Global Foodservice Disposables Market to Generate USD 76.2 Billion by 2020, Says Technavio
By Business Wire News
By Business Wire News
The global foodservice disposables market is set to grow at a CAGR of nearly 6.3%, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global foodservice disposables market for 2016-2020. To calculate the market size, the report takes into account the revenue generated from various types of foodservice disposables, as well as materials used in manufacturing disposables.
Technavio’s research study segments the global foodservice disposables market into the following regions:
- North America
- Western Europe
North America: largest market for foodservice disposables
The foodservice disposables market in North America was valued at USD 21.34 billion in 2015 and is expected to reach USD 27.47 billion in 2020, growing at a CAGR of 5.18%.
The foodservice disposables market in North America is growing at a steady rate and is witnessing significant demand from the growing restaurant segment. Most of the North American demand is expected to come from the US, with smaller or mini packs being the prominent segment under single-serve service-ware. Growth in urbanization and per capita income of people also increases the affordability of having food outside the home.
“Global consumption of packaged beverages amounted to approximately 1.9 trillion liters in 2013, which was an increase of 3% from 2012. In 2013, more than 1.4 trillion beverage packs were sold globally, which is an increase of 4% in volume from 2012. Most of these beverages are sold by restaurants, cafes, and fast food chains that serve beverages in disposables,” said Sharan Raj, one of Technavio’s lead packaging research analysts.
“However, intense competition among market vendors and stringent government regulations are inhibiting the growth of the market in the region, a pattern that is expected to continue during the forecast period,” added Sharan.
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APAC: fastest growing region for foodservice disposables
The market in APAC is growing at a rapid CAGR of almost 8%, with increased demand from major countries such as China and India. Changing consumer demographics and developing economic conditions are the major drivers of the high demand for foodservices, and therefore disposables, in the region.
China is the largest market for foodservices in the world, reaching a value of more than USD 550 billion by 2014. The country has more than 7.5 million restaurants and the average sale value of these restaurants is expected to grow at a CAGR of 8.4% during the forecast period.
“Full-service restaurants account for more than 70% of the total foodservice market in China, which are not major users of disposables. However, the fast food segment, which is a significant user of disposables, is the second-largest segment, accounting for more than 25% of the market. Fast food chains are the major user of disposables as these foods are usually preferred by people to eat on-the-go, which makes maximum usage of beverages cups, straws, and paper packs,” said Sharan.
Foodservice disposables in Western Europe
The foodservice disposables market in Western Europe was valued at USD 9.92 billion in 2015 and is expected to reach USD 12.02 billion in 2020, growing at a CAGR of 3.92%. The UK, France, and Germany are the key contributors to the market in this region.
Europeans spend an average of 14.5% of their annual budgets on food and beverage (F&B) products, ranking second in terms of household expenditure consumption. Of this, consumers spend the most on beverages away from home, especially in the UK and Germany. The carbonated soft drink market in the UK and Germany is expected to grow at respective CAGRs of 1.7% and 4.4% by 2017. This increase will directly drive the demand for foodservice disposables in Europe.
Some of the top vendors in the global foodservice disposables market highlighted in the report are:
- Reynold Group
- Dart Container
- Anchor Packaging
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