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.
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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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Covid-19 scenario:
·
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
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