The Biodegradable Mulch Films Market size was USD 45.10 million in 2022 and is expected to Reach USD 81.05 million by 2030 and grow at a CAGR of 7.6% over the forecast period of 2023-2030.
Due to the increase in the global population, there is a growing demand for food crops and a need for them. The major challenge to the global agriculture sector is reducing agricultural and arable land in developed countries. By increasing crop yields and thus helping to address major issues such as water scarcity, soil pollution or climate change, these biodegradable films have offered a modest solution to this rapidly evolving problem. Global population growth is expected to continue at a rapid pace during the forecast period again giving boost to the market, due to increase in agricultural production.
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There has been an enormous population growth in many large countries around the world. Primary sources, in particular foodstuffs, have been put under strain by this scenario. Moreover, as a result of the population growth, there was also an increase in consumer consumption of food. There is a significant increase in population forecast for almost all of the world's largest countries. That trend is expected to exert pressure on the production of food and therefore farmers will be required to make use of efficient agricultural techniques.
This trend will have a positive impact on the market as these films offer excellent crop protection, higher yields and enhanced production cycles. Efforts have been made to plant the best quality food crops which produce a superior yield in order to take advantage of increasing demand due to increased consumption per capita. The application of agricultural mulching films increases yield by accelerating the germination cycles, preventing direct contact with soil and keeping fertilisers and nutrients closer to the crop. Consequently, the demand for biodegradable mulch films is to be increased over the forecast period.
KEY DRIVERS:
Increasing demand for organic products by consumer
Demand for organic crops is driven by the consumer's growing preference for organic and environmentally friendly products. In addition to boosting the prospects for growth on this market, biodegradable mulch films may also be applied in organic farming practices.
Need of crops due to rising population across globe
RESTRAIN:
Biodegradable Mulch Films may not be compatible with all type of crops
Different types of mulching films may be needed depending on the type of crops and their growth conditions. It can be difficult to ensure that biodegradable films meet the requirements of a variety of crops and farming practices.
OPPORTUNITY:
Providing Customized Solutions
New markets and niche opportunities can be created by the development of biodegradable mulching films based on special crops, growing conditions or local requirements.
As part of a broader commitment to sustainability, biodegradable mulch films can be marketed.
CHALLENGES:
Making Biodegradable mulch films Cost-Effective can be challenging
The production of biodegradable mulch films can be significantly more costly compared with traditional plastic Mulch Films. Farmers, especially in price sensitive markets, may be influenced by the costs factor when making their decisions to accept these films.
The war has dramatically increased the prices of oil and gas, which are key inputs in the production of biodegradable mulch. Oil prices have increased by more than 30% since the beginning of the war and gas prices have increased by more than 50%. This has resulted in reduced demand for biodegradable mulch films as businesses and consumers look to cut costs.
The war has also disrupted the biodegradable coating supply chain, as many raw materials and components come from Russia and Ukraine. Russia is a major producer of polyethylene, which is the main component of biodegradable mulch films. Ukraine is a major producer of corn, which is used to make biodegradable mulch. Disruptions to these supply chains have made it difficult for manufacturers to obtain the materials they need to produce biodegradable coatings.
The economic downturn is expected to lead to lower demand for biodegradable mulch films as businesses and consumers look to cut costs. The expected economic downturn will also disrupt the biodegradable coating supply chain, as many raw materials and components come from economically struggling countries.
Due to these factors, the global biodegradable coating film market is expected to decrease by 3% by 2023.
Some farmers are delaying or canceling their planting plans, reducing the need for biodegradable mulch. Some companies are turning to cheaper, non-biodegradable coatings, which also reduces the need for biodegradable mulch films. Suppliers are experiencing delays in the delivery of raw materials, which disrupts their production schedules.
Also, manufacturers are raising prices, making biodegradable mulch expensive for businesses and consumers.
