The global biodegradable packaging market is poised for unprecedented growth, with a projected value of $21.5 billion by the end of 2024, according to a latest report released by Grand View Research, a leading global market research firm. This represents a year-over-year increase of 31.2% from 2023’s $16.4 billion, marking the fastest growth rate in the past decade for the sector. A key driver behind this surge is the tightening of plastic restriction policies worldwide. The European Union’s Single-Use Plastics Directive (SUPD) has already banned 10 common single-use plastic items, and by 2025, all member states are required to ensure that 100% of packaging in the food service industry is either recyclable or biodegradable. In North America, California, New York, and Canada’s British Columbia have implemented similar regulations, with fines of up to $10,000 for businesses violating biodegradable packaging standards. Meanwhile, in Asia-Pacific, countries like Japan and South Korea have introduced tax incentives for companies adopting compostable materials, further boosting market demand. Consumer behavior shifts are another critical factor. A survey conducted by Nielsen IQ across 12 major economies (including the U.S., Germany, the UK, and Australia) found that 78% of respondents are willing to pay a 15-25% premium for biodegradable products, up from 62% in 2021. Food-contact biodegradable products—such as gloves, aprons, and food storage bags—are leading the demand, accounting for 43% of the total market share, as consumers prioritize safety and environmental responsibility in daily use. Industry experts note that PBAT-PLA-cornstarch composite materials remain the most widely used due to their balanced performance in durability and degradation efficiency. However, technological innovations are accelerating: recent breakthroughs in starch modification have improved material toughness by 28%, while advances in biodegradable catalysts have reduced industrial composting time from 180 days to 90 days, aligning with EN13432 and ASTM D6400 standards. Looking ahead, the report predicts that the global biodegradable packaging market will maintain a CAGR of 27.5% through 2028, reaching $48.3 billion by the end of the forecast period.