According to a new report published by Allied Market Research, titled, “Biodegradable Cups Market," The biodegradable cups market size was valued at $458.10 million in 2021, and is estimated to reach $1.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031. Biodegradable paper cups derive their name from “biodegrade” which means they can decay on their own in a non-harmful way. Biodegradable items can include items such as coffee husks, paper and some plastics.
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Biobased and biodegradable cups are a perfect substitute to conventional cups made of plastic, although, currently its cost is high as compared to petroleum-based plastics. The biodegradable cups market is still developing; and growth opportunities are widening with growing awareness for biobased products. PHA, one of the biodegradable cups material types is not commercialized to mass scale yet due to high price issues. At present, several manufacturers are opting different routes to lower the cost of the PHA and support ongoing demand.
Currently, there are only 25-30 manufacturers operating in this market and primary processing of raw material is predominantly done by these players itself. The production capacities of these manufacturers are changing rapidly and similar trends are expected during the forecast period owing to high demand for biodegradable cups. This will further boost the biodegradable cups market growth.
Food industry is the major consumer of global biodegradable cups market. Packaging companies are increasingly using biodegradable plastics to manufacture large number of cups including dried snacks & candy packaging, bakery goods packaging, water & juice bottles, and meat trays, and beverages cups, films & card stock, and others. Regulatory bodies are enforcing manufacturers to come up with innovative substantial prepackaging solutions. As a result, manufacturers are adopting biobased and biodegradable cups in both flexible and rigid packaging applications.
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Therefore, demand for biodegradable cups is on the rise and similar trend is anticipated during the forecast period as well. Rise in dependence on the packaged food is further expected to fuel the demand for packaging needs. This will further boost the biodegradable cups market opportunities.
COVID-19 is a disease caused by a newly discovered virus named Coronavirus. Many people are suffering from Coronavirus disease throughout the globe. During lockdown, due to COVID-19 pandemic, various major players in the global biodegradable cups market had to stop their business production due to lock down implemented in countries such as the U.S., China, Brazil, and others. This stop in business activities has directly impacted the sales of biodegradable cups industry manufacturers. For instance, Alstom SA registered a decline of 17.7% in revenue in September 2020. Also, lack of man power and raw material has halted the supply chain of railway maintenance machineries. However, the introduction of vaccines for coronavirus disease and the re-initiation of production facilities is anticipated to provide lucrative opportunities for the biodegradable cups players.
Region-wise, the biodegradable cups market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players profiled in the biodegradable cups market report include Bio Futura, B-V-O International GmbH, Colpac Ltd., Dart Container Corporation, Fabri-Kal, F Bender Limited., Genpak, LLC, Good Start Packaging, Go-Pak Group, Huhtamaki, KONIE CUPS INTERNATIONAL, INC., Lollicur USA Inc., Novolex, Nupik-Flo UK LTD., Pactiv LLC, Scyphus and WorldCentric.com.
KEY FINDINGS OF THE STUDY
The report provides an extensive analysis of the current and emerging global biodegradable cups market trends and dynamics.
By application, the beverages segment generated the highest revenue in 2021.
By capacity, the up to 7 oz segment generated the highest revenue in 2021.
Region-wise, Europe is anticipated to dominate the global biodegradable cups market share throughout the study period.
The report provides an extensive analysis of the global biodegradable cups market trends and emerging opportunities of the market.
The global biodegradable cups market forecast analysis from 2022 to 2031 is included in the report.