By Plastic Type
Thermoplastic Starch
Aliphatic Aromatic Copolyesters
Controlled Degradation Masterbatches
By Composition
Starch
Starch Blended with Polylactic Acid
Starch Blended with Polyhydroxyalkanoate
Others
By Crop Type
Fruits & Vegetables
Flowers & Plants
Grains & Oilseeds
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Asia Pacific dominated the global market, accounting for over 65% of overall demand. China became the world's largest consumer of biofilms, owing to an increase in industrialisation and urbanisation that lead to increased standard of living and demand for food products. The market's growth is supported by growing demand for food in the country.
With the rising trend of adopting eco-friendly products, Europe is expected to experience moderate growth over the next few years. Such mulching films do not entail waste disposal and are an environmentally sustainable alternative, which has been widely accepted in the region.
A considerable share was also taken up by North America. Market growth is expected to be positively influenced by favourable government legislation on eco- friendly products, in particular in North America. The product penetration is likely to rise over the projected period, driven by consumer concerns about plastic mulch residues in soil. While eliminating the need for removal and disposal as well as reducing environmental impact, biodegradable films may provide a benefit to plastic mulch. The growth of the market is expected to be driven by an increase in population, as well as increased regulatory support from different European Union countries and a growing concern for the environment related to artificial substitutes.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Some major key players in the Biodegradable Mulch Films market are Biobag International AS, Novamont, British Polythene Industries PLC, BASF SE, AB Rani Plast OY, RKW SE, Kingfa Sci & Tech Co Ltd, Al-Pack Enterprises Ltd, AEP Industries Inc, Armando Alvarez and other players.
Australian Research Organization CSIRO, in cooperation with farmers, has developed sprayable bioplastic membranes that could help to increase yields while also saving water, nutrients and agrochemicals.
BASF announced the introduction of its new biodegradable Mulch Film ecovio M2351 in June 2023. A mixture of polybutylenedipate terephthalate and other biodegradable polymers is used to produce the film. It is intended to produce a more sustainable substitute for traditional plastic mulching films by breaking into the soil in 12 months.
| Report Attributes | Details |
| Market Size in 2022 | US$ 45.10 Mn |
| Market Size by 2030 | US$ 81.05 Mn |
| CAGR | CAGR of 7.6 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Plastic Type (Thermoplastic Starch, Aliphatic Aromatic Copolyesters, Controlled Degradation Masterbatches) • By Composition (Starch, Starch Blended with Polylactic Acid, Starch Blended with Polyhydroxyalkanoate, Others) • By Crop Type (Fruits & Vegetables, Flowers & Plants, Grains & Oilseeds) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Biobag International AS, Novamont, British Polythene Industries PLC, BASF SE, AB Rani Plast OY, RKW SE, Kingfa Sci & Tech Co Ltd, Al-Pack Enterprises Ltd, AEP Industries Inc, Armando Alvarez |
| Key Drivers | • Increasing demand for organic products by consumer • Need of crops due to rising population across globe |
| Market Challenges | • Making Biodegradable mulch films Cost-Effective can be challenging |
Ans: The Biodegradable Mulch Films Market is expected to grow at a CAGR of 7.6 %.
Ans: The Biodegradable Mulch Films Market size was USD 45.10 million in 2022 and is expected to Reach USD 81.05 million by 2030.
Ans: Increasing demand for organic products by consumer driving the market growth.
Ans: Biodegradable Mulch Films may not be compatible with all type of crops.
