LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global foodservice disposables market to grow at a CAGR of more than 6% during the period 2018-2022, according to their latest market research report.
The introduction of new products is one of the major trends being witnessed in the global foodservice disposables market. Some of the major vendors in the global foodservice disposables market have been trying to improve their competitive advantage by introducing new products. For instance, a major vendor introduced a completely renewable paper cup that is made from plant-based materials.
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In this report, Technavio analysts highlight the growth of food delivery and take away markets as a key factor contributing to the growth of the global foodservice disposables market:
Global foodservice disposables market: Growth of food delivery and take away markets
The global food delivery and take away markets are growing significantly because of the rapid urbanization, the hectic lifestyle of people, and the increasing use of smartphones. The advent of several new online food delivery applications has also driven the growth of the global food delivery market. The increasing penetration of the Internet has allowed people to order food from the convenience of their homes.
According to a senior analyst at Technavio for research on food service, “Many restaurants have become accessible due to the availability of online services. Such restaurants also provide food at a lower cost when compared with their competition. The effective supply chain for food delivery makes it convenient for people. The number of dark kitchens that produce food only for online deliveries has been increasing across the world.”
Global foodservice disposables market: Disposable serviceware products lead the market
This market research report segments the global foodservice disposables market into the following products (disposable serviceware and disposable foodservice packaging) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Disposable serviceware products include single-use cups, dinnerware, cutlery, and utensils. The disposable serviceware segment is expected to contribute the major share of revenue to the global foodservice disposables market during the forecast period.
The Americas was the leading region for the global foodservice disposables market in 2017. It accounted for a market share of approximately 39%. The market share occupied by this region is anticipated to decrease by almost 2% by 2022. However, this region will dominate the global market throughout the forecast period.
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