Biodegradable Cups Market Rise US$ 578.7 Mn Over Estimated Period
Updated on Oct 11, 2023
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The beverage industry is a major application of biodegradable cups and account for almost 40% of the total market share. The need for sustainable packaging solutions arising from the beverage industry is one of the major driving factors for the expansion of the Biodegradable Cups Market.
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Biodegradable cups are gaining popularity in beverage packaging, as they are eco-friendly, sustainable, and help in reducing carbon footprint. The increase in beverage consumption globally would drive the biodegradable cups market, owing to the switch made by the end users from plastic cups to PLA lined paper cups and bio-plastic cups. Manufacturers across the globe have been involved in the development and customization of products to meet the end user expectations.
Biodegradable cups are made of bio-plastics such as Polylactic acid (PLA) and Polybutylene succinate (PBS). PLA is a thermoplastic derived from sources such as starch, sugarcane, and others, and has properties similar to those of polypropylene (PP) and polyethylene (PE). Replacing the PE lining in paper cups with PLA makes it biodegradable.
Biodegradable cups are eco-friendly and sustainable, which make them better alternative to plastic cups. They have a wide range of applications in food service outlets, institutional, and household. The rising awareness regarding the adverse effects of plastics on the environment has led to increased consumption of biodegradable cups among consumers. Moreover, the increasing demand for sustainable packaging solutions from the beverage industry is propelling the biodegradable cups market.
The Asia Pacific is expected to hold approximately 30% share of the market, owing to consumer preference and stringent government regulations. The Asia Pacific biodegradable cups market is likely to expand 1.4x the current market value creating an incremental opportunity of US$ 58 Mn by the end of the forecast period.
On-the-go and Ready-to-Drink (RTD) Beverages Augmenting Sales of Biodegradable Cups
The increasing use of eco-friendly and sustainable packaging continues to be the prime focus of the foodservice stakeholders. The on-the-go and ready-to-drink culture have been witnessing speedy growth due to the increased preference by millennial. The rising health and wellness awareness among consumers has led to increased consumption of organic tea and coffee, juices, and health beverages, thereby augmenting the sales of biodegradable cups.
In addition, the increase of coffee chains across the globe has further accelerated the demand for biodegradable cups. On a broader level, the on-the-go and ready-to-drink trends are estimated to create significant growth of the biodegradable cups market during the forecast period.
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Availability of Bioplastic Materials for Biodegradable Cups to Drive Global Market
Bioplastic as a material for biodegradable cups is estimated to be worth US$ 260.7 Mn, registering a CAGR of 5.1% over the forecast period. The bioplastic used for biodegradable cups is Polylactic acid (PLA) and Polybutylene succinate (PBS), derived from renewable resources such as corn starch, sugarcane, sawdust, vegetable fats, and oils, among others.
The properties of bioplastics such as flexibility, printability, heat resistance, durability, etc. give an edge over the conventionally used plastic materials. The demand for bio-based products is relatively lower than that of paper, although it is consistently increasing. It is estimated that bio-based alternatives including bio-plastics hold 6% of the total plastics packaging segment.
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Biodegradable Cups Market: Competition Landscape
Players in the global biodegradable cups market are adopting inorganic growth strategies such as mergers & acquisitions to maintain their leads across the regions, while small players are focusing on product expansion to sustain in the market and increase their business reach.
In October 2021, Pactiv Evergreen acquired Fabri-Kal, a leading provider of foodservice packaging solutions, to strengthen its position in the foodservice and consumer packaged goods businesses
In September 2021, Huhtamaki acquired Elif, a leading global supplier of sustainable flexible packaging to strengthen its existing flexible packaging business in emerging markets
In August 2021, World Centric® introduced 17 new products into its NoTree® collection of 100% tree-free compostable products
In April 2020, Bio Futura launched an additional product line of biobased ‘Durables’ as an alternative to traditional plastic disposable tableware