Plastic Tableware Market is Projected to Register a CAGR of 2.98% during the Forecast Period due to the Growth of the Foodservice Industry

December 2020, Market Research Future has published a Report on the Global Plastic Tableware Market.

Market Highlights

Global Plastic Tableware Market is projected to be valued at USD 9,323.2 Million by 2030, 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.

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 2019 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 2027. 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 2027, 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 2027, whereas the non-store-based segment is anticipated to register a growth rate of 3.76% during the forecast period.