A recent market research report on the disposable lids market which includes global industry analysis 2014–2018 and opportunity assessment 2019–2029. The report studies the disposable lids market and provides critical insights for the forecast period 2019–2029. As per the research findings of the report, the global disposable lids market is projected to experience noteworthy growth over the forecast period, due to various driving factors such as growing food and beverages industry and increasing demand for disposable and recyclable lids.
The global disposable lids market was valued at US$ 2.6 Bn in 2018, and is expected to increase at a CAGR of about 4% during the forecast period, 2019–2029. Increasing focus to maintain the environmental sustainability is one of the vital factors that accelerates the market growth of the disposable lids.
Growing online food ordering to create noteworthy opportunities
The online food ordering market is one of the rapidly growing markets across the globe. Frequent requirement of disposable lids in the online food ordering market is contributing to the growth of the market considerably. Increasing demand for disposable lids in the online food ordering market for covering various packaging products such as cups, containers, trays, and bowls is ultimately creating opportunities for disposable lid manufacturers to capture a significant market share. Countries such as China and India are expected to witness new heights in online food ordering market, which ultimately fuels the demand for disposable lids.
Organized food retail outlets to create demand in emerging clusters
Rapidly growing food and beverages industry, especially fast food industry in countries such as China and India creates massive demand for the disposable lids. Increasing penetration of prominent foodservice providers in these countries and frequent requirements of disposable lids in foodservice outlets is ultimately boosting the market growth. On the basis of geography, North America and Europe are anticipated to capture a substantial market share in terms of value in the disposable lids market due to adequate presence of key disposable lids manufacturers in these regions. Furthermore, factors such as growing global population, increasing demand for food products, especially for packaged food products is propelling the demand for disposable lids in the market.
Brand owners spending on promotional activities of food products is gaining momentum.
Leading market players in the food and beverage industries are adopting the promotional strategy to maximize the overall sales of the food products. These prominent players are using promotional strategies such as advertising, branding and publicity to generate the maximum revenue. Rising sales of food products across the globe, especially for packaged food and beverages products is ultimately fuelling the demand for disposable lids.