The global fiber lids market is set to enjoy a valuation of US$ 41.8 Mn in 2022, and further expand at a CAGR of 5.6% to reach US$ 72.0 Mn by the year 2032
Bagasse is a pulpy, dry, fibrous remnant of sugarcane pulp. It is majorly used by food packaging manufacturers. Bagasse is fully biodegradable & compostable which has no harmful effects on the surroundings. The bagasse products with no coating can be composted at home and within sixty days it degrades. As per the research on bagasse, it is concluded that the bagasse material is suitable for hot and cold food & beverage and can also be microwaved and frozen. Regulations & bans by various governments on the usage of single-use plastic products fuel growth for the bagasse packaging market.
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The growing demand for sustainable and disposable bagasse products after the arrival of the pandemic is expected to improve the market revenue for the fiber lids market. The carbon footprint of bagasse products is also much less than plastic products. Eco-friendly, recyclable, and lightweight features of bagasse products are responsible for boosting bagasse in the fiber lids market. Various key manufacturers offer fiber lids made from bagasse. For instance, the fiber lids offered by Huhtamaki Oyj are made from natural bagasse and wood fibers which makes it a sustainable choice. Hence, bagasse is projected to act as a revolutionary element in the fiber lids market.
Key Takeaways from Fiber Lids Market
- Based on the source, the natural fiber segment is estimated to remain the leading segment in the global fiber lids market during the forecast period as natural fiber is more sustainable than synthetic fiber. The natural fiber segment is projected to account for around 75% of the market share by the end of 2032.
- The food service outlets segment by end-user is expected to generate hefty demand for the fiber lids market. The same segment is projected to register a CAGR of 1% during 2022-2032 due to the rapidly increasing number of food service outlets across the globe which fuels the demand for fiber lids.
- South Asia region is projected to create a growth opportunity for the global fiber lids market. The major factor propelling the growth of fiber lids in the South Asia market is the availability of raw materials such as sugarcane which gains traction among the fiber lids manufacturers.
“The end-user brands focusing towards gaining sustainability goals create a growth opportunity for the fiber lids due to its composability & biodegradability feature. Also, the fiber lids are suitable for hot as well as cold beverages which gains momentum in the market. Thus, the growing number of food service outlets along with the adoption of sustainable packaging products augment the sales of fiber lids” – says an FMI analyst
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The Availability of Spill Prevention Benefits by the Fiber Lids Creates a Growth Opportunity for the Market
The fiber lids offered by various key players are designed to ensure a secure fit to the cup which reduces the chances of spillage. The fiber lids are perfectly designed and snap-lock with the cup so that the customer can enjoy the product without any fear of leakage or spillage. For instance, Zume Inc. fiber lids are designed to perfectly snap-lock with coffee cups. Also, Huhtamaki Oyj fiber lids are designed to ensure a secure fit with paper cups. This feature of spill prevention gains popularity in the online food delivery sector as the food service outlets/cafes wish to have packaging product that helps in delivering the product without any leakage. This increases the sales of fiber lids in the online food delivery sector. Overall, the availability of spill prevention benefits by fiber lids creates a growth opportunity for the market.
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Impact of COVID-19 on the Fiber Lids Market
The fiber lids market had a negative effect due to the COVID-19 pandemic owing to the strict rules and regulations imposed by the government. The global food service industry was significantly affected due to lockdown, travel bans, and business shutdowns, which led to a temporary decline in the fiber lids market. The operations were slowed down due to the disruptions in the value chains caused by the shutdown of national and international boundaries. However, improvement in the situation led to a relaxation in the rules which allowed restaurants and the food industry to operate at fifty percent capacity and walk-in orders. Thus, despite a temporary decline, it is expected that the market would rebound due to the growing takeout and online food delivery market, and a healthy growth rate is expected over the forecast period.
Fiber Lids Market Landscape-
The key players operating in the global fiber lids market are Huhtamaki Oyj, Stora Enso Oyj, Zume Inc., Liplid AB, Scandicore AB, and Pactiv LLC. Also, some of the other noticeable players in the market include Be Green Packaging, Transcend Packaging Ltd., Tridas, s.r.o., WorldCentric, Green Olive Environmental Technology (dongguan) Co. Ltd., and others.
Fiber Lids Market Report
Future market insights, in its new report, offers an unbiased analysis of the global fiber lids market, analysing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the fiber lids based on the source (natural fiber and synthetic fiber), diameter (less than 60 mm, 60-80 mm, more than 80 mm), end-user (foodservice outlets, online food delivery, and institutional) across seven regions.
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
PR Meta Data: The surge in demand for recyclable and compostable packaging products to address the growing concern about environmentally-friendly packaging supplements the sales of fiber lids.
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