In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Food service disposables are used to pack foods ordered from restaurants and other take away food service centers. Having food while on the go, busy schedule, hectic lifestyle etc. are some of the reasons driving people to order disposable food packets for immediate consumption.
The main purpose of food service disposables is to provide temporary containers to keep food hygienic and free from dust/particles. These disposables can also be easily carried from restaurants to desired locations and can either be recycled or disposed as solid waste.
With USD 21.4 Billion revenues in 2015, North America dominated the global food service disposable industry. The food service disposable market in North America is further anticipated to reach at USD 27.50 Billion in 2021, making it one of the most attractive market-place globally.
Europe had the second largest market share in global food service disposable industry and was valued USD 9.94 Billion in 2015. In addition to that, Asia Pacific food service disposable market is expected to showcase an attractive CAGR of 5.8% during 2015-2021.
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Increasing population, expanding commercial markets and activities, use & throw convenience etc. are some of the factors that are expected to drive the global food service disposable market in future.
However, negative environmental impacts related to non-recyclable waste of food service disposables is projected to restrain the growth of the market in coming 5-6 years.
The global food service disposable market is very competitive and encompasses some of the top players such as;
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