The global wooden cutlery market is projected to experience significant growth in the next decade, according to a report.
The report from Future Market Insights (FMI) said that the market is estimated to reach a value of $150 million in 2019, and expand at a CAGR of ~5.0% until 2029.
The primary reason given for the projected increase was that the eco-friendly and biodegradable properties of wooden cutlery compared to plastic and steel.
The report says that as the global sustainability drive continues to reach new heights, a number of end users, especially in the foodservice industry, are leaning towards green solutions.
It adds that tapping into opportunities in new sectors and regions where restrictions have imposed on the use of single-use plastics will remain key to gaining competitive advantage for the market players.
The study analyses that North America is expected to remain at the forefront of the global wooden cutlery market throughout the forecast period.
This is partly attributed to the rapid adoption of online food services in North America further escalating the demand for wooden cutlery.