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Wooden cutlery market poised to expand at 5%; Reach $150 million in ’19
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Tuesday, 19 November, 2019, 12 : 00 PM [IST]
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The global wooden cutlery market is estimated to reach a value of about $ 150 million in 2019, and expand at a CAGR (compound annual growth rate) of about five per cent during the forecast period. This was among the findings of a new market research report by Future Market Insights on the wooden cutlery market, which included the global industry analysis 2014–2018 and opportunity assessment 2019–2029.
The report analysed the wooden cutlery market and provided critical insights for the forecast period 2019-2029. As per its findings, the global wooden cutlery market is projected to experience significant growth over the forecast period due to multiple driving factors.
The study suggested that wooden cutlery was a better alternative to plastic and steel cutlery, owing to its eco-friendly and biodegradable properties. The global market for it has been segmented on the basis of product, end use, sales channel, and regions such as North America, Latin America, Europe, South Asia, East Asia, MEA (the Middle-East and Africa), and Oceania.
As the global sustainability drive continues to reach new heights, a number of end users, especially foodservice industry, are leaning towards green solutions and biodegradable products, resulting in surge in the demand of wooden cutlery.
“Tapping into opportunities in new sectors and regions where restrictions have imposed on the use of single-use plastics will remain key to gaining competitive advantage for the market players,” according to the report’s analysis.
North America remains at forefront The study analysed that North America is expected to remain at the forefront of the global wooden cutlery market throughout the forecast period. In North America, the wooden cutlery market is expected to be driven by the increase in the number of single-person households along with increase in living standards and changing lifestyles.
The rapid adoption of online food services in the region has further escalated the demand for wooden cutlery. Simultaneously, increase in demand for biodegradable cutlery and growing awareness towards the ill-effects of plastic will continue to contribute to the growth of the wooden cutlery market.
Opportunities abound in East Asia and South Asia East Asia holds a significant share in the global wooden cutlery market, and is expected to attain notable CAGR during the forecast period.
In East Asia, China is foreseen to remain prominent market, accounting for half of the revenue share during the forecast period.
The country, with its low labour cost and highly efficient workers, produces large volume of wooden cutlery. Wooden cutlery made in China are available at comparatively low prices, and are exported in large volume to other regions.
In South Asia, India is expected to remain prominent market for wooden cutlery. The online food delivery system is growing at tremendous pace in the region, with evolving organised foodservice retail chains.
The escalating demand for convenience among consumers has resulted in increased delivery of food and cutlery consumption.
The trend of using biodegradable and eco-friendly cutlery is increasing in the region, due to the awareness programme carried out by wooden cutlery market players such as Pappco Greenware against the effects of single-use plastic cutlery.
Such trends are thus expected to fuel the growth of the wooden cutlery market in South Asia.
Wooden cutlery market: Vendor insights In this report, the study presented several strategies adopted by the key players in the wooden cutlery market, tracked by an analysis of the current developments.
The key players, which have been profiled in the report on the wooden cutlery market, include Huhtamaki Group Oyj, Chefast kitchen accessories, Mede Cutlery Company, Eco-gecko Products Inc, Caoxian Luyi Wooden Product Co, Ltd, Bambu LLC, VerTerra Dinnerware, Leafware LLC, Biopac UK Ltd, Vegware Ltd, Bio Futura B V, Ecoware Biodegradables Inc, Ecoriti, Vrag Fils Airlaid Pvt Ltd, Natural Tableware, Packnwood (First Pack), Biotrem, Pavrex Wooden Products, Greenwood (Dalian) Industrial Co, Ltd, and Pappco Greenware, among others.
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