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Fossil-based material manufacturing has long been linked to the acceleration of climate change through carbon dioxide emissions. In addition to their negative impact on the environment, the depletion of nonrenewable fossil fuels has led to a global demand for sustainable and environmentally friendly alternatives. This has sparked a surge of academic interest in the past few decades on the manufacture of bio-based materials as substitutes for fossil-based materials. As sustainability becomes a global imperative, bioplastics are rapidly emerging as a viable alternative to conventional petroleum-derived plastics. These materials might be manufactured by using polymers from different bio-based sources such as plants, animal tissues, or can have a microbial origin. Bioplastics not only offer biodegradability, thereby reducing long-term environmental impact, but also possess various functional properties that make them suitable for diverse applications, including packaging, agriculture, textiles and pharmaceuticals. This review focuses on new developments in bioplastics regarding their material, processing, and applications. Recent developments in the preparation of bioplastics are reported, highlighting the distinct properties of each type of material according to the polymers of origin. Special attention is given to the film-forming properties, the barrier functionality, thermal stability, and compatibility with the bioactive compounds, supported by recent empirical findings.