The global plastic lid market is experiencing substantial growth, reaching a value of US$ 75.6 billion in 2024 and projected to soar to US$ 125.6 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 5.20% over the forecast period. This significant expansion is attributed to various factors driving the demand for plastic lids, especially in the beverage sector and food delivery services.
Key Drivers:
- Cost-Effectiveness and Durability: The need for cost-effective, lightweight, and durable plastic lids has become paramount in various industries. Plastic lids offer practical solutions for packaging needs while remaining economical and resilient.
- Growth in Beverage Sector: With the continuous growth of the beverage sector, including soft drinks, juices, and bottled water, the demand for plastic lids has reached new heights. Plastic lids provide secure and convenient closure solutions for beverage containers.
- Rise of Food Delivery Services: The surge in food delivery services, driven by changing consumer lifestyles and preferences, has also contributed to the increased demand for plastic lids. These lids ensure spill-proof and hygienic packaging for takeout and delivery meals.
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Amidst these challenges; the plastic lid market is expanding rapidly, driven by the growing demand for safe and sustainable packaging solutions. The food and beverage, pharmaceutical, and personal care industries are among the major consumers of plastic lids, and manufacturers are investing heavily in research and development to cater to their specific needs.
Countries like India, China, Japan, the United States, and Canada are expanding rapidly in the plastic lid market, presenting significant opportunities for manufacturers.
“With the increasing demand for safe and sustainable packaging solutions, manufacturers are investing heavily in research and development to cater to the specific needs of the food and beverage, pharmaceutical, and personal care industries.” Says a Ismail Sutaria Lead Consultant in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- PE has made its position in the plastic lid market with a market share of 80.00 for 2024.
- The beverage sector in the plastic lid market excels with a market of 35.00% for 2024.
- The plastic lid market in India has the potential to increase at a 6.3 % CAGR through 2034.
- The plastic lid market in China is anticipated to develop at a CAGR of 6.0% through 2034.
- The plastic lid market in Japan is projected to inflate at a CAGR of 5.6% through 2034.
- The plastic lid market in the United States is estimated to rise at a 4.3% CAGR through 2034.
- The plastic lid market in Canada is predicted to rise by a 4.0% CAGR through 2034.
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Competitive Landscape:
Key companies are playing a significant role in the expansion of the plastic lid market through mergers and acquisitions, partnerships, and product innovations. For instance, Berry Global Inc. has been focusing on expanding its product portfolio. RPC Group Plc has been expanding its market presence through strategic acquisitions.
Key Companies in the Market:
- Berry Global Inc.
- Crown Holdings Inc.
- AptarGroup Inc.
- Silgan Holdings Inc.
- Dart Container Corporation
- Consolidated Container Company
- Novolex Holdings Inc.
- Greif Inc.
- Solo Cup Company
- Fabri-Kal Corporation
- Huhtamaki Oyj
- Genpak LLC
- Alpha Packaging Inc.
- Closure Systems International Inc.
- Berlin Packaging LLC
- Placon Corporation
- Sabert Corporation
- Coveris Holdings S.A.
- TricorBraun Inc.
- Amcor Limited
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Recent Developments:
- Beyond Plastic introduced the first all-natural biopolymer beverage cap in March 2024, which offers recyclability, compostability, and biodegradability.
- Woolworths switched to clear lids for its own-brand milk in October 2023, which enhances recycling efficiency and benefits millions of milk bottles nationwide.
- Sussex IM Inc. sold Mr. Lid’s brand of plastic containers to a marketing company in March 2022 while retaining manufacturing operations.
About Future Market Insights (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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