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Bio-based Materials
Overview
Consumers worldwide are demanding more sustainable packaging, clothing, energy, food, and almost everything else available today.
Rising consumer education and awareness around climate change, corporate accountability, and policy support from governments and international policy bodies all contribute to this movement.
In response, a new wave of companies is working to supply brands with renewable and bio-based materials that help maintain equilibrium between businesses, the environment, and key natural resources.
Most industry players rely on biotechnological processes to produce these materials, which have been enabled by recent R&D-driven advances and resultant products and processes.
Industry Updates
Market Sizing
The US Bio-based Materials market could reach USD 0.8–2.2 billion by 2027
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Market Mapping
We break down the Bio-based materials industry into different types of materials derived using bio-based sources. We looked at companies innovating new types of sustainable alternatives to leather, along with innovations in materials used in textile, packaging and industrial applications. Each segment represents a wide range of products given a broad diversity of materials and processes employed by competing firms. The segments involved in bio-based leather materials leads in terms of funding and the commercialization of products relative to other textile materials.
Bio-based leather
Bio-based textile materials
Bio-based packaging materials
Bio-based industrial materials
The Disruptors
While the startups profiled in this report engage in a great variety of processes and inputs, there are some overlaps between businesses within the different bio-based material segments.
Within the bio-based leather market, the most highly-funded startups as of July 2021 are Bolt Threads, Modern Meadow, and Ecovative Design. These companies derive a form of vegan leather from natural materials such as mycelium, algae, yeast, and other plant-based sources. However, this segment also includes the listed disruptor Spinnova, and Allbirds—which reportedly filed for an initial public offering in June 2021 and is expected to go public by September 2021.
Regarding bio-based packaging materials, Origin Materials, Ecovative Design, and Anellotech are the most highly-funded startups. Origin Materials agreed to merge with a publicly-traded special purpose acquisition company (SPAC) in February 2021, a transaction that resulted in Origin Materials going public at a USD 1.8 billion valuation. This segment focuses on bioplastics and other biodegradable materials for packaging and single-use plastic applications.
Funding History
Competitive Analysis
Incumbents
Industry incumbents cover a wide range of products and applications from fabrics, to shoes, cosmetics, and industrial uses. Some of these firms have also recognized the importance of having a sustainable partner or business embedded within their value chains.
The majority of these companies have entered the industry via acquisition of smaller companies focused on sustainability to gain more control over their own supply chains. Other major companies such as Adidas, Aquafil, and Foss have managed to develop bio-based material businesses in-house.
Notable Investors
