Global Biodegradable Cutlery Market 2023: Sector to Reach $71.1 Million by 2030 at a CAGR of 7%
DUBLIN, April 14, 2023 /PRNewswire/ — The “Biodegradable Cutlery Market Size, Share & Trend Analysis Report By Raw Material (Wood, Husk, Paper), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2023 – 2030″ report has been added to ResearchAndMarkets.com’s offering.
The global biodegradable cutlery market size is expected to reach USD 71.1 million by 2030, expanding at a CAGR 7.0% from 2023 to 2030.
- Huhtamaki Oyj
- BETTER EARTH LLC
- Pactiv LLC
- Eco Guardian
- Genpak, LLC
- Bionatic GmbH & Co. KG
- GreenGood USA
The increasingly stringent regulations against non-biodegradable plastic across the globe are the primary factor expected to drive the market growth of biodegradable cutlery over the forecast period.
Most countries around the world are expected to ban plastic usage in any form as it has become a prominent global issue. According to a press release by the European Commission in December 2018, the European Parliament and the Council of the European Union framed policies and rule to reduce marine litter through the ban on single-use plastics. In addition to this, in 2015, European Commission proposed a ‘plastic bags’ directive to regulate and restrict the usage of plastic bags.
According to this directive, the 28 EU countries were required to adopt any one of the two proposals either to ensure that the usage of plastic bags was reduced to 40 units per year per person from 90 units per year per person. These regulations will increase the awareness as well as the demand for biodegradable cutleries over the forecast period.
The usage of biodegradable tableware is increasing as the global trend to cut down on greenhouse gas emissions and plastic waste makes rapid progress. Cutlery such as spoons, bowls, plates, and other products that can degrade within weeks of being thrown away, is referred to as biodegradable tableware.
The amount of packaging trash in municipal solid garbage has been noted to be high, which has raised environmental concerns. Oil-based polymers, a common component of modern packaging, are essentially non-biodegradable. Certain packaging options are also challenging to discard and cannot be used again.
Europe was the largest market in 2022 accounting for around 36% of the total market share globally. On the other hand, North America is expected to become the fastest-growing market with a CAGR of 7.2% from 2023 to 2030. Over the past few years, North America has witnessed a substantial reduction of plastics by major food chains.
For instance, Starbucks Corporation, one of the largest coffeehouse chain targets phased out the use of plastic straws and lids, key components of its drinks, conventionally. This initiative will ensure significant growth in the demand for biodegradable cutlery over the forecast period.
Biodegradable Cutlery Market Report Highlights
- In terms of revenue, the paper biodegradable products segment is projected to ascend at a CAGR of 7.3% over the forecast period
- Wood and husk are dominant raw materials which are expected to foresee a high growth rate in the global market over the forecast period
- Europe dominated the global biodegradable cutlery industry in 2022 and constituted around 36% of the total market share. This trend is projected to continue over the next few years
- The increasing awareness of the ill effects associated with non-biodegradable plastics is fueling demand for the product over the forecast period
- The industry is competitive owing to the increasing R&D, product innovation, and new entrants with the latest technology
- Key players includes Huhtamaki Oyj; Biotrem; BIOPAK; BETTER EARTH LLC; vegware; Pactiv LLC; Eco Guardian; Genpak, LLC; Bionatic GmbH & Co. KG; and GreenGood USA
- Various manufacturers are concentrating on new product launches, mergers and acquisitions, and technological innovation to capture the largest share of the existing and future demand
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Biodegradable Cutlery Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Industry Value Chain Analysis
3.2.1. Sales/Retail Channel Analysis
3.2.2. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Industry Challenges
3.3.4. Industry Opportunities
3.4. Business Environment Analysis
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Chapter 5. Biodegradable Cutlery Market: Raw Material Estimates & Trend Analysis
5.1. Raw Material Movement Analysis & Market Share, 2022 & 2030
Chapter 6. Biodegradable Cutlery Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Analysis
7.1. Key global players, recent developments & their impact on the industry
7.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
7.3. Vendor Landscape
7.3.1. Key company market share analysis, 2022
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/y07lef
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