Ans: Asia Pacific region is dominating the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
4.3 Supply Demand Gap Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Biodegradable Mulch Films Market Segmentation, By Plastic Type
8.1 Thermoplastic Starch
8.2 Aliphatic Aromatic Copolyesters
8.3 Controlled Degradation Masterbatches
9. Biodegradable Mulch Films Market Segmentation, By Composition
9.1 Starch
9.2 Starch Blended with Polylactic Acid
9.3 Starch Blended with Polyhydroxyalkanoate
9.4 Others
10. Biodegradable Mulch Films Market Segmentation, By Crop Type
10.1 Fruits & Vegetables
10.2 Flowers & Plants
10.3 Grains & Oilseeds
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Biodegradable Mulch Films Market by country
11.2.2North America Biodegradable Mulch Films Market By Plastic Type
11.2.3 North America Biodegradable Mulch Films Market by Composition
11.2.4 North America Biodegradable Mulch Films Market by Crop Type
11.2.5 USA
11.2.5.1 USA Biodegradable Mulch Films Market By Plastic Type
11.2.5.2 USA Biodegradable Mulch Films Market by Composition
11.2.5.3 USA Biodegradable Mulch Films Market by Crop Type
11.2.6 Canada
11.2.6.1 Canada Biodegradable Mulch Films Market By Plastic Type
11.2.6.2 Canada Biodegradable Mulch Films Market by Composition
11.2.6.3 Canada Biodegradable Mulch Films Market by Crop Type
11.2.7 Mexico
11.2.7.1 Mexico Biodegradable Mulch Films Market By Plastic Type
11.2.7.2 Mexico Biodegradable Mulch Films Market by Composition
11.2.7.3 Mexico Biodegradable Mulch Films Market by Crop Type
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Biodegradable Mulch Films Market by country
11.3.1.2 Eastern Europe Biodegradable Mulch Films Market By Plastic Type
11.3.1.3 Eastern Europe Biodegradable Mulch Films Market by Composition
11.3.1.4 Eastern Europe Biodegradable Mulch Films Market by Crop Type
11.3.1.5 Poland
11.3.1.5.1 Poland Biodegradable Mulch Films Market By Plastic Type
11.3.1.5.2 Poland Biodegradable Mulch Films Market by Composition
11.3.1.5.3 Poland Biodegradable Mulch Films Market by Crop Type
11.3.1.6 Romania
11.3.1.6.1 Romania Biodegradable Mulch Films Market By Plastic Type
11.3.1.6.2 Romania Biodegradable Mulch Films Market by Composition
11.3.1.6.4 Romania Biodegradable Mulch Films Market by Crop Type
11.3.1.7 Turkey
11.3.1.7.1 Turkey Biodegradable Mulch Films Market By Plastic Type
11.3.1.7.2 Turkey Biodegradable Mulch Films Market by Composition
11.3.1.7.3 Turkey Biodegradable Mulch Films Market by Crop Type
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Biodegradable Mulch Films Market By Plastic Type
11.3.1.8.2 Rest of Eastern Europe Biodegradable Mulch Films Market by Composition
11.3.1.8.3 Rest of Eastern Europe Biodegradable Mulch Films Market by Crop Type
11.3.2 Western Europe
11.3.2.1 Western Europe Biodegradable Mulch Films Market By Plastic Type
11.3.2.2 Western Europe Biodegradable Mulch Films Market by Composition
11.3.2.3 Western Europe Biodegradable Mulch Films Market by Crop Type
11.3.2.4 Germany
11.3.2.4.1 Germany Biodegradable Mulch Films Market By Plastic Type
11.3.2.4.2 Germany Biodegradable Mulch Films Market by Composition
11.3.2.4.3 Germany Biodegradable Mulch Films Market by Crop Type
11.3.2.5 France
11.3.2.5.1 France Biodegradable Mulch Films Market By Plastic Type
11.3.2.5.2 France Biodegradable Mulch Films Market by Composition
11.3.2.5.3 France Biodegradable Mulch Films Market by Crop Type
11.3.2.6 UK
11.3.2.6.1 UK Biodegradable Mulch Films Market By Plastic Type
11.3.2.6.2 UK Biodegradable Mulch Films Market by Composition
11.3.2.6.3 UK Biodegradable Mulch Films Market by Crop Type
11.3.2.7 Italy
11.3.2.7.1 Italy Biodegradable Mulch Films Market By Plastic Type
11.3.2.7.2 Italy Biodegradable Mulch Films Market by Composition
11.3.2.7.3 Italy Biodegradable Mulch Films Market by Crop Type
11.3.2.8 Spain
11.3.2.8.1 Spain Biodegradable Mulch Films Market By Plastic Type
