Biodegradable Cutlery Market to Hit USD 61.6 Million by 2030 … – GlobeNewswire

Biodegradable Cutlery Market to Hit USD 61.6 Million by 2030 … – GlobeNewswire yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

| Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) — The global biodegradable cutlery market size stood at USD 35.85 million in 2022 and is predicted to rise from USD 37.73 million in 2023 to USD 61.6 million by 2030, registering a CAGR of 7.2% from 2023 to 2030. Increasing preference for biodegradable cutlery over plastic tableware due to its sustainability and eco-friendly nature is driving market growth. Degradability, biocompatibility, and biological safety are the significant benefits of natural biopolymers. Fortune Business Insights™ shares this information in its report titled “Biodegradable Cutlery Market, 2023-2030.
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Leading Players Featured in the Research Biodegradable Cutlery Market Report:
Report Scope & Segmentation:
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Consumer Emphasis on Environmental Conservation to Accelerate the Market Growth
The increasing sustainability trend is encouraging the public and private sectors to practice and manage sustainability programs. Increasing consumer emphasis on environmental conservation and surging need for bio-based or natural resources for material manufacturing are the key factors driving market growth. Market expansion is driven by a rise in government regulations, including plastic banning for effective use of natural resources and waste management. Rising consumer preference for biodegradable materials and growing consumer awareness about the adverse effects of non-biodegradable product usage are the major forces behind market expansion.
On the other hand, the high cost of biodegradable cutlery compared to traditional non-biodegradable cutlery is hampering market expansion.
COVID-19 Impact:
Closed High-end to Quick-service Restaurants amid the Pandemic Hampered Market Growth
The coronavirus pandemic negatively impacted the biodegradable cutlery market growth. The shutdown of high-end to quick-service restaurants during the lockdown restrained market expansion. Additionally, decreased biodegradable item production amid the pandemic restricted market growth.
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Surging Usage of Spoons in Restaurants, Canteens, and Homes is Boosting Segment Growth
By product type, the market is segregated into spoon, fork, knife, and others.
The spoon segment holds the highest biodegradable cutlery market share. Spoons are highly preferred in restaurants, takeaway venues, office kitchens, canteens, and homes for serving and tasting. Growing demand for eco-friendly spoons due to hygiene standards is boosting the segment growth.
The Wood Segment Led the Market due to its Biodegradability and Recyclability
On the basis of raw material, the market is classified into wood, husk, paper, plastic, and others.
The wood segment led the market owing to a rise in R&D initiatives to produce low-cost biodegradable cutlery by several market players. The wood is widely used due to its biodegradability and recyclability, which is driving segment expansion.
Commercial Segment Led Due to High Usage of Product in Commercial Spaces
Based on the application, the market is divided into residential and commercial. Commercial segment led the market due to the wide usage of these cutleries in hospitals, restaurants, hotels, and others.
Regional Insights
Increased Biodegradable Tableware Demand is Boosting Market Growth in Europe
Europe holds the highest market share. Rapid product and raw material innovations by many startups and key manufacturers are driving market growth in the region. Increased plastic waste in the region is anticipated to boost the demand for biodegradable tableware over the projected period.
The market growth in the Middle East & Africa is attributed to the growing usage of advanced and elegant cutlery. The rapid shift in living standards due to rising disposable income and a rise in consumer spending are driving market growth in the region.
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Competitive Landscape
Key Companies Focus on R&D Efforts to Remain Dominant in the Market
Leading companies are implementing various tactics, such as product introductions and innovations, to maintain dominance in the global market. Top market participants are highly investing in product development and engaged in R&D initiatives to offer products to fulfill consumer needs.
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Key Industry Development
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