Global Food Service Disposables Market: Overview
The global food service disposables market is projected to be on course to achieve a stellar growth over the course of the given forecast period. The consumption patterns of the end-users are inclining towards ready to eat and on the go food products. This has helped in creating strong business opportunities for the development of the market. Moreover, with the rising concerns about the environmental degradation, the leading players in the market are trying to develop more sustainable products that will further help fueling the market growth.
Global Food Service Disposables Market: Notable Developments
Some of the recent developments in the global food service disposables market are given below:
- In July 2018, D&W Fine Pack, a prominent brand in the global food service disposables market announced that the company has invested over US$8 million for the modernization of its kitting, cutlery, and straw operations. The company facility is located in Fountain Inn, South Carolina. The objective behind this is to develop more innovative, cost efficient, and sustainable products.
- In August 2017, Dart Container Corporation announced that the company has planned to invest around US$40 million for the development of new innovation center and technical facility that will help in production of improved and enhanced products.
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Global Food Service Disposables Market: Drivers and Restraints
There is a plethora of macro as well as microeconomic factors that are influencing a positive growth of the global food service disposables market. One of the key driving factors for the market growth has been soaring popularity of street food. Also, rising investments for installing popular retail food chains is also considered to be a key driving factor for the growth of the global market.
A recent trend that has been observed in the global market for food service disposables is that people are increasingly opting to order food at their homes instead of dining out. This trend is further fuelled by growing number of online food delivery services through digital platforms or mobile applications. These apps and platforms have brought a broad range of food products at the tip of their end-users. With this variety of choice of food and convenience of getting food delivered at their homes have made these modes extremely popular. This has in turn, created a tremendous demand for food service disposables across the globe. For instance, an eye-catching rise of Indian food delivery startup Swiggy and entry of Uber in the same sector by the name UberEats has been quite significant for the growth of the food service disposables market in the Asia Pacific region.
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Global Food Service Disposables Market: Geographical Outlook
The global food service disposables market has five key geographical segments that help in understanding its overall working dynamics. These five regions are Europe, Middle East and Africa, Asia Pacific, Latin America, and North America. Among these, the regional segment of North America is currently the leading segment with the highest market share. The region boasts the highest number of retail outlets and restaurants that serve food on the go. It is one of the key driving factors for the growth of the North America market for food service disposables. Moreover, the ever increasing popularity of fast food across nations such as Canada and the US has also helped in pushing the development of the market in the region. The retail outlets and restaurants are offering new and attractive food items and are also trying to cater to the growing trend of having food on the go. This has thus increased the demand for food service disposables in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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