Biodegradable Cups Market to Accrue $1.1 Bn, Globally, by 2031 at 8.5% CAGR: Allied Market Research
Government initiatives for eliminating single-use plastic and strict laws against the use of traditional plastic materials for cup production drive the growth of the global biodegradable cups market.
PORTLAND, Ore., Sept. 14, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Biodegradable Cups Market By Type (Single walled, Double walled, Triple walled), By Application (Food, Beverages), By Capacity (Up to 7 oz, 8 to 14 oz, 14 to 20 oz): Global Opportunity Analysis and Industry Forecast, 2021-2031." As per the report, the global biodegradable cups industry was estimated at $458.1 million in 2021, and is set to reach $1.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Government initiatives for eliminating single-use plastic and strict laws against the use of traditional plastic materials for cup production drive the growth of the global biodegradable cups market. Moreover, large number of manufacturers in the packaging, farming, and textile industries are making use of bio-based plastics for cup manufacturing, thereby driving global market trends. However, huge costs of biodegradable cups can put brakes on the growth of the market globally. Nevertheless, growing awareness among the people about the benefits of using biodegradable products such as PHA has created new growth avenues for the global market.
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- The COVID-19 pandemic severely impacted the growth of the global biodegradable cups market owing to various players halting biodegradable cup production as a result of the lockdown.
- Decline in the production of various kinds of instruments utilized for biodegradable cup production had a negative impact on the market growth across the globe.
- The global market growth gained momentum post-COVID-19 pandemic owing to the launching of COVID-19 vaccines and the re-initiation of biodegradable cup production.
Based on the type, the single-walled segment contributed to the highest market share in 2021, accounting for half of the global biodegradable cups market share. Reportedly, this segment is predicted to contribute majorly toward overall market share by 2031. The growth of the segment can be attributed to the low costs of single-walled biodegradable cups. However, the triple-walled segment is predicted to register the fastest CAGR of nearly 9.8% from 2022 to 2031. The growth of the segment can be credited to the high sustainability of the tripled walled biodegradable cups. The report also includes the double-walled segment.
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On basis of the application, the beverages segment contributed to the highest market share in 2021, accounting for around three-fourths of the global biodegradable cups market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The segmental growth over the forecast timeline can be attributed to the large-scale use of biodegradable cups for drinking beverages. However, the food segment is anticipated to record the highest CAGR of 9.4% over the forecast period. The growth of the segment over the forecast period can be credited to an increase in the trend of offering certain kinds of foods in biodegradable cups.
In terms of capacity, the Up to 7 oz segment contributed to the highest market share in 2021, accounting for more than two-fifths of the global biodegradable cups market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The expansion of this segment over the forecast timeline is due to its low cost and fast rate of production. However, the 14 to 20 oz segment is predicted to register the fastest CAGR of nearly 9.0% from 2022 to 2031. The segmental surge can be owing to an increase in demand for strong and sustainable biodegradable cups. The report also includes other segments such as the 8 to 14 oz segment.
By Region, Europe contributed notably toward an overall market share in 2021, and accounted for nearly one-third of the overall share of the global biodegradable cups market. The growth of the regional market is attributed to strict government laws curtailing the use of plastic cutlery in Europe. However, the Asia-Pacific region is projected to dominate the global market in 2031 and is projected to account for nearly one-third of the global market share. However, the LAMEA region is anticipated to record the fastest CAGR of 10.0% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to increase in the disposable income of the people in the developing countries of LAMEA. The report also analyzes other segments such as North America.
Major market players
- Benders Paper Cup Company
- Bio Futura B.V.
- B-V-O International GmbH
- Colpac Ltd.
- Dart Container Corporation
- Eco-Products, Inc.
- Fabri-Kal
- Genpak, LLC
- Go-Pak UK LTD
- Good Start Packaging
- Huhtamaki Oyj
- konie cups international, Inc.
- Leetha Group
- Lollicup USA Inc.
- Pactiv LLC
- Scyphus Ltd
The report analyzes these key players in the global biodegradable cups market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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