Global Foodservice Disposable Market Cashes in on Rising Prominence of Online Food Ordering and Home Delivery in Developing Regions
Published On : Mar 01, 2016
The continuous rise in the demand for home delivery and online ordering of food in the past few years has led to a significant boost to the market for foodservice disposables as well. Rising consumer awareness about hygienic food is the key factor driving the demand for foodservice disposables. Along with hygiene, the convenience of carrying food in disposable food containers has also helped propel the global foodservice disposables market in the past few years.
According to a market research report published by Persistence Market Research, the global foodservice disposables market will expand at a healthy 5.1% CAGR between 2015 and 2021, rising to a valuation of US$27.2 bn by 2021, from US$19.2 bn in 2014. Volume-wise, the market totaled 23,167 mn units in 2014 and is expected to rise at a 5.8% CAGR until 2021.
Prominence of Online Food Ordering Rising in Asia Pacific
The market for foodservice disposables is expected to see growth at the fastest pace in Asia Pacific and Middle East and Africa over the coming few years. Rising disposable incomes, expansion of the online food delivery sector, changing food preferences of consumers, and rising penchant for convenient foods are the major factors driving the market for foodservice disposables in these regions. In 2014, Asia Pacific accounted for a dominant share of over 43% in the global foodservice disposables market. The region is also expected to be the leading regional market for foodservice disposables in the next few years. In Asia Pacific, the growth of the market is also majorly driven due to the entry of several new players and expansion plans of numerous market leaders.
Disposable Plates and Plastics Rule Consumer Choices
The foodservice disposables market serves several end-use segments through a variety of products made from numerous types of raw materials. The key types of raw materials used for formulating foodservice disposables include aluminum, plastics, and paper and paperboard. Of these, plastics dominate the market owing to their capability of holding both hot and cold food products conveniently. Paper and paperboard, used plainly or with plastic coatings, are also highly popular for developing several varieties of foodservice disposables. Over the next few years, owing to the rising awareness about the ill-effects of non-biodegradable substances such as plastics on the environment and the resulting rise in the popularity of sustainable materials will lead to a reduction in plastic-based foodservice disposables on a global front.
The key product types available in the global foodservice disposables market include plates, trays and containers, cups and glasses, mugs and saucers, bowls and tubs, cutlery, and napkins and foil wraps.
Of these, disposable plates accounted for a dominant 31.2% share in the market in 2014 and are expected to remain the dominant product type over the next few years as well owing to the convenience and range of applications, sizes, and varieties of disposable plates available in the market. The segment of trays and containers is also expected to observe healthy growth over the coming years owing to features of these products such as being safe for use in microwaves and availability of spare serving compartments. Restaurants are currently the key end users of foodservice disposables in the global market and are expected to exhibit increased demand for a variety of foodservice disposables in the coming years as well.
Browse Full Global Foodservice Disposables Market Research Report With Complete TOC @ http://www.persistencemarketresearch.com/market-research/foodservice-disposables-market.asp