The global biodegradable cutlery market size is estimated to attain USD 50.7 million, by the end of 2025, and is projected to grow at the CAGR of around 5.9% from 2019 to 2025, according to the new report by Million Insights.The strict policies set by the government authorities on the use of non-biodegradable plastics materials is a key factor propelling the market growth.
Several countries have banned the use of plastic owing to its adverse effects. In 2018, European Union has made policies regarding reducing marine litter by banning plastic’s single-use. Additionally, in 2015, European Commission has made directives to regulate the use of plastic handbags.
With this directive 28 European countries are expected to cut down the use of plastic handbags from 90 to 40 items per person by 2025. The commission has also set fine for overuse of the plastics. All these regulations are helping to create awareness among consumers regarding biodegradable items.
North America region is projected to grow at the fastest CAGR of around 6.2% over the forecasted period. In the recent few years, in North America the consumption of plastic is reducing every year. For example, Starbucks Corporation is projected to cut down the usageof plastic made straws by the end of 2020. All these initiatives are anticipated to propel the biodegradable product demand in the coming few years.
Major players in the biodegradable cutlery market are HuhtamäkiOyj, BETTER EARTH LLC, Biotrem, BIOPAK, Pactiv LLC, Vegware, Genpak, LLC, Eco Guardian, and GreenGood USA.
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Further key findings from the report suggest:
• Based on the raw material, paper type segment is anticipated to grow at the CAGR of over 6.3% over the forecasted period. Wood segment is estimated to exceed at CAGR of around 6.2% during the forecasted period.
• Europe led the market with share of over 36.0% in the year 2018.
• Based on the distribution channel, retail channels segment attributed to market share over 50% in 2018.
• Top players in the market focus on product innovation, R&D to increase their presence across the globe.
Million Insights has segmented the biodegradable cutlery marketbased onraw material,and region:
Biodegradable Cutlery Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
Biodegradable Cutlery Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa