The global foodservice disposables market size is projected to showcase substantial growth owing to the increasing demand for on-the-go food among consumers. This information is published by Fortune Business Insights™ in an upcoming study, titled, “Foodservice Disposables Market, 2019-2026.” The food delivery patterns have broken the barrier of occasional orders. Consumers are now ordering food even for their usual single meals. For instance, according to a report published by Statista, 26% of consumers in the U.S. have admitted that their usual order does not exceed more than USD 25.
The COVID-19 pandemic is growing to be the biggest health emergency of all time. The unprecedented spread of the novel coronavirus has led countries to enforce nationwide, prolonged lockdowns, due to which businesses across the world have come to a standstill. At Fortune Business Insights™, we closely study the market from various perspectives in order to identify new growth opportunities.
Key Market Segregation
We have categorized the market on the basis of material, type, end-user application, and geography. In terms of material, the market is segregated into plastic, paper, aluminum, plant fiber, and foam. In terms of type, the market is divided into clamshells, bowls, plates, trays, cups, and lids. Based on the application, it is fragmented into hotels, restaurants/cafes, and catering services. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report:
The report comprises segmentation of the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
Increasing Demand for Home Delivery of Food among Millennials to Drive Growth
The on-demand industry is booming thanks to the convenience-oriented buying behavior of millennials, who by the way account for the largest share of the global population. As per these consumers, having their food delivered to their home is a better option than dining out. For instance, according to a 2016 report from Mintel, 51% of Americans preferred home delivery services from casual dining restaurants. The increasing trend is projected to bolster the global foodservice disposables market growth. However, the increasing awareness regarding the health risks associated with using disposables may restrain the demand for foodservice disposables.
Increasing Popularity of Convenience Foods to Propel Demand in North America
The North America foodservice disposables market is predicted to experience robust growth owing to the escalating demand for ready-to-eat food amidst trending cafe-culture in the U.S. This is expected to accelerate the demand for foodservice disposables in the region. In addition, the ever increasing popularity of convenience foods in the region is projected to further enhance the market growth.
The market in Asia Pacific is estimated to showcase rapid growth in the forthcoming years. Rapid urbanization and the increasing number of online food delivery applications in developing countries such as India are the key factors boosting the market growth of foodservice disposables in the region.
Mergers and Acquisitions to Aid Key players Establish Presence in Key Regions
Key players operating in the global foodservice disposables market are focusing on expansion strategies such as mergers and acquisitions. This will help them establish their presence in the key regions as well as gain a larger share of the industry. For instance, in January 2020, Imperial Dade, a manufacturer and distributor of foodservice disposables and janitorial supplies, acquired Wagner Supply Company to strengthen its presence in Texas.
Key Industry Developments-
In February 2020, SelfEco launched compostable drinkware to address the environmental concerns of the growing foodservice sectors in the U.S. and Canada. The products are eco-friendly, tree-free, petroleum-free, BPA-free and 100% compostable.
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