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The global polylactic acid market size is expected to reach USD 1.82 billion by 2028 registering a CAGR of 18.1% over the forecast period.
The market growth is mainly driven by the high demand for flexible packaging due to the increasing popularity of Quick-Service Restaurants (QSRs) and changing consumer preferences. Moreover, the rapid expansion of the end-use industries, such as agriculture, transport, and textile, will support the market growth. The growing packaging sector is anticipated to create high opportunities for polylactic acid (PLA) during the forecast period.
Packaging was the dominant end-use segment in 2020 and is estimated to continue its dominance over the forecast period. The product is extensively used in this segment for the packaging of foods & beverages, household care, and personal care products.
Global $1.82 Billion Polylactic Acid Market to 2028: High Demand for Flexible Packaging due to the Increasing Popularity of Quick-Service Restaurants and Changing Consumer Preferences
April 12, 2021 07:08 ET | Source: Research and Markets Research and Markets Dublin, IRELAND
ResearchAndMarkets.com s offering.
The global polylactic acid market size is expected to reach USD 1.82 billion by 2028 registering a CAGR of 18.1% over the forecast period.
The market growth is mainly driven by the high demand for flexible packaging due to the increasing popularity of Quick-Service Restaurants (QSRs) and changing consumer preferences. Moreover, the rapid expansion of the end-use industries, such as agriculture, transport, and textile, will support the market growth. The growing packaging sector is anticipated to create high opportunities for polylactic acid (PLA) during the forecast period.