Technavio market research analysts forecast the global foodservices disposable market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
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Technavio has published a new report on the global foodservices disposable market from 2017-2021. (Photo: Business Wire)
The market study covers the present scenario and growth prospects of the global foodservices disposable market for 2017-2021. The report takes into consideration the revenue generated from the sales of new units of foodservices disposable to end-users like restaurants, hotels, catering companies, ice cream parlors, and juice centers.
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Technavio food and beverage analysts highlight the following three market drivers that are contributing to the growth of the global foodservices disposable market:
- Increasing focus on product design
- Growing market for food delivery and takeaway services
- Massive expansion by limited service restaurants
Increasing focus on product design
In the global foodservices disposable market, the design of products has an important role in maintaining food temperature, texture, and to minimize the leakage or spillage. Vendors in the foodservices disposables segment are focusing on these aspects and are looking to provide improved and innovative designs for disposable products. For instance, Dart Container, in 2015, relaunched its Anthora Single-Sided Poly Paper Hot Cups, which is mostly used to serve hot beverages such as coffee and tea. These cups are lined with PE, which resists moisture, and helps prevent leakage. Similarly, Huhtamaki Group's hinged containers, which are made from molded fiber, helps handle heavy food and its efficient closure design helps the food to be secure without any leakage during transit.
Growing market for food delivery and takeaway services
The growth of the global foodservices disposable market is directly influenced by the growth of food delivery and takeaway services provided by foodservice establishments around the world. The continuous growth of the delivery and takeaway market in food segment is driving the market for foodservices disposables, globally. The global delivery and takeaway food market in 2016 was valued at close to USD 92 billion and is expected to grow at a CAGR of 2.8% during the forecast period. Most QSRs, FCRs, cafes, and pizzerias provide food delivery by using good quality paper containers, corrugated pizza boxes, multi-layered paper cups with straws, and wraps for food packaging.
“In APAC, the food delivery and takeaway market is expected to grow at a fast pace, owing to strong economies with increasing consumer expenditure on delivery and takeaway food in emerging countries such as China, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam,” says Manu Gupta, a lead analyst at Technavio for food service research.
Massive expansion of limited-service restaurant
Limited service restaurants such as quick service restaurants (QSRs), fast casual restaurants (FCRs), and cafes and pizza restaurants are experiencing major expansion around the world, which is directly influencing the growth of the global foodservices disposable market. For instance, Yum! Brands markets its Pizza Hut brand. In May 2016, the company announced its plans to open close to 200 new stores in the UK and Ireland by the end of 2020. The company is also actively expanding its presence in Africa by opening new stores in countries like Uganda, Tanzania, Mozambique, Ghana, and Angola.
Similarly, Starbucks, in 2016, announced its plans to add close to 1,400 new outlets in China by the end of 2019. It is also planning to open its first coffee bar in Italy by early 2017. Domino’s Pizza, in 2016, announced its plans to expand aggressively by opening close to 500 new pizza outlets in Australia and New Zealand by the end of 2025. Similarly, the company has announced its plans for expansion in India at the same time. It is to open over 300 new outlets by the end of 2019.
“Such expansions by limited service restaurants, which extensively use foodservices disposables product such as cups, containers, straws and trays, will drive the market growth during the forecast period,” says Manu.
Browse Related Reports:
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- Foodservice Market in the US 2016-2020
- Global Foodservice Market 2016-2020
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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