Global Disposable Cups and Lids Market: Overview
The disposable lids market is set to see a steady CAGR (Compound Annual Growth Rate) over the forecast period of 2019 to 2027. That translates to a significant sum in terms of market worth. One of the primary reasons behind this growth is the rise of commercial food services industry. Many manufacturers are on a lookout for economical and environment friendly variants to make sure business is in sync with growing consumer demands. Also, in sync with changing consumer needs is the rise of quick service restaurants that require disposable cups and lids.
Global Disposable Cups and Lids Market: Notable Development
The global disposable cups and lids market is undergoing development that is propelling it to move to higher grounds. These are based on trends (shared in the section below) such as change in consumer preference and shift to better materials. These are not only charting the way forward for cups and lids market but also shaping the competitive landscape. One of the major developments that has impacted the market is given below.
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2019 – WinCup has launched biodegradable line of straws and stirrers and is on its way to provide biodegradable variants of cases, cups, wraps and so on. This is in sync with the trend of consumers demanding environment friendly alternatives. This will push other manufacturers to work on similar lines too. Especially, as given the case that the governments are banning plastic and such material across the globe, it would be wise for players to strategize accordingly.
The market of global disposable cups and lids is highly fragmented. Prominent names in the market landscape are BAWOO PRINT & PAPER CUPS, F Bender, Dart Container, Georgia-Pacific, and Huhtamaki.
Global Disposable Cups and Lids Market: Key Trends and Drivers
The global disposable cups and lids market is projecting certain factors as key trends and drivers. Owing to these, the market would reach a register a higher growth over the forecast period. Few are outlined below.
- Lifestyle are getting more and more hectic with work days getting longer. Besides, more and more households are now dual-income. This, in turn, is leading to growth of quick service restaurants. This will be pegged somewhere around USD 750 billion by 2020. Thus, it comes as no surprise that the stage it sets for growth in the global disposable cups and lids market will reap benefits between 2019 and 2027.
- Aluminum foil containers are quite the hype and consumer demand is shifting manufacturer focus to recyclable variants. These are not just light in weight but also environmental friendly. As awareness about climate change and global warming catches up on people, the demand for these would only go higher over the forecast period of 2017-2027. Already awareness levels are pretty high and the knowledge with masses, thanks to the internet and the TV, would only grow further with time.
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Global Disposable Cups and Lids Market: Regional Analysis
The global disposable cups and lids market is looking at a promising outlook over the forecast period. But, America would particularly provide high growth opportunities due to presence of strong players and high living standard of people in the region. Another region that would be worth the last buck is the Asia Pacific (APAC), owing to increasing disposable income of people in this region. Also, the trend of nuclear families is catching-up and in most of their, all member is working. A large part of the other includes people living independently. It is a classic case of urbanization and rapid westernization. And, this is leading to more people eating out, propelling the global disposable cups and lids market forward.
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