April 25, 2023 06:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
Valley Cottage, New York, UNITED STATES Disposable Plate Sets Exporter
NEWARK, Del, April 25, 2023 (GLOBE NEWSWIRE) -- Sugarcane packaging is a sustainable and eco-friendly alternative to traditional petroleum-based plastics. The Sugarcane packaging market is projected to reach US$ 255.0 Million by 2023 and US$ 889.0 Million by 2033, expanding at a CAGR of 13.3% during the forecast period.
Sugarcane packaging is biodegradable, compostable, and recyclable, making it an environment-friendly option.
Sugarcane fibers or sugarcane-derived bioplastics are used to create sugarcane packaging. The biodegradability of sugarcane packaging is one of its main features.
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Governments and organizations throughout the world are enacting legislation and measures to limit plastic waste, recognizing the benefits of sugarcane packaging.
The sugarcane packaging market is primarily used in the food and beverage industry, particularly for packaged food and beverages.
The convenience of packaged food and beverages has become crucial with the rise of e-commerce and online food delivery services.
Many companies are entering the sugarcane packaging market due to the benefits of cost efficiency, increased company brand appeal, and reduced carbon footprint.
Key Takeaways from the Sugarcane Packaging Market:
Tableware made from sugarcane bagasse, the fibrous residue remaining after juice extraction, is gaining popularity due to its eco-friendliness and durability. The sugarcane tableware market held a market share of 77.9% in 2022 due to the increasing demand for sustainable and eco-friendly products.
The food sector recorded a 68.9% market share in 2022, as it is highly incorporated in food packaging, food service disposables, and beverage packaging. Sugarcane-based packaging is durable, insulating, and resilient to heat and moisture, making it suitable for fast-food restaurants, coffee shops, and other food service operations.
Europe is a leading market with a market share of 29.9% in 2022 due to the increasing need for sustainable and eco-friendly packaging options. The food and beverage industry is the important end-user of sugarcane packaging in Europe, with high demand for packaging solutions for fruits and vegetables, baked goods, and ready-to-eat meals.
The United States is a lucrative market in North America with a market share of 13.2% in 2022 due to favorable policies encouraging the use of sustainable alternatives such as sugarcane-based packaging. Big corporations, including Coca-Cola and PepsiCo, have pledged to use sustainable packaging options, projected to enhance demand for sugarcane packaging in the country.
China is set to be a lucrative market for sugarcane-based packaging market recording a CAGR of 8.4% in 2023 due to the substantial corn sector that provides a low-cost source of raw materials for the manufacture of sugarcane-based packaging solutions.
India is also a prominent player in the sugarcane packaging business with a transforming growth rate of 9.3%, as it is one of the world's top producers of sugarcane. The country's demand for sustainable packaging solutions has grown in recent years, owing to rising environmental concerns and awareness among consumers and businesses.
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The market is characterized by intense competition, with players focusing on innovation and product differentiation to gain a competitive edge. Manufacturers are investing in research and development to create new and improved sugarcane-based packaging products with enhanced properties such as increased strength, durability, and heat resistance.
Market players are focusing on developing customized packaging solutions for specific applications, such as food packaging, to cater to the specific needs of their customers.
Key Segments Covered in the Sugarcane Packaging Market Report
1. Executive Summary | Sugarcane Packaging Market
3.3. Product launches & Recent Developments
Click Here for Sugarcane Packaging Market 306 pages TOC Report
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