NEWARK, Del, April 02, 2024 (GLOBE NEWSWIRE) -- The global plastic cutlery market is expected to develop a CAGR of 2.80% from 2024 to 2034, according to Future Market Insights. The market is projected to increase from US$ 1.5 billion in 2024 to US$ 1.9 billion by 2034, owing to the emergent competition and the introduction of new players offering affordable options to meet consumer demand. The demand for plastic cutlery is rising due to its cost-effectiveness, durability, and convenience, making it a popular choice in restaurants, catering, and fast-food businesses.
Single-use plastic cutlery, in particular, is gaining popularity due to its flexibility, eco-friendliness, and cost-effectiveness. Manufacturers offer a wide range of disposable options, including forks, spoons, and knives. The demand for plastic cutlery has grown because it is lightweight, sanitary, and has attractive features, particularly for outdoor events such as weddings, parties, and meetings. Additionally, the rise in camping and picnics has increased demand for disposable and durable plastic cutlery, opening up a new consumer base for plastic cutlery in the outdoor camping landscape.
Food service deployment is also driving the sales of plastic cutlery, thanks to the growth of international quick-service restaurants (QSRs), which reduce labor costs and increase demand, reflecting the changing consumer behavior in the food and beverage industry. The plastic cutlery market is expected to grow in the coming years, driven by the increasing demand for cost-effective, durable, and convenient options.
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“Despite the efforts made by various governments to ban plastic, it's interesting to note that the plastic cutlery market is growing at a consistent rate. As the market players continue to develop their offerings, there is a growing need for innovative solutions that use biodegradable materials. This trend is anticipated to compel the demand for eco-friendly alternatives, which would be a step towards a more sustainable future.” says Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Plastic Cutlery Market Report:
- The plastic cutlery industry in the United States is projected to experience a CAGR of 1.3% through 2034.
- The Spain plastic cutlery market is expected to demonstrate a CAGR of 2.8% by 2034.
- Thailand’s plastic cutlery industry is anticipated to see a CAGR of 4.1% from 2024 to 2034.
- India’s plastic cutlery sector is expected to showcase a CAGR of 5.9% through 2034.
- China's plastic cutlery market is expected to display a CAGR of 4.5% by 2034.
Competitive Landscape of the Plastic Cutlery Market
The global plastic cutlery market is highly competitive, with numerous players vying for market dominance. The market players are expected to adopt strategies such as strategic partnerships, mergers, research and development, and product launches to stay ahead.
They aim to grow their customer base and revenue through sustainable strategies, focusing on innovation and product development to differentiate their products from competitors. The plastic cutlery market is expected to expand significantly in the coming years, with players using various strategies to capitalize on this growth and enhance their market presence.
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Key Companies in the Plastic Cutlery Market:
- Solia
- Dart Container Corporation,
- Eco-Products, Inc.
- Fuling Global Inc.
- Biopac India Corporation Ltd.
- DOpla Srl
- TrueChoicePack Corporation
- Lollicup USA Inc.
- Huhtamaki Oyj
- Genpak LLC
Recent Developments in the Plastic Cutlery Market:
- The NRL-Centre of Excellence for Sustainable Materials Translational Facility on Bioplastics was created by the Indian Institute of Technology Guwahati (IIT-G) in June 2023 to create environmentally friendly sustainable plastics to solve environmental issues.
Key Segments
By Product Type:
- Spoon
- Fork
- Knife
- Straw
- Others
By Sales Channel:
- Retailers
- Manufacturers
- Distributors
- E-retail
By End User:
- Household
- Food service
- Institutional food service
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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About the Packaging Division at Future Market Insights.
The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Have a Look at Related Research Reports on Packaging Domain:
The global wooden cutlery market is expected to be valued at US$ 193.2 million in 2023. Shifting consumer preferences towards natural and organic lifestyle choices, bolsters the overall scope for the wooden cutlery market, which is projected to grow at a CAGR of 4.8% between 2023 and 2033, totaling around US$ 308.8 million by 2033.
The global disposable cutlery market is expected to capture a CAGR of 4.9% during the forecast period. The FMI market researchers are of the view that the valuation is expected to cross US$ 1.6 billion in 2023. The market size is expected to be US$ 2.6 billion by 2033.
The global bio-based cutlery market size is set to reach US$ 325.9 million in 2024 and US$ 473.2 million by 2034. The rising awareness about environmental pollution owing to the surging plastic waste is likely to fuel the demand for bio-based cutlery in the upcoming years.
The global bagasse disposable cutlery market is expected to increase at a growth rate of ~5.2%, during the forecast period. Demand for the bagasse disposable cutlery will witness steady recovery in the short term, with an optimistic growth outlook in the long run after the pandemic.
In Japan, disposable cutlery will exhibit a CAGR of 4.70% through 2034. The disposable cutlery in Japan is poised to witness significant opportunities with US$ 71 million in 2024.
The disposable cutlery in Korea is poised for substantial growth up to 2034, with the adoption of this solution in both the South Gyeongsang and North Jeolla regions anticipated to show a robust CAGR of 6.1% through 2034.
In 2024, disposable cutlery demand in Western Europe is anticipated to reach a value of US$ 471.4 million. The demand for disposable cutlery in Western Europe is likely to expand with a 2.70% CAGR from 2024 to 2034. The industry is projected to attain US$ 612.9 million by 2034.
The global plastic pail market valuation is US$ 569,627 million in 2023 and is expected to reach US$ 859,308 million by 2033. The global market is likely to capture a CAGR of 4.2% during the forecast period.
The value of foamed plastic market is envisioned to increase from US$ 53.9 billion in 2024 to US$ 78.3 billion by 2034 which translates to a significant increase of about 37.4% in ten years. This percentage shows the growth in the industry by having a CAGR of 3.80% through 2034.
In the present year 2023, the net worth of total pharmaceutical plastic packaging products globally is likely to be around US$ 54,820.9 million. The global pharmaceutical plastic packaging market is projected to progress at a CAGR of 5.8% between the years 2023 and 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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