The disposable plates market saw lucrative growth in 2021, with worldwide value up 6% year over year. A new forecast by FMI estimates that the disposable plates market is likely to create an incremental opportunity of US$ ~1.6 Bn during the forecasted period.
The disposable plates market revenue totaled US$ ~4.5 Bn for 2021, according to FMI. The overall disposable plates market is likely to expand 1.3x the current market value by the end of 2027.
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In terms of product type, the plastic segment is estimated to account for the largest market share of 62% in 2022 in the global disposable plates market. In terms of design, the plain design segment is likely to expand 1.3x by 2027. North America and the Asia Pacific are estimated to hold approximately a half portion of the global disposable plates market by the end of 2027.The research report also discusses the various opportunities for manufacturers of disposable plates, trends influencing the global market, drivers fuelling the growth of the global disposable plates market and restraints that have a negative impact on the global market for disposable plates.
Disposable Plates: Historic and Forecast Market Outlook
Disposable plates are single-serving food plates that can be recycled and disposed of once used. These plates are used conveniently for serving eatables during any event. Disposable plates are made prominently from plastic, aluminium, paper and other non-conventional materials. The rising influence of westernization and increasing fast food consumption in the developing regions is escalating the demand for disposable plates for packaged foods.
The future demand for disposable plates is improving due to its high biodegradability and sustainable packaging outlook and its increasing applications in food packaging. Furthermore, the need for disposable plates is estimated to rise as its adoption is consistently increasing in takeaway food chains, fast-food consumption, small commercial eateries, events and even roadside vendors.
Global Disposable Plates Market: Forecast Highlights
According to the analytical and extensive research study on disposable plates, the global market is expected to witness robust growth in the years to follow. The global disposable plates market is projected to register a high value CAGR of 5.9% throughout the period of forecast and is estimated to reach a valuation of more than US$ 6.4 Bn by the end of the year of assessment from a value of around US$ 4.8 Bn in 2022.
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Global Disposable Plates Market: Segmental Snapshot
The global disposable plates market is segmented on the basis of product type, design, sales channel and region.
- By product type, the plastic plates segment is expected to lead the global market with a high market valuation and market share. The other segment in this category is projected to grow at a high value CAGR throughout the period of forecast.
- By design, the plain segment is the largest with a market value of more than US$ 2 Bn in 2022. However, the compartment segment is gaining high traction and is projected to grow at a higher rate than the plain segment in the coming years and is estimated to reach a significant valuation by the end of the year of assessment.
- By sales channel, the B2B segment is the largest and is expected to dominate the global market. By the end of the year of assessment it is expected to reach a value higher than US$ 4,900 Mn and is projected to grow at a high CAGR during the forecast period.
- By region, North America is anticipated to show high market attractiveness. The disposable plates market in this region is expected to reach a valuation of around US$ 1,800 Mn by the end of the year of assessment. The disposable plates market in Asia Pacific excluding Japan is expected to grow at a high CAGR during the forecast period.
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Global Disposable Plates Market: Dynamics Influencing Growth
There are several factors impacting revenue growth of the market. Growth driving aspects include growth of home delivery and online food service platforms, increasing demand for laminated paper plates, convenience and cost effectiveness of disposable plates, rising preference for ease in usage and hygiene, effective performance with respect to carrying a wide range of cold and hot food items, and substantial institutional sales through high demand from food service outlets.
Competitive Landscape
The key players in the global disposable plates market are adopting marketing strategies such as mergers and acquisitions and product expansions to maximize their business reach and enhance their market position.
For instance,
- In September 2021, Huhtamaki acquired Elif, a major flexible packaging supplier to FMCG brand owners. The acquisition of Elif will help Huhtamaki progress towards reaching its sustainability ambitions and product expansions.
- In February 2018, Duni AB, a leading supplier of table-setting and take-aways, acquired Biopac UK Ltd., a leading sustainable disposable packaging supplier for food in the UK. The acquisition will help Duni in sustainable products expansion in the foodservice industry.
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