Global Biodegradable Cups Market to Exhibit a Decent CAGR of 5% and Hit USD 580 Million by 2027
The Global Biodegradable Cups Market size is expected to reach over US$ 580 mn by 2026 and estimated to expand at a CAGR of 5% during the forecast period of 2020-2026.
Growing Preference of Manufacturers Towards Biodegradable Packaging Products to Boost Market Growth
VRR has found that, growing consumer demand for biodegradable cups translates into potential interest from manufacturers who choose to comply with their customer's requirements. As fossil fuel reserves are getting depleted, the need for biodegradable packaging presents more of an opportunity and a solution to the problem. Global packaging manufacturers are promoting biodegradable cups that are used in various end-use industries such as food & beverages. Furthermore, an increase in the consumption of ready-to-eat meals has created noteworthy opportunities for biodegradable cup manufacturers to maximize their revenue portfolios. Biodegradable cups are used for various applications, which include food, beverages, and ice cream. The APAC region is expected to create the highest incremental $ opportunity of ~US$ 76 Mn, with the increase in the number of foodservice outlets. According to the TMR report, the global food industry is expected to capture a considerable market share during the forecast period.
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Rising Anti-plastic Sentiments to Drive Demand for Biodegradable Cups
Increasing awareness regarding the adverse effects of plastic on the environment has led to the formulation of stringent regulations for single-use plastic. Consumers and end users are aware of its negative impact on the environment. Persistent efforts by governments to reduce the use of plastic packaging boosts the demand for biodegradable cups. The governments of several countries are implementing strict measures to reduce plastic waste. Furthermore, leading biodegradable cup manufacturers are constantly putting in efforts to introduce advanced biodegradable cups in the market.
For Instance, Huhtamaki Oyj, one of the leading biodegradable cup manufacturers has launched a new product called Impresso double walled hot cup, in its existing Bioware product range, in July 2019. Similarly, in May 2018, World Centric, another biodegradable cup manufacturer, announced the launch of its No Tree range of products, which includes fully-compostable hot cups and bowls.
Initiatives are being taken by governments to reduce the usage of plastic, which started with the ban on single-use plastics in several countries. Many institutions and companies have been trying to develop different products that could replace traditionally-used plastics with environmental-friendly options. The increasing number of beverage consumers evokes the need to replace plastic products with complete PE lined paper cups. With the availability of PLA lined paper cups and cups entirely made of PLA, end users and customers are gradually replacing plastic cups with biodegradable cups, which, in turn, will drive the global biodegradable cups market.
The Biodegradable Cups market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Biodegradable Cups market for the base year 2019 and the forecast between 2020 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Biodegradable Cups market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Biodegradable Cups market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven't just conducted Biodegradable Cups market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Biodegradable Cups market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Biodegradable Cups market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Biodegradable Cups industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Biodegradable Cups market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Biodegradable Cups market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is...
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