Manufacturers need to address challenges, including cost competitiveness, lack of consumer awareness, disrupted raw material supply, and performance quality. Explore exclusive insights into the market to uncover new revenue streams.
NEWARK, Del, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global eco-friendly paper plates market size is estimated to capture a valuation of US$ 1.17 billion in 2023 and reach US$ 1.82 billion by 2033. The global market is anticipated to capture a CAGR of 4.5% during the forecast period. Bowl Eco Friendly
Challenges and Driving Factors in the Eco-friendly Paper Plates Market
The global market focuses on providing sustainable alternatives to single plastic uses. It is influenced by various driving and challenging factors. Some of the key challenges in the global market are:
Challenges in the Global Market
Cost Competitiveness: Eco-friendly paper plates are made up of compostable materials that are easily biodegradable. These plates are cost-effective as compared to plastic plates. Therefore, consumers prefer to increase the adoption of eco-friendly paper plates over expensive ones.
Consumer Awareness: Consumers are fully aware of the environmental impact of single-use plastic plates. They are sometimes not perceived to choose eco-friendly products. Therefore, educating them and raising awareness is still a challenging factor.
Supply Chain and Raw Material Sourcing: The availability of raw materials for making eco-friendly paper plates can be limited. Therefore, manufacturers faced challenges supplying reliable and stable raw materials for these plates.
Durability and Performance: Manufacturers are enhancing the performance and durability of eco-friendly paper plates without lacking their integrity by offering food and liquids. These plates are developed with high raw materials standards that attract consumers' desire.
Drivers and Challenges Impact Market Dynamics. Find more insights in a sample report! Download Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-15532
Driving Factors in the Global Market are:
Environmental Concerns: The growing consumer awareness of environmental issues such as ecosystems and marine life impacts is fueling the global market. Consumers are more concerned about seeking eco-friendly alternatives to reduce hazardous pollution.
Regulation Initiatives: Government bodies are implementing rules and regulations to ban single-use plastics. They are promoting the adoption of eco-friendly alternatives to expand the global market.
Corporate Social Responsibility: Several organizations and businesses are taking initiatives to take environmental responsibility and sustainability. To maintain sustainability, these organizations are increasing the adoption of eco-friendly paper plates for meetings, events, and corporate parties.
Changing Consumer Preferences: Changing consumer preferences and growing awareness among the young generation to increase the adoption of sustainable products are advancing global market revenue.
Innovation and Product Development: Manufacturers are improving eco-friendly paper plate quality, performance, and design by investing hugely in research activities. They are adopting advanced technologies and innovations to lift the market upward.
The global eco-friendly paper plates market is estimated to capture a valuation of US$ 1.82 billion with a CAGR of 4.50% by 2033.
The United States is anticipated to dominate the global market by capturing a share of 19.60% during the forecast period.
Japan is estimated to secure a share of 4.10% in the global market by 2033.
With a share of 4.70%, Germany is significantly driving the global market during the forecast period.
“All eyes on the United States market but all hands on India. While the United States market holds a significant share, India is emerging as a lucrative market and attracting investments,” our analyst shares an insight.
How are the Key Players Adding Value in the Global Market? The global market is highly competitive by several leading key players globally. These players contribute to the global market by innovating unique products. These players are adopting various marketing methodologies such as mergers, acquisitions, collaborations, and agreements.
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Recent Developments in the Global Market are:
In 2021, Huhtamaki Oyj announced its acquisition of Elif to enhance its portfolio in sustainable packaging.
Shandong Shengquan New Materials Co., Ltd.
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Eco-friendly Paper Plates Market by Segmentation By Size:
Business to Business (B2B)
Business to Consumer (B2C)
The Middle East & Africa (MEA)
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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.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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