11.3.2.8.2 Spain Biodegradable Mulch Films Market by Composition
11.3.2.8.3 Spain Biodegradable Mulch Films Market by Crop Type
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Biodegradable Mulch Films Market By Plastic Type
11.3.2.9.2 Netherlands Biodegradable Mulch Films Market by Composition
11.3.2.9.3 Netherlands Biodegradable Mulch Films Market by Crop Type
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Biodegradable Mulch Films Market By Plastic Type
11.3.2.10.2 Switzerland Biodegradable Mulch Films Market by Composition
11.3.2.10.3 Switzerland Biodegradable Mulch Films Market by Crop Type
11.3.2.11.1 Austria
11.3.2.11.2 Austria Biodegradable Mulch Films Market By Plastic Type
11.3.2.11.3 Austria Biodegradable Mulch Films Market by Composition
11.3.2.11.4 Austria Biodegradable Mulch Films Market by Crop Type
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Biodegradable Mulch Films Market By Plastic Type
11.3.2.12.2 Rest of Western Europe Biodegradable Mulch Films Market by Composition
11.3.2.12.3 Rest of Western Europe Biodegradable Mulch Films Market by Crop Type
11.4 Asia-Pacific
11.4.1 Asia-Pacific Biodegradable Mulch Films Market by country
11.4.2 Asia-Pacific Biodegradable Mulch Films Market By Plastic Type
11.4.3 Asia-Pacific Biodegradable Mulch Films Market by Composition
11.4.4 Asia-Pacific Biodegradable Mulch Films Market by Crop Type
11.4.5 China
11.4.5.1 China Biodegradable Mulch Films Market By Plastic Type
11.4.5.2 China Biodegradable Mulch Films Market by Composition
11.4.5.3 China Biodegradable Mulch Films Market Crop Type
11.4.6 India
11.4.6.1 India Biodegradable Mulch Films Market By Plastic Type
11.4.6.2 India Biodegradable Mulch Films Market by Composition
11.4.6.3 India Biodegradable Mulch Films Market by Crop Type
11.4.7 Japan
11.4.7.1 Japan Biodegradable Mulch Films Market By Plastic Type
11.4.7.2 Japan Biodegradable Mulch Films Market by Composition
11.4.7.3 Japan Biodegradable Mulch Films Market by Crop Type
11.4.8 South Korea
11.4.8.1 South Korea Biodegradable Mulch Films Market By Plastic Type
11.4.8.2 South Korea Biodegradable Mulch Films Market by Composition
11.4.8.3 South Korea Biodegradable Mulch Films Market by Crop Type
11.4.9 Vietnam
11.4.9.1 Vietnam Biodegradable Mulch Films Market By Plastic Type
11.4.9.2 Vietnam Biodegradable Mulch Films Market by Composition
11.4.9.3 Vietnam Biodegradable Mulch Films Market by Crop Type
11.4.10 Singapore
11.4.10.1 Singapore Biodegradable Mulch Films Market By Plastic Type
11.4.10.2 Singapore Biodegradable Mulch Films Market by Composition
11.4.10.3 Singapore Biodegradable Mulch Films Market by Crop Type
11.4.11 Australia
11.4.11.1 Australia Biodegradable Mulch Films Market By Plastic Type
11.4.11.2 Australia Biodegradable Mulch Films Market by Composition
11.4.11.3 Australia Biodegradable Mulch Films Market by Crop Type
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Biodegradable Mulch Films Market By Plastic Type
11.4.12.2 Rest of Asia-Pacific Biodegradable Mulch Films Market by Composition
11.4.12.3 Rest of Asia-Pacific Biodegradable Mulch Films Market by Crop Type
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Biodegradable Mulch Films Market by country
11.5.1.2 Middle East Biodegradable Mulch Films Market By Plastic Type
11.5.1.3 Middle East Biodegradable Mulch Films Market by Composition
11.5.1.4 Middle East Biodegradable Mulch Films Market by Crop Type
11.5.1.5 UAE
11.5.1.5.1 UAE Biodegradable Mulch Films Market By Plastic Type
11.5.1.5.2 UAE Biodegradable Mulch Films Market by Composition
11.5.1.5.3 UAE Biodegradable Mulch Films Market by Crop Type
11.5.1.6 Egypt
11.5.1.6.1 Egypt Biodegradable Mulch Films Market By Plastic Type
11.5.1.6.2 Egypt Biodegradable Mulch Films Market by Composition
11.5.1.6.3 Egypt Biodegradable Mulch Films Market by Crop Type
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Biodegradable Mulch Films Market By Plastic Type
