Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Sugarcane Containers Industry was valued at US$ 474.6 Mn in 2022 and is projected to expand at a CAGR of 6.7% from 2023 to 2031.
Consistent impetus toward adoption of sustainable packaging as an alternative to plastics packaging in the food & beverages industry is likely to accelerate market development in the near future. Companies in the sugarcane containers market are offering packaging that is certified to be compostable according to regional and international standards. Commercialization of such sugarcane containers is expected to amplify the market size in the near future.
Rise in demand for completely biodegradable and rapidly compostable packaging has fueled the popularity of containers made from bagasse. Steady rise in demand for on-the-go food & beverage packaging in developing countries is likely to spur market growth in the next few years. Expansion of commercial compost facilities for food packaging in these countries is positively influencing the market dynamics.
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Key Findings of Study
- Rise in Demand for Oven- and Refrigeration-friendly Sustainable Packaging: Sugarcane containers are attracting significant consumer attention due to several attractive performance attributes such as oven- and refrigeration-friendly packaging. Rise in utilization of sugarcane containers to store hot and cold beverages is likely to bolster market growth. Rapid pace of adoption of biodegradable disposable food containers is estimated to present significant revenue growth opportunities to many packaging companies in the global sugarcane containers market.
- Rapid Adoption of Eco-friendly and Inexpensive Packaging in Food Services Industry: Quick service restaurants and food & beverage brands are rapidly adopting packaging made from plants, including sugarcane. Rise in adoption of sugarcane containers in the food services industry is expected to augment the market value in the near future. The trend can be ascribed to increase in preference for sustainable packaging to plastic foodservice packaging. Packaging made of sugarcane is versatile and inexpensive to produce.
This is anticipated to spur the adoption of sugarcane containers by companies in the food services industry. Abundant availability of sugarcane resource in many countries has led to high utilization of bagasse for packaging. Consumers are becoming increasingly conscious about environmental benefits of adopting sustainable packaging. This is projected to fuel market development in the near future.
Key Drivers
- Significant growth in demand for on-the-go packaging solutions and widespread awareness about plant-based packaging are expected to drive the sugarcane containers market
- Steady growth of the food delivery and beverages industries is likely to augment the market size. Rise in adoption of sustainable and affordable packaging among end-users is anticipated to propel the market
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Regional Growth Dynamics
- Asia Pacific is a lucrative market for sugarcane containers. Abundant demand for food & beverage packaging and growth in awareness about compost-friendly and biodegradable packaging made of plant-based sources are expected to boost the usage of sugarcane containers. India is projected to be promising market for sugarcane containers. Rise in adoption of sugarcane containers in China is anticipated to offer significant business opportunities to companies in the region.
- Brazil, one of the leading producers of sugarcane, is likely to prove a promising market for manufacturers of sugarcane containers.
Competition Landscape
Consistent product innovations and increase in focus on customization are key strategies adopted by leading players in the market in order to increase share.
Prominent companies in the sugarcane containers market are
- Biofutura B.V.,
- Vegware US,
- Biopak UK Ltd.,
- Zume Inc.,
- Genpac LLC,
- Detpak,
- Escoo,
- Papco Greenware,
- AMS Compostable, and Fonterra.
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Sugarcane Containers Market Segmentation
Product Type
- Plates
- Bowls & Containers
- Cups & Glasses
- Trays & Clamshells
- Cutlery
- Lids
Application
- Fresh Food
- Dry & Frozen Food
- Meat Products
- Dairy Products
- Bakery Products
- Beverages
Direct Sales
- Departmental & Discount Stores
- Hypermarkets/Supermarkets
- Specialty Stores
- Online Stores
Indirect Sales
Region
- North America
- Europe
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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