The global market for oxo-biodegradable plastics is experiencing significant growth, driven by heightened environmental awareness and regulatory pressures.
However, a recent report by Data Bridge Market Research has drawn criticism for its analysis of the European market, according to Symphony Environmental, a leading innovator in sustainable packaging solutions.
While the report accurately identifies the key drivers behind the market’s expansion, Symphony Environmental said it mistakenly suggests that Europe and North America are dominating due to their stringent regulations.
Symphony Environmental contends that the reality is quite different, with developing markets in Asia-Pacific, Central America, and the Middle East and North Africa (MENA) taking the lead in adopting oxo-biodegradable technologies.
“The report goes on to say, ‘According to various market studies, the oxo-biodegradable plastic packaging market is projected to grow at a compound annual growth rate (CAGR) of over 5% from 2023 to 2030′,” explained Michael Laurier, CEO of Symphony Environmental.
“While we welcome such positive news for sustained growth protection, the report has falsely claimed that the European market – alongside North America – was dominating due to its stringent regulations.”
