Global Plastic Tableware Market Expected to Show Steady Growth during the forecast period
Market Highlights
Global Plastic
Tableware Market is projected to be valued at USD 9,323.2 Million by 2026,
expanding at a CAGR of 2.98% during the forecast period. Tableware products are
the dishes or dishware used for setting the table, serving food, and dining.
They come in several materials, such as plastic, glass, and ceramic. The growth
of the foodservice industry and high consumer preference for convenience
products are the major factors driving the growth of the plastic tableware
market. The growth of the organized retail sector in Asia-Pacific is further
boosting the market growth. The growing trend of using customized plastic
tableware and the shifting inclination towards the use of biodegradable
plastics is expected to create lucrative opportunities for the vendors active
in the global market. However, the ban on plastic use in various countries is
restricting the growth of the global plastic tableware market.
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Asia-Pacific
constituted for a dominant share of the plastic tableware market in 2019 owing
to the expansion of the construction industry. The expansion of the real estate
sector is expected to propel the growth of the plastic tableware market in
India. According to the India Brand Equity Foundation (IBEF), the real estate
sector in the country is projected to be valued at USD 1 trillion by 2030 from
USD 120 billion in 2017 and contribute to 13% of the country’s GDP by 2025. The
growth of the residential sector in the region and the increasing number of
immigrants in the US and Canada are also boosting the sale of plastic tableware
in these countries as they are affordable and durable. Additionally, online
retailing is gaining traction in North America, especially in the US. Online
stores are becoming the fastest-growing distribution channel in the US. These
factors are expected to drive the growth of the plastic tableware market in
North America during the forecast period.
Segmental Analysis
Global Plastic
Tableware Market has been segmented on the basis of Type, Distribution Channel,
and Region.
By type, the market
has been divided into plates, bowls, cutlery, cups & glasses, and
others. The plates segment accounted for the maximum market
share in 2019, whereas the bowls segment is expected to register the
highest CAGR of 3.20% during the forecast period. Plastic bowls are made
using material that can resist high pressure and heat and thus are suitable for
both cold and hot food. They can be used to serve anything, including salad,
cereal, appetizers, soups, sauces, and others. The availability of plastic
bowls in different shapes and colors is resulting in their increased sales.
Based on distribution
channel, the global plastic
tableware market has been classified as store-based and
non-store-based. The store-based segment is further divided into supermarkets
& hypermarkets, convenience stores, and others. The store-based
segment accounted for a dominant share of the market in 2019 in terms of value.
The segment has been further divided into supermarkets and hypermarkets,
convenience stores, and others. The supermarkets and hypermarkets sub-segment
is expected to be the largest as these channels account for the maximum sales
of plastic tableware. Key manufacturers of plastic tableware emphasize on
promotional activities at different brick and mortar stores to increase product
visibility and reach, resulting in the growth of the segment.
Regional Analysis
Geographically,
the global plastic tableware market has been categorized as North
America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis,
Asia-Pacific dominated the market, accounting for the largest share in 2019.
The Asia-Pacific plastic tableware market is projected to register a
CAGR of 3.39% during the forecast period.
Key Players
Market Research Future
recognizes 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) as the Key Players in the Global Plastic Tableware Market.
Key Findings of the
Study
- The global plastic tableware market is projected to register a
growth rate of 2.98% from 2020 to 2026. The expansion of the foodservice
industry in both developed and developing countries and the growth of the
organized retail sector are projected to propel the growth of the global
plastic tableware market.
- The plates segment is estimated to retain its prominent share by
2026, whereas the bowls segment is anticipated to register a growth rate
of 3.20% during the forecast period.
- The store-based segment is estimated to retain its prominent share
by 2026, whereas the non-store-based segment is anticipated to register a
growth rate of 3.76% during the forecast period.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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