The global eco bowls market is anticipated to accumulate a market value of US$ 950 million in 2023 and is expected to garner a valuation of US$ 1,750 million by exhibiting a CAGR of 6.3% in the forecast period 2023 to 2033. The Eco Bowls market reflected a growth of 5.1 % CAGR in the historical period 2018 to 2022.
Due to the ease and hygiene offered by eco bowls, the food service industry would be the main contributor to the market growth, since they are the primary end-user. As these bowls are made from renewable resources like sugarcane, paper, bamboo, and other biodegradable substances these bowls are expected to minimize methane emissions.
Eco bowls are a form of tableware that offers several advantages, such as suitability for hot and cold liquids and superior strength and performance. As people are becoming more environmentally conscious, this trend is propelling the demand for sustainable bowls such as eco bowls which is driving the market growth.
Biodegradable bowls made of biomaterial are hygienic, portable, and lightweight. These bowls are a good option for the food service industry since they are less expensive than glass bowls and, are also tricky to handle. Thus, the adoption of eco-friendly bowls in food sector will drive their sales in the coming years.
Growing number of green enterprises across the globe are increasing the potential for the manufacturing and employment of eco-friendly bowls as dinnerware. The industry is witnessing growth due to rising awareness of the harmful impacts of plastic on aquatic and avian life.
Kitchen utensil makers are being encouraged to use disposable materials like wood, bagasse, husk, and coconut coir for manufacturing compostable and recyclable bowls due to rising concerns about the negative impacts associated with the disintegrating qualities of silverware made from synthetically derived polymers.
In addition, ocean water pollution is a significant issue threatening aquatic life, which is another reason why end consumers opt for biodegradable tableware over other tableware made of non-degradable materials like plastic.
To remove non-biodegradable plastic, various governments have created stringent restrictions and policies. The market for biodegradable dinnerware is anticipated to increase due to favorable government initiatives and increasing consumer awareness of the drawbacks of using plastic products.
The growth of industrialization is also a key factor accelerating the growth of eco-friendly bowls market. Rising adoption of petroleum-free and non-toxic products, surging disposable income, and heavy investment in research and development activities are some other factors that will also amplify product sales in the forecast period.
Geographically, North America is expected to dominate the market by commanding over 40% revenue share by end of the forecast period. The market is expected to be driven due to the creation of goods from green waste like fallen palm leaves and paper scraps. This will be the solution to the problem of trash generation and will facilitate the demand for eco-friendly bowls.
Manufacturers are witnessing the chance to expand the scope of their product line-up. Recycling garbage is, therefore, a chance for the market players to produce biodegradable disposable tableware such as eco-bowls that and benefit the entire industry in the region. Furthermore, the demand for biodegradable bowls from restaurants, cafes takeaways, and consumers on the go is also expected to increase.
Likewise, the European market is expected to grow with the fastest CAGR of 6.1% during the forecast period. The growth is attributed to factors such as growing concerns related to the ill effects of plastic tableware, increasing emphasis on petroleum-free and non-toxic products, a ban on the use of single-use plastic products, the rapid expansion of takeaways and online food services, and growing preference for environment-friendly tableware
What Drives the Growth of the Eco Bowls Market?
Eco bowl is widely used in food and beverage industry. Research shows that consumers are preferring and actively looking for sustainable products and packaging. So eco bowl act as an alternative to plastic packaging for frozen, chilled and ambient food. The eco bowl not only protect the food items from plastic utensils or packaging but also help in keeping the item fresh and also increases the shelf life.
What Restraints the Growth of the Eco Bowls Market?
The restraints that can be considered in the growth of the Eco Bowls market are the awareness regarding the packaging is less and the availability of this type of packaging is also not widely spread. By increasing awareness about the benefits and the availability of the products there is a maximum chance for a better growth of the eco bowl market.
How is the Growth of the Eco Bowls Market in a Developing Country Like India?
Biodegradable cups are compostable and biodegradable products which is made to diminish the methane emissions, so they are made out of sugarcane, paper and bamboo and many others. In a country like India where agriculture is the main source of economy there are lots of raw materials available.
Rising awareness of the bio degradable products is definitely a factor but also in India since olden time people prefer eating in steel plates and bowls or cutlery made of bamboo or mud and clay or iron. All these are the most sustainable form of packaging for food and beverages.
How the Increasing Adoption of the Eco-Friendly Packaging is Helps to Boost the Eco Bowls Market?
The environmental degradation by the single use of plastic causes a tremendous impact on the environment. This has led to the development of a sustainable choices of the consumer packaging especially in the food and beverages industry.
The end users are also subconsciously preferring green products due to the environmental concerns. The companies in the market are constantly innovating to introduce greener secondary packaging products. Thus, the aforementioned trends and initiatives will drive the Eco Bowls market.
How Competitive is the Market?
Recent developments and breakthroughs in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing eco bowls are expected to create lucrative opportunities for market growth during the forecast period.
· Huhtamaki, is a key global manufacturer of sustainable packaging solutions that teamed up with Carte D’OR to upgrade the packaging for its ice cream to recyclable paper lids and tubs. This move toward recyclable packaging will help the brand remove more than 900 tons of virgin plastic in the United Kingdom per year.
· In January 2022, Amcor PLC introduced AmFiberTM, a new platform for paper-based packaging products. AmFiber’s innovations aim is to reimagine the functionality of typical paper-based packaging, offering a wide range of functional benefits to cater to the evolving needs of consumers. AmFiber’s product is an innovative solution customized to provide snacks and confectionery products to European customers with recyclable packaging that provides a high barrier to moisture and Oxygen.
