In the present paper, the suitability of the selected oilseeds, their corresponding vegetable oils, and few other raw materials to produce bio-based plastics was evaluated by constructing a novel criteria-based framework for Multi-Criteria Decision-Making (MCDM) analysis with a focus on the criteria of chemical functionality, sustainability, production quantity, cost, and market availability. Qualitative, semi-quantitative, and quantitative data was utilized as a base for the criteria, for which a 1–5–9 scaling technique was developed to convert the hybrid starting data into the quantitative form, when required. Additionally, two varying sets of starting data, four scenarios with differing weights of importance, as well as two different MCDM techniques, namely Technique for Order Preference and Similarity to Ideal Solution (TOPSIS) and Simple Additive Weighting (SAW), were used as a form of sensitivity analysis. The MCDM results were influenced by the dissimilar algorithm of TOPSIS and SAW techniques, resulting in different level of accuracy and a phenomenon of rank reversal, together with the developed MCDM framework in terms of the utilized data types, scaling technique, assumptions to treat data uncertainty as well as the selected criteria and scenarios. Regardless of the different starting data sets, scenarios, and MCDM techniques utilized for the MCDM analysis, tall, linseed, soybean, and palm oil were identified as the most suitable and palm kernel, coconut, and sunflower oil as the least suitable raw materials with their feature trade-offs to produce bio-based plastics. The MCDM results of the present paper can be treated as a guidepost targeted for diverse actors in the early stage of the bio-based plastics’ value chain with varying point-of-views. Further, in the future, the novel MCDM framework can be of relevant significance in analysing the features of various raw materials to produce bio-based plastics.