The global polylactic acid (PLA) market, valued at USD 713.22 million in 2023, is projected to witness a robust CAGR of 21.4% from 2024 to 2030. Market growth is primarily fueled by increasing demand for PLA biodegradable resin in packaging, especially in emerging economies like China, India, and Italy. Bioplastics, derived from renewable raw materials such as algae, corn, and sugarcane, serve as eco-friendly alternatives to traditional plastics, particularly in flexible and rigid packaging applications due to their bio-based, compostable, and biodegradable nature.

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