Transparency Market Research delivers key insights on the biodegradable cups market in its published report. In terms of revenue, the global biodegradable cups market is estimated to expand at a CAGR of ~5% during the forecast period of 2019–2027, owing to numerous factors, which TMR offers through insights and forecasts in the biodegradable cups market report.
Growing Preference of Manufacturers Towards Biodegradable Packaging Products to Boost Market Growth
TMR 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.
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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.
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.
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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.
Competition Landscape: Biodegradable Cups Market
Some of the key players operating in the global biodegradable cups market that are included in the report are Huhtamaki Oyj, Colpac Ltd., Benders Paper Cup Company, Fabri-Kal, World Centric, Bio Futura B.V., Genpak, LLC, Dart Container Corporation, Pactiv LLC, Lollicup USA Inc, Eco-Products, Inc, Go-Pak UK LTD, Vegware, Scyphus Limited, Nupik-flo UK Ltd, Biopak Pty Ltd., Detpak, BVO International GmbH, Good Start Packaging, and The Cup Folk.
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