Mass closure of foodservice facilities and shutdown of manufacturing and supply chain operations are causing a significant downturn in the revenue flow of market.
DUBAI, UAE / ACCESSWIRE / May 7, 2020 / As the battle to contain coronavirus ramps up, the war against plastic is on hold, causing uncertainties around biodegradable tableware market. Prior to the pandemic, an increasing number of governments imposed bans on single-use plastic based disposable cutlery or tableware in an effort cut down on waste and environmental impact. The result has potentially influenced the sales of biodegradable tableware which will total US$ 3 Bn by 2021, as projected by a new study of Future Market Insights (FMI).
However, shuttering of commercial sectors, ranging from high-end to quick service restaurants, during COVID-19 lockdowns is causing a steep decline in demand for biodegradable tableware. With end-use companies doubling down on social issues over environmental in the time of crisis, the market will continue to face significant challenges in near term.
“As recycling programs and manufacturing of biodegradable products in particular are being suspended, the pandemic is taking a massive toll on the biodegradable tableware market. Market players will need to up their product awareness campaigns to attract and retain their customers in the near future,” says the FMI analyst.
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Key Takeaways of Biodegradable Tableware Market Study
- The global biodegradable tableware market will register a CAGR of over 6% during the forecast period (2019-2029).
- Pulp & paper remain highly preferred materials, contributing nearly 90% share to manufacturers’ bottom lines.
- Bioplastics are garnering significant attention, on account of mimicking the robustness and durability of conventional plastic tableware.
- Commercial use of biodegradable tableware will continue to influence growth strategies, despite sales slump during the pandemic.
- Europe leads in terms of adoption, holding over 1/4th of the total market value.
Biodegradable Tableware Market – Key Growth Drivers
- Strong global focus on sustainability and plastic reduction will remain key factors boosting the sales of biodegradable tableware through 2029.
- Greater product awareness and aversion to plastic products among today’s eco-conscious consumers are offering tailwinds to market growth.
- With international food chains suspending the use of plastic-based tableware, demand for biodegradable variants would remain strong.
- Suitability for both hot and cold foods, water repulsive nature, and chlorine-free attributes of biodegrable tableware will remain instrumental to its adoption in household and institutional areas.
Biodegradable Tableware Market – Key Restraints
- Low or zero foot traffic across foodservice sectors worldwide, due to the rapid spread of COVID-19, will negatively impact the market.
- Plastic solutions undoing some of the early progress towards sustainability, on the back of disposability and hygiene aspects, may create a hindrance in future sales.
- Limitations on the biodegradability of these products to only the right kind of industrial equipment pose as a potential threat for the market players.
- Confusing regulatory framework, performance capabilities, and budgetary factors continue to be main concerns over the adoption of biodegradable tableware.
COVID-19 Impact on Biodegradable Tableware Market
With social distancing requirements, extended lockdowns, and movement restrictions, the Covid-19 pandemic has been affecting the packaging industry in general and the biodegradable tableware market in particular, leaving businesses to make critical decisions on how to progress in the near- and long-term. While supermarkets can’t keep their shelves stocked and restaurants, bars, and food outlets are struggling with month-long closures, there are signs that consumers are rethinking their preference for household use tableware.
The impact of these factors has been significantly evident in the biodegradable tableware market. Due to reduced production and supply chain operations and significant economic downturn during the pandemic, foodservice operators are likely to face many obstacles to navigate when it comes to gaining access to the biodegradable tableware and aligning with their budget plans post crisis.
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Major players operating in the biodegradable tableware market are exploring the potential of biodegradable waste as feasible raw materials, which not only align with the global sustainability drive but also help reduce waste. These strategies are playing a significant role in Biotrem’s decision to manufacturer biodegradable tableware from wheat barn. Some of major companies profiled in the FMI report include Huhtamaki Group, Wasara, Bio Futura, Solia USA, Dispo International, DART Container LLC, DOpla S.p.A., Lollicup USA Inc., Ecoware Solutions Pvt. Ltd., Graphic Packaging International, Eco-Products Inc., Natural Tableware, Goldplast, Papstar Gmbh, Genpak LLC, Vegware Ltd., and DUNI AB.
About the Report
The FMI study offers an in-depth analysis and growth forecast of the biodegradable tableware market. Global, regional, and country-level assessment of the current market dynamics and industry trends impacting the market growth is detailed in the report. The report divulges into compelling insights of the biodegradable tableware market on the basis of product (plates, cups, cutlery, bowls, and trays), material (pulp & paper and bioplastics), packaging application (food and beverages), end use (commercial use, household use, and institutional use) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Mr. Abhishek Budholiya
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Press Release Source: https://www.futuremarketinsights.com/press-release/biodegradable-tableware-market
SOURCE: Future Market Insights
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