Global Biodegradable Cups Market Report to 2031 - Shift Towards Biobased Products to Reduce Dependence on Conventional Plastics Cups Drives Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 9, 2023--
The “Biodegradable Cups Market By Type, By Application, By Capacity: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The global biodegradable cups market was valued at $458.1 million in 2021, and is projected to reach $1,046.11 million by 2031, registering a CAGR of 8.5% from 2022 to 2031.
Biodegradable cups are made of compostable bioplastic, based on vegetable starch, called PLA. The eco-friendly disposable cups are strong, flexible, and shatter-proof. Matching lids, plastic-free straws, and inserts are also available in the market.
The global biodegradable cups market is in the introductory phase of industry life cycle and is expected to explore new growth opportunities during the coming years. Some of the basic factors driving the growth of the market include governmental initiatives to eliminate single use plastic cups and strict regulatory outlook against the use of conventional plastic products.
Industry trends are shifting toward biobased products to reduce dependence on conventional plastics cups. Biodegradable plastics degrade easily unlike fossil fuel based plastic products, which may take more than 500 years to degrade completely. Moreover, most of the manufacturers in industries such as packaging, textile and agriculture are shifting toward biobased plastic due to stringent regulations from the government. Such factors are majorly impacting the growth of the global biodegradable cups market.
On the other hand, the growth of the market is restrained by high cost of biodegradable cups over its conventional counterparts. For instance, polylactic acid based bioplastics cups are at least eight times as expensive as the petroleum-based plastics. However, new products such as Fruitplast, a bioplastic cups made from the skins of tropical fruits at a lower price, are expected to provide lucrative growth opportunities in upcoming times.
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the biodegradable cups market analysis from 2021 to 2031 to identify the prevailing biodegradable cups market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the biodegradable cups market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global biodegradable cups market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Double walled
- Triple walled
- Single walled
- Up to 7 oz
- 8 to 14 oz
- 14 to 20 oz
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East
Key Market Players
- Benders Paper Cup Company
- Bio Futura B.V.
- B-V-O International GmbH
- Colpac Ltd.
- Dart Container Corporation
- Eco-Products, Inc.
- Genpak, LLC
- Go-Pak UK LTD
- Good Start Packaging
- Huhtamaki Oyj
- konie cups international, inc.
- Leetha Group
- Lollicup USA Inc.
- Pactiv LLC
- World Centric
For more information about this report visit https://www.researchandmarkets.com/r/bvfoh3
View source version on businesswire.com:https://www.businesswire.com/news/home/20230109005500/en/
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SOURCE: Research and Markets
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PUB: 01/09/2023 07:25 AM/DISC: 01/09/2023 07:27 AM