Biodegradable Tableware Market Trends

Growth Drivers

Rise In Consumer Consumption Across Various Sectors To Drive Market Growth

Increase in disposable incomes leading to the rise in consumer spending, especially on the products belonging to FMCG and consumer electronics, is anticipated to positively influence the growth of market. The significant rise in the retail and e-commerce industry across the globe, mainly in Asia, is predicted to positively affect the market on the back end of high demand for more rigid and durable products.

Rise Concerns Related To Pollution To Increase The Product Demand

According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. This led to a significant amount of waste disposal into the water bodies resulting in destruction of aquatic habitat. To address this, the governments across the world have passed some stringent laws and industry scale recycling practices have been put in place to control the waste and to increase awareness towards recycling. On the back of growing technological advancements and concerns towards developing eco-friendly solutions, the global biodegradable tableware market is estimated to witness noteworthy opportunities throughout the forecast period. This, in turn, is driving manufacturers to come up with consumer- and nature-friendly solutions.

Challenges

High costs and Lack of Awareness to Restrict the Market Growth

The potential factor that is predicted to affect the growth of the market is the high cost associated with biodegradable tableware as compared to the plastic tableware. Additionally, the lack of product awareness in the developing countries across the globe is further estimated to act as a barrier to the growth of the market.