(MENAFN- EIN Presswire)
PORTLAND, OREGON, UNITED STATES, February 8, 2023 /einpresswire.com / -- According to the report published by Allied market Research, the global disposable cutlery market garnered $ $10.1 billion in 2021, and is estimated to generate $16.2 billion by 2031, manifesting a CAGR of 4.8% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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High-income nations' daily per capita consumption of disposable cutlery is forecast to rise at a rapid pace while low- and middle-income countries' waste generation is likely to rise slowly as compared to others. Its consumption reduces initially at the lowest income levels and subsequently grows at a quicker pace for additional income changes at the lowest income levels than at the highest income levels. The plastic disposable cutlery market is expected to grow at a slower pace as governments of various nations are banning it. To cater for the issue of such a ban producers should shift towards environment-friendly and sustainable products. It is expected to grow more in the Asia-Pacific region as compared to others.
The disposable Cutlery market size is expected to grow at a significant rate owing to the rise in awareness regarding wooden disposable cutlery. The increase in the hospitality industry along with the rise in the demand for fast food are disposable cutlery market trends which will contribute to disposable cutlery market growth.
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According to the Environmental Protection Department of Japan, 14,600,000,000 pieces of plastic cutlery are being disposed of throughout the year. Asia-pacific acquires the most share of the market region-wise. The primary market for the disposable cutlery market is the tableware market. In recent times governments are planning to ban plastic cutlery in their respective nations as it is causing harm to the environment.
Plastic disposable cutlery harms nature as it does not get disposed of naturally and easily. According to nature conservancy Canada, by avoiding the use of plastic straws and cutlery we can reduce environmental harm to some extent. Even companies try to cut such cutlery which can harm the environment. Due to the increase in awareness among the population, people put their best efforts to save mother earth. There is a rise in general awareness about sustainable development and people have started making conscious choices to reduce environmental hazards. This is anticipated to restrain the growth of the market.
There is a huge rise in the demand for packaged food in Asia-Pacific. Food which comes with packaging, and can be consumed on the go is known as packaged food. As per the Australian government, the Chinese e-commerce platform has registered a rise of 56% in sales of healthy food that is packaged to eat on the go. As per the world economic forum, growth of income in India is anticipated to drive a huge opportunity for packaged, branded offerings. The busy schedule of people in the present time provokes them to choose ready-to-eat, delicious food, which can be a disposable cutlery market opportunity which will help the disposable cutlery industry to grow.
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The disposable cutlery market is segmented into product type, material, end-user, distribution channel, and region for the disposable cutlery market forecast. On the basis of product type, the market is categorized into spoons, forks and knives. On the basis of material, it is segregated into plastic and wood. On the basis of end-user, it is bifurcated into household and commercial. On the basis of distribution channel, it is divided into B2B, hypermarkets/supermarkets, convenience stores, online retail, and others. On the basis of region, disposable cutlery market analysis is done across North America (the U.S., Canada, and Mexico), Europe (France, the UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and Rest of Asia-Pacific), and LAMEA (Brazil, Turkey, South Africa, Argentina, and Rest of LAMEA).
The players operating in the global disposable cutlery market have adopted various developmental strategies to expand their disposable cutlery market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Anchor Packaging, Apollo Funds, BioPak, D&W Fine Pack, Dart Container Corporation, DOPLA P.A.P., Goldplast, Hotpack Global, Huhtamaki and Pactiv Evergreen
Key Take Away
The commercial segment dominated the market in 2021 due to the increase in the rate of dine -out culture each year
The B2B segment dominated the market in 2021 and is expected to dominate during the forecast period due to the growth in the hospitality industry.
Asia-Pacific dominated the market in 2021 and is expected to remain dominant during the forecast period. The dominance in the market is largely due to the existence of a huge population and high disposable income in Asia-Pacific.
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David Correa
Allied Analytics LLP
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