Furthermore, the growing demand for crop production due to increasing population across the globe is expected to create new growth opportunities for the market.
PORTLAND, OREGON, UNITED STATES, December 3, 2020 /EINPresswire.com/ — According to the report published by Allied Market Research, the global biodegradable mulch film market generated $33.70 million in 2016, and is estimated to reach $62.04 million by 2023, registering a CAGR of 9.3% from 2017 to 2023. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Adverse environmental effects caused by the usage of inorganic mulching materials and stringent regulations imposed by the government regarding the acceptance of gas emission levels produced by inorganic mulching materials drive the growth of the global biodegradable mulch film market. However, high cost associated with installation restrain the market growth. Furthermore, growing demand for crop production due to increasing population across the globe is expected to create new growth opportunities for the market players during the forecast period.
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Several major market players have halted the production of biodegradable mulch film due to shortage of raw materials such as starch and polylactic acid amidst the lockdown.
Farmers will not be able to procure new films due to supply chain disruption. This would affect the soil quality as it will be more prone to contamination, which in turn, would hamper the crop production.
The report offers a detailed segmentation of the global biodegradable mulch film market based on raw material, crop type, and region.
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Based on raw material, the starch segment contributed to the largest share in 2016, and is estimated to maintain its dominant position during the forecast period. However, the polyhydroxyalkanoate (PHA) segment is estimated to portray the highest CAGR of 9.9% during the forecast period.
Based on crop type, the fruits & vegetables segment accounted for the largest share in 2016, and is expected to maintain the largest share throughout the forecast period.
Based on region, Asia-Pacific & Europe collectively contributed the highest share, accounting for more than two-thirds of the total market share in 2016, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 9.9% from 2017 to 2023.
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Leading market players analyzed in the research include Biobag International As, BASF SE, AEP Industries Inc., RKW Group, British Polyethylene Industries Plc, Dow Chemical Company, Al-Pack Enterprises Ltd., Armando Alvarez Group, Xinfu Pharmaceutical, and Novamont
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Source: EIN Presswire