Wooden Cutlery Market is Projected to Register a CAGR of 5.0% during 2019-2029 | FMI Reports
Posted: Feb 27, 2020
A new market research report by Future Market Insights on the wooden cutlery market includes the global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report analyses the wooden cutlery market and provides critical insights for the forecast period 2019-2029. As per the findings of the report, the global wooden cutlery market is projected to experience significant growth over the forecast period due to multiple driving factors.
The global wooden cutlery market is estimated to reach a value of ~US$ 150 Mn in 2019, and expand at a CAGR of ~5.0% during the forecast period. In the report, FMI suggests that the wooden cutlery are the better alternative to plastic and steel cutlery, owing to its eco-friendly and biodegradable properties. The global market for wooden cutlery 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, 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 FMI’s analysis.
North America Remains at the Forefront
FMI’s study analyses 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 increase in number of single-person households along with increase in living standards and changing lifestyles. 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 & South Asia
East Asia holds 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. China, with low labour cost and highly efficient workers, produces large volume of wooden cutlery. Wooden cutlery made in China are available at comparatively low price, and are exported in large volume to other regions.
In South Asia, India is expected to remain prominent market for wooden cutlery. Online food delivery system is growing at tremendous pace in the region, with evolving organized foodservice retail chains. 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 awareness program 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, Future Market Insights has 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 includes 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.
Source Link: https://www.globenewswire.com/news-release/2019/10/03/1924735/0/en/Wooden-Cutlery-Market-is-expected-to-grow-at-a-CAGR-of-5-during-the-forecast-period-2019-to-2029-Future-Market-Insights.html
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