Market Overview
Global Plastic Tableware Market is projected to register a CAGR of 2.98% and reach USD 9,323.2 Million by 2027.
Market Dynamics
Over the last few years, the global plastic tableware market has seen significant growth. The global foodservice industry's continued expansion is expected to be one of the major drivers of the global plastic tableware market's rapid expansion. On the other hand, a strong customer preference for convenience goods is expected to fuel the market's expansion. However, during the forecast period, sales of plastic tableware are expected to be limited due to plastic bans in several countries. The shifting market preference for biodegradable plastics is expected to provide lucrative opportunities for plastic tableware manufacturers.
Plastic tableware is commonly used in the fast-food industry. Plastic tableware is sold in large quantities by restaurants, cafés, pubs, caterings, and hotels. Foodservice operators have a limited amount of time to clean their utensil inventory. This can result in plates being poorly cleaned, resulting in health and safety issues such as E. coli and other bacteria exposure. Furthermore, they are less expensive than other disposable tableware. As a result, the foodservice industry is a major customer for plastic tableware manufacturers, and its development is a major driving force in the plastic tableware sector.
However, numerous countries' bans on plastic use are likely to stifle the development of the plastic tableware industry. Not only does plastic contamination affect marine life, but it also harms the food chain and public health. Every year, it is estimated that eight million tons of plastic waste was dumped into the ocean. Single-use plastic waste is a worldwide problem, with straws, water bottles, and bags responsible for more than 40% of all emissions. As a result, policymakers around the world are taking steps against plastics in order to avoid more environmental harm.
The global selling of plastic tableware has been impacted by forced closures of hypermarkets, supermarkets, and grocery stores due to the outbreak of COVID-19. It has resulted in a reduction in production capacity. The entire plastic tableware sector has been affected by the mandatory closures of manufacturing facilities as a result of COVID-19. Transportation problems have emerged as a result of the tight lockdown constraints, which has hindered the availability of sufficient manpower and raw materials. The pandemic has affected the plastic tableware supply chain, as many countries have declared a state of emergency and closed their borders to prevent the virus from spreading. Transportation has been severely restricted as a result of the governments of various countries imposing stringent lockout restrictions. This has an effect on manufacturers' ability to supply production units to retailers. Despite high demand in some countries, retailers selling plastic tableware, such as supermarkets, hypermarkets, and convenience stores, are facing significant shortages.
Competitive Dashboard
Prominent players in the global plastic tableware market include Libbey Inc. (US), Lollicup USA (US), American Greetings Corporation (US), AmerCare (US), Dopla Spa (Italy), Huhtamaki Group (Finland), Solia USA (US), Dart Container Corporation (US), Georgia-Pacific LLC (US), and Genpak LLC (US).
Expanding their regional presence through product launches, agreements, partnerships, acquisitions, and R&D is a priority for players in the global plastic tableware industry.
Market Segmentation
The global market, by type, is segmented into plates, bowls, cutlery, cups and glases, and others.
On the basis of distribution channel, the global plastic tableware market has been divided into store-based and non-store-based. Supermarkets and hypermarkets, convenience stores, and others make up the store-based segment. By the end of 2027, the segment is projected to dominate the global market, with a value of USD 8,019.6 million. During the period 2020-2027, the non-store-based segment is expected to grow at the fastest rate of 3.76 percent. In 2019, the store-based segment had a slightly higher market share of 86.73 percent, and this dominance is expected to continue over the forecast period. Store-based outlets are preferred by customers because they have a one-stop shopping experience.
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Regional Overview
During the forecast period, Asia-Pacific is projected to hold a significant share of the plastic tableware market. In 2019, the region kept 37.01 percent of the market. China is one of the main contributors to the Asia-Pacific market's expansion. During the forecast period of 2020 to 2027, the market in the region is expected to develop at a significant CAGR of 3.39 percent. The market in Asia-Pacific is expected to expand due to new product launches and increased investment in plastic tableware products. Due to the involvement of many local and regional players, the regional market is fragmented. During the forecast peridod, the expanding organized retail sector in Asia-emerging Pacific's economies is expected to support the growth of the plastic tableware industry.
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