CHUK, a compostable tableware brand manufacturer that makes its products from sugarcane residue, has registered a substantial profit turnaround in the third quarter of the fiscal year, 2023–24, according to a statement issued by the company. In Q32023 CHUK witnessed a noteworthy profit before tax (PBT) of INR 174.24 lakhs, the company said in a press release.
Satish Chamyvelumani, Business Head-Compostable, CHUK, said, “It is really motivating and cheering to witness CHUCK’s exponential growth in just six years. There is an increasing demand for compostable packaging owing to the increasing focus on sustainability. We are at the forefront of this transformation, providing compostable tableware solutions to consumers worldwide. This success is a testament to the brand’s relentless pursuit to achieve a cleaner and greener earth. We are consistently innovating and building on our product portfolio, and look forward to continuing on this accelerated growth trajectory.”
The global bagasse tableware products market is forecast to expand at a CAGR of 6.7% from 2023 to 2032. The market value is projected to increase from US$ 2,985.1 million in 2023 to US$ 5,230.5 million by 2032., as per the brand’s claim. CHUK envisions to accelerate growth at double pace for the next financial year. The brand aims to enhance profitability, expand its global footprint, and introduce new product offerings that align with evolving consumer preferences.
Earlier, CHUK had collaborated with the Ram Mandir Trust during the Ayodhya Mandir consecration event to distribute compostable tableware and showcased its product portfolio at Aahar 2024 show in Delhi.
