The global foodservice disposables market is experiencing rapid growth, linked to growing online food ordering and home delivery services. Increasing consumer concern regarding hygiene is the most important factor driving the growth of the disposable food containers industry.
New York, NY -- (SBWIRE) -- 03/03/2016 -- The global foodservice disposables market is experiencing rapid growth, linked to growing online food ordering and home delivery services. Increasing consumer concern regarding hygiene is the most important factor driving the growth of the disposable food containers industry. Along with hygiene, comes the convenience of carrying food in lightweight packaging. For a better understanding and analysis of the industry, the market has been segmented on the basis of raw material, product type, end use and region. Foodservice disposables provide restaurants and institutions with a myriad variety of attractive and functional designs for packaging.
The foodservice disposables market is estimated to expand at a CAGR of 5.1% from 2015 to 2021, to account for US$ 27,187 Mn by 2021. The market was valued at US$ 19,200 Mn in 2014. In terms of volume, the global foodservice disposables market accounted for 23,167 million units in 2014 and is projected to increase at a CAGR of 5.8% from 2015 to 2021. Asia-Pacific and the Middle East & Africa are projected to be the fastest-growing markets over the next six years. The growth of the Asia-Pacific market is mainly attributed to entry of new players and capacity expansion by market leaders in the region. Entry of major players in the Middle East & Africa is fueling the growth of the foodservice disposables market in the region.
Among product types, disposable plates segment accounted for the largest market share of 31.2% in 2014, and projected to maintain its dominance through 2021. Trays and containers segment is also projected to showcase a good growth over the forecast period. This is mainly attributed to its various features such as being microwave safe and offering separate serving compartments.
Plastics are the majorly used raw material for the manufacture of disposable foodservice products. The segment and was valued at US$ 9,527 Mn in 2014. This is mainly attributed to its ability to hold both hot and cold food items and beverages. Paper & paperboard segment also accounts for a significant share in the market. The segment is expected to gain traction over the forecast period, owing to increasing consumer inclination towards sustainable materials.
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Among end use, restaurants accounted for the largest share in the foodservice disposables market, accounting for 33.4% value share in 2014. The segment is estimated to be valued at US$ 6,747 Mn by 2015 end, reflecting a Y-o-Y growth of 5.0%. Increasing number of online orders and home delivery of food over the last few years, linked with growth in number of working women and high demand for ready-to-eat food is the major factor driving the growth of the segment. Busy lifestyle and low consumer inclination towards cooking at home thus acts as a major driver for foodservice disposables market.
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Asia Pacific dominated the market, accounting for 43.0% value share in 2014. This is primarily attributed to growing urbanization in the region. Among raw materials, plastics segment is projected to account for the largest share in the market in the region through 2021.
Key players in the foodservice disposable market covered in the report include Dart Container Corporation, Georgia-Pacific LLC, Anchor Packaging Inc., D&W Fine Pack LLC, Gold Plast SpA, Berry Plastics Group, Inc., DOpla S.p.A, Huhtamäki Oyj, New WinCup Holdings, Inc. and Pactiv LLC.
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