Food Service Disposables Market Expected To Witness A Substantial Growth Of $87.6 Billion By 2025: Grand View Research Inc.

 

The global food service disposables market size is expected to reach USD 87.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% over the forecast period. Increase in the number of quick service restaurants (QSR) as well as expansion of online food services on a global level are expected to remain favorable for the market growth.

The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution networks to online channels in order to cater to the surging consumer demand. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

Rising popularity of online ordering on account of expanding e-commerce platform and heavy discounts by retail outlets on food items have engaged consumers, thereby benefiting the market expansion. Moreover, fast paced lifestyle of the consumers and rising urbanization trends are witnessing increased demand for disposal products regarding food items. Increasing consumer awareness regarding hygiene as well as lightweight food packaging acts as a prominent factor driving the market.

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Due to devastating ecological effects of plastics, there is a shift in trend towards the usage of eco-friendly disposables. Emergence of reusable dishes in the past were considered an ideal option. Introduction of new disposables with improved performance and sustainability with the help of breakthrough technologies is on the rise. For instance, WinCup Holdings, Inc. introduced Vio biodegradable foam cups that are manufactured with 50% less energy as well as 20% less water as compared to the average polyethylene-coated paperboard cup. Moreover, the company claims to use Vio cups in coordination with lids and straws, which results in water and energy usage in home kitchen.

Further key findings from the study suggest:

  • By raw material, paper and paperboard is projected to ascend at a CAGR of 7.0% from 2019 to 2025
  • The restaurants and hotel application segment dominated the global food service disposable market with an overall revenue share of 80.6% in 2018
  • North America dominated the global market in 2018 and accounted for 42.4% share of the overall revenue
  • The industry is highly competitive in nature due to the presence of main players including Wincup Holdings Inc.; Gold Plast Spa; MDS Associates, Inc.; Biopac India Corporation Ltd.; and H.T. Berry Company, Inc.

Paper and paperboard that are used as raw materials in manufacturing disposables witnessed significant growth in the market on account of its biodegradable as well as enduring properties. Rising adoption of going-green solutions have surged the market growth for food boxes manufactured from fiber and paperboard. Key manufacturers include Wincup Holdings Inc.; Gold Plast Spa; MDS Associates, Inc.; Biopac India Corporation Ltd.; and H.T. Berry Company, Inc.

Key industry players are involved in new product development and launches as consumers focus on the raw material aspect of food disposable products. For instance, in October 2018, Biopak signs a landmark partnership with DUNI AB to create awareness of the devastating effects of plastic on environment, thereby influencing behavioral change. The company is focusing on the manufacturing of products from renewable and plant based raw materials. In September 2018, WinCup Holdings Inc. introduced biodegradable straws to replace traditional plastic straws.

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Grand View Research has segmented the global food service disposable market on the basis of raw material, application:

Food Service DisposableRaw Material Outlook (Revenue, USD Million, 2015 - 2025)

·         Plastic

·         Paper & Paperboard

·         Aluminum

Food Service DisposableApplication Outlook (Revenue, USD Million, 2015 - 2025)

·         Restaurants & Hotels

·         Retail Outlets

·         Institutions

·         Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

 

 

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