11.5.1.7.2 Saudi Arabia Biodegradable Mulch Films Market by Composition
11.5.1.7.3 Saudi Arabia Biodegradable Mulch Films Market by Crop Type
11.5.1.8 Qatar
11.5.1.8.1 Qatar Biodegradable Mulch Films Market By Plastic Type
11.5.1.8.2 Qatar Biodegradable Mulch Films Market by Composition
11.5.1.8.3 Qatar Biodegradable Mulch Films Market by Crop Type
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Biodegradable Mulch Films Market By Plastic Type
11.5.1.9.2 Rest of Middle East Biodegradable Mulch Films Market by Composition
11.5.1.9.3 Rest of Middle East Biodegradable Mulch Films Market by Crop Type
11.5.2 Africa
11.5.2.1 Africa Biodegradable Mulch Films Market by country
11.5.2.2 Africa Biodegradable Mulch Films Market By Plastic Type
11.5.2.3 Africa Biodegradable Mulch Films Market by Composition
11.5.2.4 Africa Biodegradable Mulch Films Market by Crop Type
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Biodegradable Mulch Films Market By Plastic Type
11.5.2.5.2 Nigeria Biodegradable Mulch Films Market by Composition
11.5.2.5.3 Nigeria Biodegradable Mulch Films Market by Crop Type
11.5.2.6 South Africa
11.5.2.6.1 South Africa Biodegradable Mulch Films Market By Plastic Type
11.5.2.6.2 South Africa Biodegradable Mulch Films Market by Composition
11.5.2.6.3 South Africa Biodegradable Mulch Films Market by Crop Type
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Biodegradable Mulch Films Market By Plastic Type
11.5.2.7.2 Rest of Africa Biodegradable Mulch Films Market by Composition
11.5.2.7.3 Rest of Africa Biodegradable Mulch Films Market by Crop Type
11.6 Latin America
11.6.1 Latin America Biodegradable Mulch Films Market by country
11.6.2 Latin America Biodegradable Mulch Films Market By Plastic Type
11.6.3 Latin America Biodegradable Mulch Films Market by Composition
11.6.4 Latin America Biodegradable Mulch Films Market by Crop Type
11.6.5 Brazil
11.6.5.1 Brazil Biodegradable Mulch Films Market By Plastic Type
11.6.5.2 Brazil Biodegradable Mulch Films Market by Composition
11.6.5.3 Brazil Biodegradable Mulch Films Market by Crop Type
11.6.6 Argentina
11.6.6.1 Argentina Biodegradable Mulch Films Market By Plastic Type
11.6.6.2 Argentina Biodegradable Mulch Films Market by Composition
11.6.6.3 Argentina Biodegradable Mulch Films Market by Crop Type
11.6.7 Colombia
11.6.7.1 Colombia America Biodegradable Mulch Films Market By Plastic Type
11.6.7.2 Colombia America Biodegradable Mulch Films Market by Composition
11.6.7.3 Colombia America Biodegradable Mulch Films Market by Crop Type
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Biodegradable Mulch Films Market By Plastic Type
11.6.8.2 Rest of Latin America Biodegradable Mulch Films Market by Composition
11.6.8.3 Rest of Latin America Biodegradable Mulch Films Market by Crop Type
12 Company profile
12.1 Biobag International AS
12.1.1 Company Overview
12.1.2 Financials
12.1.3 Product/Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Novamont
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 British Polythene Industries PLC
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 BASF SE
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 AB Rani Plast OY
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 RKW SE
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Kingfa Sci & Tech Co Ltd
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Al-Pack Enterprises Ltd
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 AEP Industries Inc
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Armando Alvarez
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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The Bag-in-Box Container Market size was USD 3.95 billion in 2022 and is expected to Reach USD 6.54 billion by 2030 and grow at a CAGR of 6.5 % over the forecast period of 2023-2030.
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