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The Demand for Disposable Lids Market Was valued at US$ 2.9 Bn In 2019. It Is Projected To Witness A CAGR Of 4% during the Forecast Period (2020-2028)
Rapid expansion of foodservice chains, massive expenditure on food industry are some of the factors that are contributing to the growth of disposable lids market. Growing demand for fast food products in various geographies are also contributing to the growth of the market.
Increasing focus on environmental sustainability is one of the key factors that speeds up the market growth. Moreover, disposable lids come in variety of shapes and sizes and available at low cost. Price affordability of disposable lids attract many end users such as café and quick restaurant owner, food retailers, and others. High demand for affordable disposable lids in food outlets and other end use segments is boosting the market growth.
The global market for disposable lids is set to show modest growth over the immediate era in the light of strict government regulations on environmental safety. With recyclable plastics such as PP and PET outlawed from countries around the globe, manufacturers are leaning towards silicone disposal lids. Silicone base lids are refillable, reducing the occurrence of landfills.
By Material Type, Paperboard Is Expected To Witness High Growth During Forecast Period (2020-2028).
The paper and paperboard market is one of the fast-growing markets in the world. The regular demand for disposable lids in the paper and paperboard contributes significantly to the growth of the market. Increased demand for disposable lids on the paper and paperboard market for various paperboard products ultimately creates opportunities for disposable lids manufacturers to gain significant market share.
Among all the other lids, the paper cup has the fastest growth, reflecting environmental problems about the foam cups being restricted to the polystyrene foam disposable and exerting pressure from the environmental group.
The disposable lid is integrated into the structure of the carton cupboard, eliminating the need for a separate plastic lid. The secure lid-locking design includes a built-in sip mechanism for both hot and cold drinks. The Lidloc is built as a one-piece construction with an integrated lid, making recycling much easier. These benefits offered by disposable lid made by paper boosts the growth of paperboard during the forecast period.
On The Basis Of End User, Food and Beverages Is Expected To Witness High Demand during the Forecast Period
Food and Beverage accounted for a significant share of xx% in 2019 and is expected to remain dominant during the forecast period.
The market for disposable lids in food and beverage is expected to increase at a CAGR XX% during the forecast period. Rapid growth in packaging of food products such as coffee, hot drinks, alcoholic drinks, ice creams, milk and dairy products has increased demand for disposable lids in the market. Moreover, demand for disposable lids is driven by changing lifestyle and high economic growth that is boosting the growth of disposable lids market. In addition to this, disposable lids market is driven by a changing lifestyle and high economic growth in various regions that is boosting the fast food service sector.
Asia Pacific Is Likely To Dominate the Global Disposable Lids Market during the Forecast Period (2020-2028)
High disposable income and changing lifestyle in various countries in Asia Pacific are boosting the growth of disposable lids market. China is supposed to remain at the forefront of the market share of disposable lids, while India is likely to report healthy CAGRs during forecast period. However, changing behaviors, changing eating habits and continued expansion of the food service industry are expected to create significant growth opportunities for the disposable lids market in North America and Western Europe. High growth in online food ordering and food packaging is expected to boost the growth of disposable lids market.
Disposable Lids market is moderately consolidated and tier 1 companies in the market hold a revenue share of around 15%. Disposable Lids market comprises of key players such as Huhtamaki group, Mondi group, Amcor Limited, Bemis company, Stanpac Inc., Printed cup company, Simply Lids, Fabri-Kal corporation, LidWoks co.
Disposable Lids Market Segmentation:
Disposable Lids Market by Material:
Disposable Lids Market by Product:
- Cold lids
- Hot lids
- Specialty lids
Disposable Lids Market by Diameter:
- Less than 50 mm
- 50 mm to 80 mm
- More than 80mm
Disposable Lids Market by Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa