Our in-depth analysis of the foldable bicycles market includes the following segments:
By Material Type
By Product Type
By End User
By Distribution Channel
On the basis of regional analysis, the biodegradable tableware market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market biodegradable tableware. Moreover, the region is leading the world when it comes to sustainability; under its “New EU Directive for Single-Use Plastics” initiative. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of increasing pace of industrialization and rising consumer preferences in this region, along with growing health consciousness and initiatives to reduce pollution in the region. The rising awareness pertaining to utilization of ecofriendly products in the region, especially in countries such as China, India and Japan, is further resulting in the increased demand for biodegradable tableware.
The biodegradable tableware market is further classified on the basis of region as follows:
Rising awareness regarding the ill effects of plastic tableware, awareness about the benefits of environmental friendly tableware, increasing adoption of non-toxic and petroleum free products, increasing disposable income and extending investment in research and development are some of the significant factors that are projected to result in the market growth. Additionally, the sustainability trend has led to the packaging industry to adopt a change in the materials used by them. These sustainability-centered initiatives and the need for change in packaging formats along with other prominent industry trends have been impacting the packaging industry. This is evolving consumer preferences, cost constraints, e-commerce, and favorable government regulations for permitting biodegradable tableware market which is further estimated to boost the market growth with notable CAGR during the forecast period, i.e., 2020-2028.
The global biodegradable tableware market is segmented by material, by product, by application, by end user and by distribution channel. The material segment is further segmented into pulp, bagasse, palm leaf, wheat bran, paper, husk and others, out of which, the pulp segment is estimated to hold leading share as these raw materials are highly preferred among the manufacturers owing to its easy availability and low-cost as compared to others.CLICK TO DOWNLOAD SAMPLE REPORT
Rise In Consumer Consumption Across Various Sectors To Drive Market Growth
Increase in disposable incomes leading to the rise in consumer spending, especially on the products belonging to FMCG and consumer electronics, is anticipated to positively influence the growth of biodegradable tableware market. The significant rise in the retail and e-commerce industry across the globe, mainly in Asia, is predicted to positively affect the biodegradable tableware market on the back end of high demand for more rigid and durable products.
Rise Concerns Related To Pollution To Increase The Product Demand
According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. This led to a significant amount of waste disposal into the water bodies resulting in destruction of aquatic habitat. To address this, the governments across the world have passed some stringent laws and industry scale recycling practices have been put in place to control the waste and to increase awareness towards recycling. On the back of growing technological advancements and concerns towards developing eco-friendly solutions, the global biodegradable tableware market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is driving manufacturers to come up with consumer- and nature-friendly solutions.
High costs and Lack of Awareness to Restrict the Market Growth
The potential factor that is predicted to affect the growth of the market is the high cost associated with biodegradable tableware as compared to the plastic tableware. Additionally, the lack of product awareness in the developing countries across the globe is further estimated to act as a barrier to the growth of the market.
On May 20, 2019, Al Bayader International L.L.C., a U.A.E based biodegradable tableware manufacturer introduced its first customizable paper cups which were eco-friendly with color printing technology.
In March 2020, Eco-Products, Inc., a US based tableware manufacturer, introduced new compostable lids made from sugarcane for take-outs and dining in Restaurants.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.