The global eco bowls market is on a trajectory of robust growth, with an anticipated market value of $950 million in 2023, projected to surge to $1,750 million by 2033, driven by a commendable compound annual growth rate (CAGR) of 6.3%. This surge follows a substantial growth trend of 5.1% CAGR in the historical period from 2018 to 2022. The food service industry emerges as the primary contributor to this market’s growth, thanks to the convenience and hygiene benefits offered by eco bowls, which are its primary end-users.
Eco bowls, crafted from renewable resources like sugarcane, paper, bamboo, and other biodegradable materials, are making significant strides in reducing methane emissions, aligning with the global push towards sustainability. These bowls are not only environmentally friendly but also versatile, suitable for both hot and cold liquids, and offer superior strength and performance.
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As individuals and businesses alike become increasingly environmentally conscious, the demand for sustainable alternatives like eco bowls has surged. The biodegradable nature of these bowls, coupled with their hygienic, portable, and lightweight attributes, makes them an attractive option for the food service industry, especially when compared to more expensive and fragile glass bowls. Consequently, the adoption of eco-friendly bowls in the food sector is expected to continue driving their sales in the coming years, further solidifying their place in the global eco bowls market.
The Advent of Sustainable and Intelligent Packaging Solution Skyrocketing the Demand for Eco Bowls
With rising environmental concerns and implementation of stringent regulations regarding the use of plastic across the U.S., China, India, the U.K., Germany, and others, a substantial rise in the adoption of sustainable packaging solutions is experienced across various end use industries.
In accordance to this, numerous packaging companies are shifting their focusing of manufacturing sustainable packaging using 100% recycled plastics, biodegradable plastics, and plastic alternatives such as paper. Hence, introduction of novel sustainable packaging solutions is expected to create lucrative demand opportunities in the industry.
Also, emergence of intelligent packaging with the integration of artificial intelligence (AI), internet of things (IoT), and data science have improved the demand for Eco Bowls industry. Hence, key players are incorporating novel technologies such as AI and IoT to increase their revenues, propelling the sales.
Key Takeaways and Projections
- The U.S. is expected to lead the North America Eco Bowls market, projecting the fastest growth in the region between 2023 and 2033
- Germany and the U.K. are expected to, collectively, hold the largest share in the Europe market over the assessment period.
- China will dominate the East Asia market, accounting for the largest demand share during the forecast period.
- India is expected to emerge as a highly remunerative market in South Asia, contributing the significant revenue share in the region through 2033.
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Report Benefits & Key Questions Answered
- Historical Market Analysis: The detailed survey by FMI, examines key factors in the Eco Bowls market that affected the growth in the industry for the last assessment period 2016-2020 and also studies their consequent impact. It also provide refined the sales projection of the Eco Bowls industry for the forecast period 2023-2033.
- Demand Outlook Analysis: Future Market Insight’s (FMI’s) exhaustive study provides crucial insights into key drivers and upcoming opportunities driving the demand for Eco Bowls for the assessment period. As per the study, the demand for will grow at a robust CAGR between 2023 and 2033.
- Market Trend Analysis: The latest study by FMI on the Eco Bowls market offers compelling insights into key expansion strategies adopted by top-tier players with respect to current trends. It discloses details regarding upcoming trends in the packaging industry to assist industry players in constructing an effective strategy to capitalize on them.
Competitive Landscape Analysis
The industry survey conducted by FMI offers key trends and challenges in the packaging industry and its consequent impact of industry. The survey provides a thorough industry share analysis to offer an in-depth analysis of prevailing competition.
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Key Segments of Eco Bowls Market Covered in the Report
Based on Material:
- Bioplastics
- Paperboard
- Wheat Bran
- Bagasse
- Bamboo Fiber
- Sugarcane
Based on Product Type:
- Degradable Bowls
- Reusable Bowls
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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