COVID-19 Pandemic Challenging the Growth of the Bioplastics Market
The global economy in 2020 was severely affected by the COVID-19 pandemic due to lockdowns and restrictions on cross-border movements, subsequently causing supply chain disruptions. All economic activities throughout value chains came to a halt as various governments worldwide implemented nationwide lockdowns. These restrictions and lockdowns were gradually relaxed, and economic activities resumed. However, the bioplastic industry was significantly impacted by the COVID-19 pandemic. The low production volumes for bioplastics due to the closure of manufacturing facilities, disruptions in supply chains, and shortage of raw materials resulted in the increased usage of fossil fuel plastics. Also, virgin plastic became cheaper due to a decline in oil prices in 2020, negatively impacting the demand for bioplastics. In addition, before the outbreak of the COVID-19 pandemic, policy and regulatory actions were in the process of enforcement for reducing the usage of single-use pla...