LONDON--(BUSINESS WIRE)--The global foodservices disposable market size is expected to grow by USD 13.61 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global food delivery and takeaway markets are growing significantly owing to 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. Many restaurants have become accessible due to the availability of online services. Moreover, the number of dark kitchens, which produce food only for online deliveries, is also increasing across the world. Foodservice disposables such as containers, cups, bowls, and trays are commonly used to pack and deliver food. Thus, the growth of food delivery and takeaway markets is expected to drive the foodservice disposables market growth.
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As per Technavio, the vendor focus on compliance with industry standards will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Foodservices Disposable Market: Focus of Vendors on Compliance with Industry Standards
Vendors that offer foodservice disposables are required to follow several standards to ensure the safety, quality, and efficiency of their products. Some standards include the adoption of good manufacturing practices (GMPs) and support quality management systems to produce packaging materials for all types of products such as food and consumer goods. For instance, Anchor Packaging has the NSF certification, which assures that it complies with strict standards for quality and safety. Similarly, Huhtamaki offers Bioware compostable single-wall hot cups, which are made from paperboard certified by the PEFC. This is expected to propel the growth of the foodservice disposable market.
“Other factors such as the expansion of end-users, and the high consumption of food from restaurants and other foodservice establishments will have a significant impact on the growth of the foodservice disposable market value during the forecast period,” says a senior analyst at Technavio.
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Foodservices Disposable Market: Segmentation Analysis
This market research report segments the foodservices disposable market by material (plastic, paper, aluminum, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the foodservices disposable market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid urbanization and the increasing number of QSRs, hotels, restaurants, and other foodservice establishments.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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