Yes according to the box they are biodegradable and made from recycled material.

How long do water balloons take to decompose?

BALLOONS AND THEIR BIO-DEGRADABLE NATURE

Although latex balloons are considered bio-degradable, this will take anywhere from 6 months to 4 years to decompose and they can wreak a lot of havoc before they do.

Are water balloons biodegradable?

Let's talk water balloons, people. They're a super fun staple of American summer childhood, but also happen to be a pollution problem. They're made primarily out of latex which, while technically biodegradable, will take years to fully break down.