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Biodegradable Cups Market Was Estimated At Around US$ 23 Bn In 2019 and is estimated to witness a moderate CAGR of 4.8% during the Forecast Period (2020-2028).
Growing demand for sustainable solutions across the globe has led to the development of eco-friendly solutions. The ban on the use of plastic bags is expected to boost the growth of biodegradable cups market. Also, new innovations in this space are also contributing to the growth of the market. For instance, manufacturers prefer plastic barriers against moisture, heat and greae. However, owing to ban on plastics in various countries, manufacturers are introducing water-based compostable coatings in biodegradable cups.
Another factor that is contributing to the growth of this market is the sustainable growth of packaging market in last couple of years. Market players are focusing on various strategies to introduce packaging materials that are biodegradable. Consumers also prefer biodegradable packaging formats over conventional plastic packaging products. New biodegradable packaging material is expected to be more environmental friendly
The market players in biodegradable cups market are focusing on inroducing new packaging materials that are biodegrable, eco-friendly, water based over traditional packaging material. Thus, the new biodegradable packaging material will be more environment-friendly.
By Application, Beverages Accounted for Maximum Share of Biodegradable Cups market
Beverage segment had accounted for a share of xx% of biodegradable cups market in 2018 and is expected to remain dominant during the forecast period. Beverage companies are adopting various strategies that help them to launch products that are eco-friendly in nature. These are also coming up with more innovative designs that could meet the consumer’s needs. Hence, high growth in beverage industry is expected to boost the growth of biodegradable cups market. For example, World Centric launched its biodegradable product line called NoTree which included the cups and bowls which were completely compostable. Soon after this, they also launched the eco-friendly packaging material’s product line.
Paper Had Accounted For A Significant Share Of XX% In Biodegradable Cups Market In 2019.
Paperboat designs for the biodegradable cups are gaining traction among other designs. Probable reason for the same is that these are easy to hold both cold and hot beverages. These manufacturers are also enhancing the area of applications where these cups can be easily used. These also offer various qualities such as being heat resistant,
These manufacturers are trying to increase the area of application wherein the cups can easily be used by the consumer. For example, they are trying to manufacture cups which are heat resistant.
One of the recent developments in the biodegradable cup market is the manufacturing of RFID cups which will help during the management of the inventory of these cups. Moreover, it will also be easy to trace the cups in venues like the stadium.
Growth prospects of Biodegradable Cups are high in Europe
Europe Had accounted for a Significant Share of XX% in 2019 and is expected to continue the same during the Forecast Period.
Market is highly fragmented and lot of opportunities in the market for emerging manufacturers is witnessed in the market. However, emerging and established market players are focusing on tackling the limitations of the existing recycling infrastructure.
The growth for this market was highest in Europe followed by North America, as there is a rise in demand for biodegradable packaging materials. Moreover, manufacturers are trying to introduce the subscription system to different outlets like food joints and coffee shops. They are also taking initiatives to increase awareness about the advantages of biodegradable cups.
This market is also gaining traction in Asia Pacific countries due to the rise in the demand for packaged food in these countries. The manufacturers are also trying to increase their manufacturing capacity in these countries in order to meet the growing demand.
We can also see a rise in the demand for biodegradable cups in countries like Latin America, the Middle East, and Africa.
Global Biodegradable Cup Market is very competitive with the presence of a large number of global and local/regional manufacturers. Key manufacturers such as Colpac Ltd., World Centric, Genpak, LLC, Pactiv LLC, Dart Container Corporation, Lollicup USA Inc. Various players in this market are expanding their presence through mergers and acqusitions in various geographies across the globe.
Biodegradable Cups Market Segmentation:
Biodegradable Cups Market by Product:
- Single Wall
- Double Wall
Biodegradable Cups Market By Application:
- Sauces and Dressings
- Ice Cream
Biodegradable Cups Market By Material:
- Polylactic Acid (PLA)
- Polybutylene Succinate (PBS)
Biodegradable Cups Market By Capacity:
- Up to 7 Oz
- 8 to 14 Oz
- 15 to 20 Oz
- Above 20 Oz
Biodegradable Cups Market By End Use Industry:
- Food Service Outlets
- Quick service restaurants
- Educational and Public Institutes
- Private Institutes
- Malls and Multiplexes
Biodegradable Cups Market by Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa