The global biodegradable lids market is expected to experience significant growth in the coming years, driven by increasing demand for sustainable packaging solutions, growth of the food processing industry and on-the-go meals has enhanced the food service industry. Rising demographic dynamics and surging internet penetration among generation Z is further fueling the foodservice packaging market, including the biodegradable lids market.
Utilization of bio-based packaging materials in the food and beverages industry has been increasing at a fast pace due to rising environmental concern from non- biodegradable plastic packaging. Million tons plastic packaging end up in landfills and oceans every year. This had led to a growing awareness of the need to reduce plastic waste and move toward more sustainable packaging alternative such as biodegradable plastic. Further, biodegradable packaging material provide marketing opportunities for food service and companies that wants to position themselves as environmentally responsible and attract consumers who value sustainability.
The Biodegradable Lids market is broadly segmented into material, and end-use. The Material is segment into paper, plastics, and others. The biodegradable plastic holds the major share in end-use segment due to its durability and convenience over other materials lids. Plastic lids can withstand moisture, and heat better than paper and pulp made lids. Further, the end-use segment is divided into food service, online food delivery, and food industry. Online food delivery is the fastest growing segment during the forecast period. Owning to rising use of smart phones, increasing internet penetration across the globe, and improved logistics.
Some of the key players operating in the market include Huhtamaki Oyj, Stora Enso Oyj, Liplid AB, Pactive LLC, Be Green Packaging, Packnwood, Renewables LLC, Meshline Manufacturing Inc., Xiamen Glaman Environmental Technology Co., Ltd, MTPak Coffee, Scandicore AB, Transcend Packaging Ltd., WorldCentric, Prominent players involved in the marketplace are continuously focusing on business expansion activities through acquisition, new product development and partnerships across the value chain. For instance, in May 2022, U.S. based food packaging provider Inno-Pak acquired Stalk Market, the company deals with compostable containers and lids. The acquisition aims at expanding Inno- Pak packaging portfolio in sustainable category.
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