The global biodegradable lids market is set to reach a valuation of US$ 241.6 Million in 2022, and further expand at a CAGR of 5.6% in the forecast period from 2022 to 2032. The market is projected to reach a valuation of US$ 416.6 Million by the end of 2032.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.
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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? Also, some of the noticeable players in the market are
- Be Green Packaging,
- Packnwood, Renewables LLC,
- Meshline Manufacturing Inc.,
- Scandicore AB,
- Transcend Packaging Ltd., and
- WorldCentric among others.
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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 Europe biodegradable lids market share by the end of 2022.
“The sudden surge in the number of foodservice outlets is fueling the demand for biodegradable lids. These outlets are focusing on attracting customers by showcasing unique and sustainable packaging solutions for their beverage products. Overall, the global biodegradable lids market is anticipated to bolster at a fast pace during the forecast period.” – says an FMI analyst.
Demand for Spill-proof Cups with Biodegradable Lids to Burgeon in the Forecast Period
Biodegradable lids are currently being made available by many major players. These are made to ensure a tight fit to the cup, reducing the likelihood of leakage. In order for the consumer to enjoy the product without worrying about leaks or spills, biodegradable lids are carefully crafted and snap-locks are put within the cup.
For instance, fiber lids from Zume Inc. are made to perfectly snap-lock onto coffee cups. Their ability to prevent spills is becoming more and more popular in the online food delivery industry as a large number of restaurants and cafes look for packing materials that enable leak-free product delivery.
This increases sales of fiber lids in the online food delivery sector. Overall, spill prevention benefits provided by biodegradable lids would create a new growth opportunity for numerous market players during the assessment period.
Biodegradable Lids Market Outlook by Category
By Material:
- Paper
- Plastic
- Others (Bagasse, Seawood, etc.)
By Diameter:
- Less than 60 mm
- 60-80 mm
- Above 80 mm
By End User:
- Foodservice Outlets
- Online Food Delivery
- Institutional
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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