction in conventional plastic use and waste. The inclination of consumers toward sustainable packaging is compelling manufacturers for the application of bioplastics in packaging.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Canada bioplastics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Biome Bioplastics Inc.
• BASF SE
• Braskem
• TERRAVERDAE BIOWORKS INC.
• Novamont SpA
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Canada, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Canada Bioplastics Market based on the below-mentioned segments:

Canada Bioplastics Market, By Product

• Biodegradable
• Non-Biodegradable

Canada Bioplastics Market, By Application

• Packaging
• Agriculture
• Consumer Goods
• Textile
• Automotive & Transportation
• Building & Construction
• Others