Compostable Plastic Market Set to Reach USD 4.56 Billion by 2030

According to Next Move Strategy Consulting, the Compostable Plastic Market size is predicted to reach USD 4.56 billion with a CAGR of 12.4% till 2030. 

The demand for compostable plastic is increasing due to the rise in government initiatives to eliminate single-use plastic and the strict regulatory outlook against the use of conventional plastic products. This factor is expected to drive the compostable
plastic market.

However, the rise in the prices of compostable plastic coupled with a lack of skilled labor force are factors expected to restrain the growth of the compostable plastic market during the forecast period. On the contrary, Hemptensils, the first-ever plant-based disposable utensil made from hemp, is not harmful to the environment.

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