LONDON, Jan. 10, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Edible Cutlery Global Market Report 2024, the edible cutlery market has witnessed substantial growth, surging from $36.65 billion in 2023 to $41.34 billion in 2024 at an impressive CAGR of 12.8%. This momentum is fueled by a convergence of factors, including rising environmental concerns, a booming food and beverage industry, and heightened awareness regarding plastic waste and pollution.
Anticipated Growth:
Forecasts indicate a continued upward trajectory, with the edible cutlery market projected to reach $64.27 billion in 2028, reflecting a CAGR of 11.7%. This surge is attributed to the increasing popularity of edible cutlery among consumers, stringent plastic bans, the upswing in takeout and food delivery services, and global market expansion.
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Key Trends:
In the forecast period, notable trends include a focus on innovative customization, heightened attention to health and nutrition, a shift towards biodegradable packaging, and an increasing number of collaborations and partnerships within the industry.
Major Players and Innovations:
Prominent players like Lollicup USA Inc., Bakeys Foods Private Limited, and BIOTREM Sp. z o.o. are driving market innovation. Notably, Stroodles introduced edible bowls and sporks, made from a Ryvita-type material, fully compostable within 30 days, and certified for food contact safety.
Regional Dynamics:
While North America dominated the edible cutlery market in 2023, Asia-Pacific is anticipated to emerge as the fastest-growing region, presenting new opportunities and market dynamics.
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Market Segmentation:
The edible cutlery market is segmented by product (Spoon, Fork, Knife, Spork, Other Products), material type (Wheat Bran, Rice Bran, Sorghum, Corn, Millet, Other Materials), and end-use (Food Service Outlets, Hotels, Restaurants And Cafes, Quick Service Restaurants, Institutional Food Service, Cinema, Airline And Railway Catering, Schools And Offices, Hospitals, Household Use).
Businesses can leverage this comprehensive edible cutlery market report to strategize for sustained growth. Insights on market trends, competitor innovations, and regional dynamics empower players to make informed decisions. Understanding customer preferences and emerging market segments allows for targeted investments and a competitive edge. Whether entering new regions, diversifying product offerings, or enhancing sustainability practices, this edible cutlery market report serves as a valuable tool for navigating the evolving landscape of the edible cutlery industry.
Edible Cutlery Global Market Report 2024 by The Business Research Company provides insights on the edible cutlery market size, edible cutlery market segments, edible cutlery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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