Global brands are introducing new line of multigrain flour made edible cutlery & herbal products for consumers which contributes toward the growth of the market
PORTLAND, OR, UNITED STATES, September 17, 2020 /EINPresswire.com/ — According to a new report published by Allied Market Research titled, ” Edible Cutlery Market by Product, Raw Material, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global edible cutlery market size was valued at $24,860.0 thousand in 2018, and is expected to reach $56,970.4 thousand by 2026, registering a CAGR of 11.1% from 2019 to 2026. North America dominated the market in 2018, accounting for 41.8% of the total edible cutlery market share.
The global edible cutlery market is currently in its growth stage; however, the scope of market growth is expected to increase significantly during the forecast period. This is attributed to increase in health concerns by use of plastic cutlery. Furthermore, increase in risk of generating kidney stones, breast cancer, hormonal imbalance with the use plastic cutlery has enforced manufacturers to introduce innovative alternatives such as cutlery made from rice flour, maize flour, corn flour, and soya flour products. In addition, surge in the global population and rise in per capita income boost the for demand. Numerous players are entering the market with innovative food products, using flour as their base, thereby accelerating the growth of the edible cutlery market analysis.
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The growth of the global edible cutlery is further driven by surge in vegan population in the developing countries, such as China and India. In addition, increase in per capita income coupled with increase in global population has increased the edible cutlery market demand for consumable cutlery, further raising the production of flour and other herbs. In emerging countries, per capita income is higher as compared to developed countries, and hence the consumption of edible cutleries is eventually higher.
The global market is segmented into product, raw material, application, and region. By product, the market is categorized into spoon, fork, knife, spork, and chopstick.
The spoon segment was valued at $8,579.20 thousand, and is expected to growth with a CAGR of 11.5% to reach $20,254.80 thousand by 2026. The spork segment is expected to grow at the highest CAGR of 13.2% during the forecast period, attributable to increase in demand for sporks from Asian countries such as Japan, South Korea, China, Thailand, and Indonesia.
By raw material, the market is categorized into corn, wheat bran, rice bran, and others. Corn segment was the highest revenue generator in 2018, owing to the use of corn flours and corn in the edible cutlery market. Corn is consumed widely in all the regions, which has increased the use of corn by manufacturers in flours to make edible cutlery. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Netherlands, Germany, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, United Arab Emirates, and rest of LAMEA). Countries such as Australia, the U.S., and the UK, India, and China, are the largest spenders on healthy alternatives for plastics, which, in turn, propels the growth of the edible cutlery market opportunity. Increase in awareness about the availability of edible cutlery by marketing through social media platforms has boosted the market growth. Moreover, as the edible cutleries are costly in comparison with the plastic cutleries, the increased per capita expenditure makes these items affordable for consumers. Hence, factors such as product availability, improved socio-economic status, rise in per capita expenditure, and increase in consumer purchasing power are responsible for the growth of edible cutlery market in these regions.
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Key Findings of the Study:
The knife segment is expected to grow at a CAGR of 9.4 % during the forecast period.
Asia-Pacific is anticipated to dominate the edible cutlery market growth, registering a CAGR of 12.7%.
North America is projected to contribute with highest share during the forecast time period, with around 40.3% market share in 2026, and CAGR of 10.8%.
The wheat bran segment is anticipated to dominate the global edible cutlery market, with a CAGR of 12.6% during the forecast period.
The household segment is estimated to grow at a CAGR of 2.9%.
The global market is fragmented with the presence of several market participants across various regions. The strong presence of private label brands is expected to increase the competition among global players.
The key players operating in the market include GreenGood, Better Earth, Nature House Green, BioGreenChoice, Green Home, Vegware, Biodegradable Food Service, Biogreenchoice, Karat, and Edibles by Jack.
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Source: EIN Presswire