Wilmington, Delaware, United States, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - A study by Transparency Market Research (TMR) notes the global compostable tableware market is prognosticated to reach a value of US$ 1.16 Bn by 2031. Furthermore, the TMR report states that the market is expected to develop at a CAGR of 6.5% during the forecast period, from 2022 to 2031.
The adoption of compostable tableware is being increasing across the globe as these products are 100% biodegradable and natural. These products are gaining impetus as they are manufactured using environmental-friendly raw materials. Moreover, compostable tableware items are being manufactured according to the dining or serving requirements in households or commercial places. Such factors are expected to fuel the growth prospects in the global compostable tableware market during the forecast period, state analysts at TMR.
Players operating in the compostable tableware market are focusing on manufacturing different products including disposable cups and disposable paper plates in varied shapes, sizes, and prints as per the demand from the end-users. Moreover, they are investing heavily in R&Ds in order to develop customized designs so as to fulfill the current needs of a broad range of end-users including restaurants, corporate offices, and hotels. Such initiatives are prognosticated to help in the expansion of the global compostable tableware market during the forecast period.
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Compostable Tableware Market: Key Findings
- The understanding pertaining to the environment concerns is being rising among the global population. Hence, the demand for biodegradable and disposable tableware is being increasing. This factor is anticipated to result into significant business opportunities for biodegradable tableware manufacturers, notes a TMR study on the global compostable tableware market.
- Manufacturers are observing a surge in the demand for disposable compostable tableware owing to their different advantages including their ability to prevent various food-borne diseases. Moreover, they are also being adopted as an option to avoid the food spoilage. This aside, the use of disposable tableware products including bowls, plates, cutlery, and cups is being rising globally due to execution of stringent government regulations by several nations in order to prevent the use of single-use plastic as well as plastic-based products. Such factors, in turn, are resulting into significant growth prospects in the disposable tableware industry, according to analysts at TMR.
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Compostable Tableware Market: Growth Boosters
- Rise in the implementation of stringent regulations in order to restrict the use of plastic is boosting the compostable tableware market growth
- Surge in the usage of compostable tableware in luxury hotels and quick service restaurants is propelling the market
Compostable Tableware Market: Regional Analysis
- The compostable tableware market in Asia Pacific is expected to maintain its leading position during the forecast period owing to many factors including the presence of sizable consumer base, rise in the product penetration, and surge in the need for product upgrades including eatable plates and spoons in the region
- The North America compostable tableware market is prognosticated to gain notable business opportunities during the forecast period owing to a surge in the adoption of environmental-friendly products and rise in number of players in the region
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Compostable Tableware Market: Key Players
Some of the key players profiled in the report are:
- Huhtamaki Group
- Ecoware Solutions Pvt. Ltd.
- Schon Ultrawares Pvt. Ltd.
- DUNI AB
- Bollant Industries Pvt. Ltd.
- Pappco Greenware
- Yash Papers Limited
- Reynolds Consumer Products
- Georgia-Pacific
- Biotrem
- DOPLA S.P.A.
- Nanofiber Tech., Inc.
- Vegware
- Shrayati Ecosatkaar LLP
- Visfortec (Earthware)
Compostable Tableware Market Segmentation
- Product
- Plates
- Cups
- Bowls
- Others
- End-users
- Commercial
- Corporate Offices & Breakrooms
- Parties & Catering
- Restaurants
- Hotels
- Households
- Commercial
- Distribution Channel
- Offline
- Online
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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