Biodegradable Cutlery Market Holds Growth Of $50.7 Million By 2025

The global biodegradable cutlery market size is expected to reach USD 50.7 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. Implementation of stringent regulations pertaining to non-biodegradable plastic across the globe is a primary factor likely to drive the market over the forecast period.

Most of the countries around the world are banning plastic usage in any form as it has become one of the prominent global issues. According to a press release by the European Commission in December 2018, the European Parliament and the Council of the European Union have framed polices and rules to reduce marine litter through ban on single use plastics. In addition, in 2015, the European Commission has proposed a Plastic Bags Directive to regulate and restrict the usage of plastic bags.

According to this directive, the 28 EU countries must adopt any of the two proposals either to ensure that the usage of plastic bags cut down from 90 units to 40 units per year per person from 2019 to 2025 or introduce taxes, fines, or bans in order to ban the sales of single use plastics in all points. From 2019, consumers will always have to pay for their usage. These regulations will increase the awareness as well as demand for biodegradable cutleries over the forecast period.

North America is the fastest growing regional market with a CAGR of 6.2% from 2019 to 2025. Over the past few years, North America has witnessed reduction in the usage of plastics by major food chains. For instance, Starbucks Corporation, one of the largest coffeehouse chains, targets to phase out the consumption of plastic straw by 2020, in respect of elongated sipping on drinks spout on a lid. These initiatives will ensure significant growth in the demand for biodegradable cutlery over the forecast period.

To request a sample copy: 
https://www.grandviewresearch.com/industry-analysis/biodegradable-cutlery-market

Further key findings from the study suggest:

• By product, the paper segment is projected to expand at a CAGR of 6.3% from 2019 to 2025. Wood is expected to expand at a CAGR of 6.2% over the forecast period
• Europe dominated the global biodegradable cutlery market in 2018 and accounted for 36.3% share of the total revenue
• The industry is competitive in nature owing to increasing R&D, product innovation, and emergence of new entrants with the latest technology
• Key players include Huhtamäki Oyj, Biotrem, BIOPAK, BETTER EARTH LLC, Vegware, Pactiv LLC, Eco Guardian, Genpak, LLC, Bionatic GmbH & Co. KG, and GreenGood USA.

For more information: www.grandviewresearch.com