The global biodegradable lids market is set to reach a valuation of 416.6 Mn US dollars by the end of 2032, according to a report by Future Market Insights.
The foodservice industry is one of the most vibrant and dynamic industries in the world. The industry has observed unparalleled growth in the past and continues to capture revenue and generate employment opportunities.
Growth of the food processing industry and on-the-go meals has enhanced the food service industry. Rising demographic dynamics and surging internet penetration among generation Z is further fueling the foodservice packaging market, including the biodegradable lids market.
Moreover, high-quality, safe food consumption for youth, coupled with hygienic packaging, is generating high revenues in the global foodservice packaging market. Other factors adding to this growth are the consumption of caffeinated and carbonated beverages outdoors, which is giving rise to the use of biodegradable cups, lids, and straws.
The global foodservice market is dominated by unorganized players, but with the rapidly increasing expansion of the organized foodservice sector, the market is slowly shifting its dynamic and leaning towards a revolution to give rise to a more structured market. Overall, the expanding foodservice industry would fuel the demand for biodegradable lids.
Competitive landscape: Biodegradable lids market
- Huhtamaki Oyj,
- Stora Enso Oyj,
- Zume Inc.,
- Liplid AB, and
- Pactiv LLC
are the key players operating in the biodegradable lids market?
Key takeaways from biodegradable lids market
- By material, the paper segment is projected to account for around 62% of the biodegradable lids market value share by the end of 2022.
- Based on end use, the foodservice outlets segment is expected to grow 1.7x the current market value during 2022-2032.
- Europe biodegradable lids market currently accounts for 28%of the total market share across the globe.
- The global biodegradable lids market witnessed a CAGR of 4.8% during the historical period between 2015 to 2021.
- Germany is estimated to hold around 22% of the Europebiodegradable lids market share by the end of 2022.