The U.S. eco-friendly paper plates market is projected to create an absolute $ opportunity of US$ 69.1 Mn during 2022-2032, finds FMI. Demand for eco-friendly paper plates is increasing at a fast pace in the country owing to the rapid expansion of the food and beverage industry.
NEWARK, Del. , Sept. 5, 2022 /PRNewswire/ -- As per FMI, the global eco-friendly paper plates market size is set to reach a valuation of US$ 1.8 Bn by 2032 and exhibit growth at a CAGR of 4.3% from 2022-2032. The market is anticipated to be valued at US$ 1.1 Bn in 2022.
Due to shifting lifestyles and rising disposable income, especially in developed countries, demand for takeout or ready-to-eat meals is rising. Demand for single-use paper plates and food service disposables is also growing as a result of corporate work cultures that encourage eating out very often. Rising consumer preference for affordable and convenient food services is anticipated to drive the global market.
Consumer consumption habits in the food and beverage industry have undergone a significant dynamic transformation. As a result, there is a fierce competition among food service providers on all platforms for food delivery, which would create profitable prospects for companies that provide single-use paper plates and disposable packaging & cutlery for food items. For instance, Wolt, a Finland -based company that is known for its delivery platform for food, expanded its networks across Croatia , Norway , the Czech Republic , Hungary , Poland , and other countries.
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Eco-friendly paper plates are also extensively used by restaurants providing home delivery services as these are highly flexible for carrying various food items. It would further lead to a rapid inclination of consumers towards sustainable paper plates from conventional options available in the market like metal or plastic plates.
Key Takeaways from Eco-friendly Paper Plates Market
"Surging demand for convenient and environmentally friendly packaging solutions in the food and food service industries is anticipated to augment sales of eco-friendly paper plates. Also, increasing need for cost-effective and high-quality packaging solutions is anticipated to create new growth opportunities for key manufacturers of eco-friendly paper plates," says a FMI analyst.
Launch of Unique Compostable Paper Plates to Drive the Global Market
Innovation is crucial as it helps companies to strengthen their positions in the market, thereby creating better opportunities and connections with their customers. There is a high scope of opportunity for innovation in the eco-friendly paper plates market. Rising demand for excellent quality food service products is anticipated to aid growth.
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Use of paper plates rather than plastic plates can help overcome various limitations of plastics and expand the eco-friendly paper plates market. Eco-friendly paper plate manufacturing companies are investing in R&D and continuously introducing new products to cater to changing customer demand. Huhtamaki Fresh, for instance, launched an eco-friendly food plate and tray, which are microwaveable and a green solution for consumers. Product enhancement is important for companies since it improves the attractiveness of their products and help to attract more customers.
Oy Mini-Maid AB also produced paper plates that are recyclable, compostable, and biodegradable in nature. Thus, ongoing innovations in the field of eco-friendly paper plates will attract the attention of more consumers and bolster sales in the global market.
Competitive Landscape: Eco-friendly Paper Plates Market
Huhtamaki Oyj, Graphic Packaging International, LLC, Pactiv LLC., Dart Container Corporation, Oy Mini-Maid Ab, HOSTI GmbH, Itterra A.S., Natural Tableware, Duni Group Global, Gafbros Ltd., Dinearth Eco Friendly Tableware, and Pappco Greenware are some of the key players operating in the eco-friendly paper plates market. As per FMI, tier 1 players hold about 15-20% of the global eco-friendly paper plates market share.
Get More Insights on Eco-friendly Paper Plates Market
Future Market Insights, in its new report, offers an unbiased analysis of the global eco-friendly paper plates market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the eco-friendly paper plates market based on size (less than 8 inches, 8 inches to 12 inches, and more than 12 inches), product type (partition and plain), sales channel (business to business (B2B) and business to consumer (B2C)) and end use (commercial, institutional and household) across seven regions.
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Eco-friendly Paper Plates Market Outlook by Category
3.3. Macro Factors and Forecast Factors
3.7. Global Average Pricing Analysis Benchmark
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