Press release
Foodservice Disposables Market to Value at 5.1% CAGR by 2021
According to the latest market report published by Persistence Market Research, titled “Global Market Study on Foodservice Disposables: Rapid Growth Linked To Increasing Traction of Online and Home Delivery Food Services”, the foodservice disposables market is estimated to be valued at US$ 20,139 Mn by the end of 2015 and is anticipated to expand at a CAGR of 5.1% over 2015-2021 in terms of value, to account for US$ 27,187 Mn by 2021.
Foodservice disposables are increasingly being used in restaurants and institutions, where there is high demand for on-the-go food and home delivery services. Besides providing ease of carrying food, disposables also provide added benefit of hygiene. The global foodservice disposables market is driven by demand for convenient and lightweight packaging for on-the-go food. With a large portion of urban population engaged in long working hours, demand for home-delivered food has seen a steady growth
On the basis of raw materials, the foodservice disposables market has been segmented into paper and paperboard, plastics, and aluminum. Plastics segment dominated the market with a share of US$ 9,527 Mn in 2014 and is projected to maintain its dominance through 2021. Paper and paperboard segment also account for a significant share of the market, with growth mainly driven by rising demand for sustainable materials for disposables.
On the basis of product type, the market is segmented into plates, cups and glasses, trays and containers, cutlery, bowls and tubs, mugs and saucers, and other products including napkins and foil wraps. Plates segment accounted for the largest share in 2014 and is estimated to be valued at US$ 8,361 Mn by 2021, expanding at a CAGR of 5.8% over 2015-2021.
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In terms of end use, retail and vending machines segment is projected to exhibit the highest growth over 2015-2021. Restaurants segment dominated the market with a share of US$ 6,727 Mn in 2014 and is expected to expand at a CAGR of 5.3% during the forecast period.
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The report provides in-depth information about various trends driving each segment and provides analysis and insights about the foodservice disposables market in specific regions. Asia Pacific accounted for the largest share in the global foodservice disposables market, accounting for 43.0% share in 2014. With capacity expansions by existing market players and entry of new players, the market in the region is projected to expand at a CAGR of 5.6% over 2015-2021.
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