Future Market Insights recently published a well-curated market research study that offers resourceful insights related to the growth prospects of the wooden cutlery market during the forecast period, 2019-2029. Further, the report introspects the major factors that are expected to influence the market dynamics including the trends, restraints, growth opportunities, challenges, and more. According to the report, the value of the wooden cutlery market in 2019 is estimated to reach ~US$ 150 million and the market is expected to grow at a compounded annual growth rate (CAGR) of ~5% through the study period, 2019-2029.
As per the study, a range of factors is expected to influence the upward growth of the market including, growing awareness pertaining to plastic pollution, efforts to safeguard the environment, and growing demand for single-use wooden cutlery over single-use plastic and more. Further, as wooden cutlery is significantly lighter in weight, highly resistant to heat, and environment-friendly, wooden cutlery has gradually emerged as an effective alternative for single-use plastic and other plastic products – a major factor that is likely to boost the growth of the wooden cutlery market in the upcoming years. Moreover, as consumers are getting on board with the green movement trend worldwide, the demand for wooden cutlery is expected to expand in the foreseeable future.
Efforts to curb the use of single-use plastic to bolster demand for wooden cutlery
Owing to the large-scale outrage among consumers and masses over environment degradation caused by plastic, significant measures are being taken within the foodservice sector to replace plastic products with products made from alternative materials. Thus, wooden cutlery emerged as one of the most effective and environment-friendly alternatives thereby likely to raise significant demand for wooden cutlery in the upcoming years. In addition, market players operating in the wooden cutlery market are focusing on producing innovative and consumer-centric products in their efforts to enhance their market share. Moreover, owing to the continual efforts by government and non-government bodies to restrict the use of single-use plastic worldwide, significant growth in the demand for wooden cutlery is expected in the foreseeable future.
According to an analyst at Future Market Insights, “The tectonic shift away from single-use plastic products within the foodservice industry coupled with the growing adoption of greener alternatives is a leading factor that could potentially play a major role in the overall development of the wooden cutlery market in the coming years.”
The popularity of wooden cutlery on the rise across geographies
The market study published by Future Market Insights indicates that in the current scenario, North America offers promising prospects for market players within the wooden cutlery market owing to high awareness related to the use of biodegradable products, the surge in the volume of individual households, and expanding ‘green consumerism’ trend in the region.
However, the report suggests that the market in East Asia and South Asia is expected to gain significant ground owing to the large-scale production of wooden cutlery in nations including China. Moreover, sensing the demand for eco-friendly products among consumers, multiple domestic companies have emerged in nations including India and China that are offering a range of cost-effective wooden cutlery products.
Wooden Cutlery Market: Vendor Insights The report highlights vital information related to the leading market players operating in the wooden cutlery market including, the product portfolio, sales footprint, market share, revenue growth, and more. The prominent companies in the wooden cutlery market are, Ecoware Biodegradables Inc., Ecoriti, Bambu LLC, Caoxian Luyi, Leafware LLC, and Mede Cutlery Company among others.
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