Spoon In Lid Packaging Market to Record Sturdy Growth in the Coming Years

As the global consumption of packaged food continues to rise, demand for food packaging products is also increasing. Manufacturers are actively focusing on technological advancement and product innovation in order to cater to the changing needs. Compact packaging is the new trend and manufacturers are quickly realising the market opportunities in such categories. Over the years, spoon in lid packaging has emerged as an innovative and compact packaging solution. The particular packaging solution has received a positive response from both end-users owing to the convenience it offers, negating the need for carrying extra spoon.

At the same time, such packaging concepts also work well for marketing, branding and over all presentation of a product. As such, the product often attracts more consumers when kept on display shelf. The spoons that are affixed in the lid is sturdy, lightweight and stays intact. The aforementioned factors are expected to drive the adoption of spoon in lid packaging in the years to come. As per the latest report published by Transparency Market Research (TMR), the global spoon in lid packaging market is set to grow from US$ 309.7 Mn in 2017 to US$ 1,558.8 Mn in 2026, reflecting a CAGR of 19.7%.

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Spoon in lid packaging are being increasingly used for packaging confectioneries, baby food, yogurt, desserts, salads, hot snacks, bakery products, and product ready-to-eat noodles. Moreover, increasing preference for easy-to-use packaging is also reflecting favorably on the global market for spoon in lid packaging. In the forthcoming years, such packaging solutions are likely to become even more popular owing to their user-friendly properties. Food brand are opting for spoon in lid packaging format to offer consumers a hassle-free and on-the-spot use of products as well as to improve its aesthetics. global spoon in lid packaging marketEurope to Dominate the Global Spoon In Lid Packaging Market Over 2026

In terms of revenue, Europe market is expected to spearhead the global spoon in lid packaging market in 2017 and beyond. The region’s market is projected to surge at a CAGR of 19.5% during the assessment period. This is primarily owing to the growing popularity of packaged food items across the region.

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Polyethylene a Leading Material Type Segment

On the basis of material type, the Polyethylene (PE) segment is expected to remain highly lucrative over 2026. The segment currently represents for more 33% revenue share of the global market and is expect to surpass a valuation of US$ 500 Mn by 2026, expanding at 19.8% CAGR. The segment is likely to grow by US$ 84 Mn annually over the course of the forecast period.

Strong Preference for Spoon In Lid Packaging for Dairy Products

Based on application, the dairy product segment is expected to hold its top position throughout the assessment period. Currently, the segment account for more than 50% market share in terms of revenue. Towards the end 2026, the segment is estimated to reach a market valuation in excess of US$ 900 Mn, increasing at 21.5% CAGR.

Demand for Cup Based Packaging Format will Remain High

By packaging format, the cups segment will continue outperform the tubs segment. The cups segment is expected to surpass a valuation of US$ 400 Mn by 2026, reflecting a double-digit CAGR.

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Competitive Landscape

Some of the key players operating in the global market for spoon in lid packaging include SP Containers, Polyoak, Plasticos Regina, ITC Packaging, RPC Group, Fourmark Manufacturing, Greiner, Coveris, Parkers Packaging, and Fairpoint Plastic.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.