Research Nester published a report titled “Foodservice Disposable Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the foodservice disposables market in terms of market segmentation by application, raw material, products, restaurant type, distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
In 2019, the global foodservice disposable market accounted for USD 59,130.0 million and is estimated to reach USD 88,481.5 million by 2028 by growing at a CAGR of 6.84% during the forecast period, i.e., 2020-2028. The increasing number of small and medium-sized business across the developing and underdeveloped countries has created a market opportunity for the unorganized foodservice disposable market providers. The market is segmented on the basis of application into retail outlets, restaurants, lodging & hospitality, institutional, sports & recreation and others, out of which, the restaurant segment held the highest market share of 45.6% in the year 2019, and is expected to grow with a significant CAGR during the forecast period, owing to the need amongst the restaurant chains on a global level to utilize foodservice disposable products, backed by the rising number of fast-food chains globally and the increasing demand for readymade food items.
Based on region, the global foodservice disposable market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa region, out of which, the market in North America accounted for the market share of 35.0% in 2019 and is projected to witness significant growth in the coming years. The growing initiatives by the environmental organizations in this region for reducing the use of single-use plastics has boosted the growth of paper and paperboard-based food disposable products in the market. The market players are increasingly developing innovations to replace the use of plastic as disposable material. The second highest growth is anticipated to be witnessed by Europe foodservice disposable market. The increasing research and development in Europe have efficiently increased the adoption & development rate of foodservice disposables in the restaurants, cafes, dining areas, and other food serving places, on account of increasing sales demand for convenient and hygienic products for serving and packing in the food & beverage industry
Shifting Trend Towards Consumption Of Ready To Eat Food and Increasing Concern Among Consumers For The Ill-Effects of Using Plastics for Food to Drive the Market Growth
The global foodservice disposables market has witnessed significant growth on account of the shifting trend of the consumer preferences from homecooked food towards the consumption of ready to eat food. The trend among the end-user industries of using disposables to provide food to the consumers results in the growing demand for disposable products such as containers, cups, plates, cutleries, and others. The global foodservice business is witnessing an impressive growth on account of propelling awareness and concern among the consumers about plastic-based products. Additionally, the demand for recyclable raw materials have further enhanced the supply frequency of foodservice disposables indicating the growth of market globally.
However, regulations by the government in many countries for using green and sustainable products for food packaging and high production cost of using biodegradable materials are estimated to act as barriers to the growth of the market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the foodservice disposable market which includes company profiling of Anchor Packaging, LLC, Dart Container Corporation, Georgia-Pacific, MDS Associates Inc., D&W Fine Pack, H.T. Berry Company, Inc., Biopac India Corporation Ltd. (BOM: 532330), Sysco Corporation (NYSE: SYY), Gold Plast SPA and WinCup. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global foodservice disposable market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.