FMI's Lucrative Projections: Disposable Plates Market Set to Generate US$ 4.23 Billion Incremental Opportunity, Propelling Expansion

The Disposable Plates Market is experiencing substantial growth, fueled by a promising average CAGR of 6.2% during the forecast period. Forecasts indicate that the market's revenue will reach US$ 5.12 billion in 2023, with projections soaring to a remarkable US$ 9.35 billion by 2033. Future Market Insights (FMI) anticipates an incremental opportunity of US$ 4.23 billion during this period.

Notably, the market achieved lucrative expansion in 2023, marking a pivotal point in its trajectory. FMI's data reveals that the disposable plates market revenue for 2021 totaled US$ 4.5 billion, poised to grow 1.3 times its current value by the conclusion of 2027. The dominance of plastic in product type, constituting 62% market share in 2022, underscores its popularity. Moreover, the plain design segment is expected to experience substantial growth, expanding 1.3 times by 2027. Geographically, North America and the Asia Pacific regions are projected to collectively hold a significant market portion by the close of 2027, highlighting the global reach of disposable plates.

Whether you're hosting a backyard barbecue, a birthday party, or a corporate event, disposable plates offer a hygienic and hassle-free dining experience. Available in various sizes, styles, and designs, they add a touch of elegance to any table setting. So, sit back, relax, and enjoy your meal without worrying about the dishes-disposable plates have got you covered.

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In 2023, the disposable plate market expanded profitably. According to a recent prediction by FMI, the market is predicted to generate an additional opportunity worth US$4.23 billion over the expected period. According to FMI, the disposable plate market generated 4.5 billion US dollars in revenue in 2021. By the end of 2027, the market as a whole is anticipated to grow by 1.3 times its current market value.

Disposable Plates: Historic and Forecast Market Outlook

Disposable plates are single-serving food plates that can be recycled and disposed of once used. These plates are used conveniently for serving eatables during any event. Disposable plates are made prominently from plastic, aluminum, paper and other non-conventional materials. The rising influence of Westernization and increasing fast food consumption in developing regions is escalating the demand for disposable plates for packaged foods.

The future demand for disposable plates is improving due to its high biodegradability and sustainable packaging outlook and its increasing applications in food packaging. Furthermore, the need for disposable plates is estimated to rise as its adoption is consistently increasing in takeaway food chains, fast-food consumption, small commercial eateries, events and even roadside vendors.

Global Disposable Plates Market: Forecast Highlights

According to the analytical and extensive research study on disposable plates, the global market is expected to witness robust growth in the years to follow. The global disposable plates market is projected to register a high value CAGR of 5.9% throughout the period of forecast and is estimated to reach a valuation of more than US$ 6.4 Bn by the end of the year of assessment from a value of around US$ 4.8 Bn in 2022.

Global Disposable Plates Market: Segmental Snapshot

The global disposable plates market is segmented on the basis of product type, design, sales channel and region.

By product type, the plastic plates segment is expected to lead the global market with a high market valuation and market share. The other segment in this category is projected to grow at a high value CAGR throughout the period of forecast.
By design, the plain segment is the largest with a market value of more than US$ 2 Bn in 2022. However, the compartment segment is gaining high traction and is projected to grow at a higher rate than the plain segment in the coming years and is estimated to reach a significant valuation by the end of the year of assessment.
By sales channel, the B2B segment is the largest and is expected to dominate the global market. By the end of the year of assessment, it is expected to reach a value higher than US$ 4,900 Mn and is projected to grow at a high CAGR during the forecast period.
By region, North America is anticipated to show high market attractiveness. The disposable plates market in this region is expected to reach a valuation of around US$ 1,800 Mn by the end of the year of assessment. The disposable plates market in Asia Pacific excluding Japan is expected to grow at a high CAGR during the forecast period.

Global Disposable Plates Market: Dynamics Influencing Growth

There are several factors impacting the revenue growth of the market. Growth driving aspects include growth of home delivery and online food service platforms, increasing demand for laminated paper plates, convenience and cost-effectiveness of disposable plates, rising preference for ease in usage and hygiene, effective performance with respect to carrying a wide range of cold and hot food items, and substantial institutional sales through high demand from food service outlets.

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Competitive Landscape

Vegware Ltd, Genpak LLC, Polar Plastic Ltd, Be Green Packaging LLC, Duni AB, Ckf Inc, Dopla Spa, Fast Plast A/S, Huhtamaki Oyj, Georgia-Pacific LLC, Poppies Europe Ltd

NUPIK - FLO U.K. Ltd

The key players in the global disposable plates market are adopting marketing strategies such as mergers and acquisitions and product expansions to maximize their business reach and enhance their market position.

For instance,

In September 2021, Huhtamaki acquired Elif, a major flexible packaging supplier to FMCG brand owners. The acquisition of Elif will help Huhtamaki progress toward reaching its sustainability ambitions and product expansions.
In February 2018, Duni AB, a leading supplier of table-setting and takeaways, acquired Biopac UK Ltd., a leading sustainable disposable packaging supplier for food in the UK. The acquisition will help Duni in sustainable product expansion in the food service industry.

Disposable Plates Market by Category

By Product Type:

Plastic Plates
Expanded Polystyrene (Foam)
Polypropylene (PP)
Polyethylene Terephthalate (PET)
Polyethylene (PE)
Polylactic Acid (PLA)
Polyhydroxyalkanoates  (PHA)
Aluminum
Paper
Laminated
Non-Laminates
Others

By Design:

Compartmental
Plain

By Sales Channel:

B2B
Food Service Outlets
Educational Institutes
Corporate Offices
Healthcare Facilities
B2C (Retail)
Online
Supermarket
Hypermarket
Convenience Stores
Mom & Pop Stores

By Region:

North America
Latin America
Eastern Europe
Western Europe
Asia Pacific
Middle East and Africa (MEA)
Japan

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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.