CHUK, a manufacturer of compostable tableware crafted from sugarcane residue, reported a significant profit rebound in the third quarter of the fiscal year 2023–24. During Q3 2023, CHUK saw a remarkable pre-tax profit (PBT) of INR 174.24 lakhs.
Satish Chamyvelumani, Business Head-Compostable at CHUK, expressed, “It’s incredibly motivating and uplifting to see CHUK’s remarkable growth within just six years. The rising demand for compostable packaging reflects a growing commitment to sustainability. We’re leading this change by offering compostable tableware solutions globally. This achievement underscores our unwavering dedication to fostering a cleaner, greener planet. We’re continuously innovating and expanding our product range, eagerly anticipating sustained growth ahead.”
Continue Exploring: Chuk teams up with Zomato’s Hyperpure to expand online presence and promote sustainable food packaging alternatives
The projected growth of the global bagasse tableware products market indicates a CAGR of 6.7% from 2023 to 2032, with the market value anticipated to rise from US$ 2,985.1 million in 2023 to US$ 5,230.5 million by 2032, according to data. CHUK plans to expedite its growth, aiming for double the pace in the upcoming financial year. The brand’s objectives include boosting profitability, extending its global presence, and introducing new product lines that resonate with changing consumer tastes.
Earlier, CHUK collaborated with the Ram Mandir Trust during the Ayodhya Mandir consecration event to distribute compostable tableware and showcased its product portfolio at the Aahar 2024 show in Delhi.
Continue Exploring: CHUK launches Sustainable packaging Solutions for Food Delivery and QSR Brands
