Areca plates are biodegradable, non-toxic, lightweight products which have gained prominence owing to their increased demand at various social events and gatherings. Rising need to reduce plastic consumption has driven the growth in the global areca plates market. Also, growing number of outdoor social events and gatherings could fuel the areca plates demand and help in the growth of the overall market, in future.
Consumers are becoming increasingly aware of the benefits of bio-degradable products and the eco-friendly nature of areca plates could provide a significant advantage for these products for others, which could create revenue-generating opportunities for the global areca plates market players, in the coming years.
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Stringent government regulations in leading economies globally concerning the use of plastics could help increase the areca plates demand and help in the growth of the global market. Manufacturing of improved quality of areca plates could also fuel product demand, in the coming years.
Other factors such as rapid urbanization, especially in developing economies, growth in the food industry, and rising population could bolster the global market, in the years ahead.
Apart from restaurants and social gatherings, some of the other end-use industries which deploy areca plates include cafes and bistros, bars and pubs, and clubs.
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COVID-19 Pandemic Adversely Affects Growth in Overall Areca Plates Market
The outbreak of the COVID-19 pandemic negatively impacted the growth in the overall areca plates market. With rising cases worldwide, governments imposed strict social distancing regulations and lockdowns in a bid to contain the spread of the virus. As a result,outdoor social events and gathers were halted.
This led to reduction in demand for areca plates and affected the growth in the overall areca plates market.
However, with vaccine availability and approval given to the use of a third dose for different population sections, it is anticipated that social gatherings with large crowds would resume soon, leading to increased demand for areca plates and help the market grow at a steady pace.
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High Costs Incurred Could Dent the Areca Plates Demand, Lower Market Growth in Future
While areca plates have witnessed increased demand at restaurants and social events, there are still drawbacks that could affect product demand in future and lower market growth.
A key restraining factor to the growth of the global areca plates market could be the high costs incurred in purchasing them, in large numbers. This could lead to consumers opting for alternatives that are inexpensive as compared to areca plates, thereby reducing the revenue generating opportunities for the global market players.
Areca plates tend to absorb liquids and when liquids sit on them for long time periods, they can leak through the plates. This aspect to them could also affect product demand and lower the global market growth, too.
Research and development activities to produce improved quality of products could be a key growth strategy for leading areca plates market players in the coming years.
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