Canada Compostable Plastics Market to Grow with a CAGR of 3.61% through 2028
Surge in research and development activities is expected
to drive the Canada Compostable Plastics Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Canada
Compostable Plastics Market– By Region, Competition, Forecast and
Opportunities, 2018-2028F”, the Canada Compostable Plastics Market stood at
USD175.63 million in 2022 and is anticipated to grow with a CAGR of 3.61% in
the forecast period, 2023-2028. The initiatives taken by government based on compostable
plastics has led to favorable market conditions for the Canada Compostable
Plastics Market. Several factors contribute to the growth of various compostable
plastics market products.
The federal,
provincial, and territorial governments have collaborated to adopt a
comprehensive Canada-wide Action Plan on Zero Plastic Waste, reflecting their
commitment to tackling the pressing issue of plastic pollution. This ambitious
plan not only outlines specific actions but also emphasizes the importance of
collective efforts to prevent plastic pollution, reduce the consumption of
single-use plastics, and promote the adoption of sustainable alternatives.
As part of this
commitment, the government has proposed a set of regulations aimed at banning
certain single-use plastics. These regulations, while striving to address the
environmental concerns associated with these plastics, also take into account
the potential for ongoing innovation and clean growth. By providing an
exemption for certified compostable single-use plastics, the government
encourages the development and utilization of environmentally friendly alternatives
that can contribute to a more sustainable future.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on "Canada Compostable Plastics Market.”
Research and
development (R&D) activities are of utmost importance in propelling the
compostable plastics market forward. Companies are actively involved in R&D
to not only develop innovative biodegradable plastic materials but also to
broaden their market presence. Through intensive R&D efforts, a multitude
of new techniques and approaches are continuously emerging, fueling the rapid
growth and increasing popularity of bio-plastics. These advancements in R&D
are paving the way for a more sustainable future, where eco-friendly
alternatives to traditional plastics are becoming more accessible and widely
adopted. With each new discovery and breakthrough, the potential for creating a
greener and more environmentally conscious world expands.
The Canada
Compostable Plastics Market is segmented in resin type, end user, regional
distribution, and company.
Based on its resin type, the PLA segment held the
largest share in the market. Government policies and regulations supporting the
use of sustainable materials, such as compostable plastics like PLA, have
played a crucial role in promoting PLA's market dominance. For instance, in
Canada, there are plans to recycle or compost 50 per cent of plastic packaging
by 2025, creating a significant opportunity for the growth of compostable
plastics like PLA. These initiatives not only address the environmental
concerns associated with traditional plastics but also stimulate the market
demand for sustainable alternatives. By encouraging the adoption of PLA, these
policies contribute to a more sustainable and eco-friendly future.
Based on region, Quebec segment is expected to grow
during the forecast period.
The consumer awareness and demand for eco-friendly
products in Quebec have reached impressive heights. This increased awareness
has not only created a positive impact on the environment but has also
contributed to the significant growth of the compostable plastics market in the
province. As more and more people embrace sustainable practices, the demand for
compostable plastics continues to rise, providing a promising future for this
market in Quebec.
Major companies operating in Canada Compostable
Plastics Market are:
- BOSK Bioproducts Inc.
- TerraVerdae Bioworks Inc.
- S2G Biochemicals Inc.
- Good Natured Products, Inc.
- Be-Up Biotechnology, Inc.
Download Free Sample Report
Customers can also request for 10% free customization
on this report.
“Growing application of compostable plastics in
various end user industries are key drivers of the compostable plastics market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of compostable
plastics with every passing year are anticipated to register an impressive
growth to Canada Compostable Plastics Market in the forecast period.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Compostable Plastics Market By Resin Type (PLA,
Starch Blends, PHA, PBAT, Others), By End User (Packaging, Consumer Goods,
Textiles, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Canada Compostable Plastics Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada Compostable Plastics Market.
Contact
TechSci Research
LLC
420 Lexington
Avenue, Suite 300,
New York, United
States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com