The global spoon in lid packaging market is driven by the increasing demand for convenience packaging in the food industry. Spoon in lid packaging is a type of packaging that involves the inclusion of a spoon (as part of the lid) in the packaging of food products. The concept of spoon in lid packaging has gained popularity across the globe owing to the increasing out-of-home consumption of food products. Spoon in lid packaging products are usually manufactured using compostable or recyclable materials and are popular among the millennial population of consumers across the globe. In essence, spoon in lid packaging offers convenience to the end consumers and improves the shelf appeal of food products in retail stores.
The industry is driven by increasing consumption of frozen foods across the globe with the product being excessively used for the packaging of desserts, yogurts, and ice creams among others. In this regard, the dairy industry is a major contributor to the growth of the industry owing to the increasing consumption of on-the-go foods. Another significant factor augmenting the demand for spoon-in-lid packaging is the presence of intense competition in the food packaging industry. The intensity of competition has forced key players in the food packaging industry to invest in innovation as regards their product offerings. Injection molding companies, in particular, have been focusing on redesigning the lid of food packages by including a foldable and handy spoon as a part of the product design.
Increasing internet penetration especially in emerging economies has resulted in market expansion and offers huge potential for spoon in lid packaging industry to expand their businesses by tapping the unexplored markets. The increasing choice of purchasing goods online has increased the penetration of packed food products in the past decade. Traditional hypermarket giants such as Walmart, D-mart, and Tesco have also started e-commerce services on account of the growing acceptance of these channels. As a result, boosting the demand for spoon in lid packaging solution over the forecast period.
The spoon in lid packaging market is segmented on the basis of material type, packaging format, application which is further segmented across major regions including North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. On the basis of material type, the spoon in lid packaging market is segmented into polyethylene, polypropylene, polyethylene terephthalate, paper, and others. Based on packaging format, the spoon in lid packaging market is divided into cups, tubs, and others. The application segment is further bifurcated into food, dairy, bakery, and others.
On the basis of material type, polyethylene segment emerged as the largest in 2017 owing to the increasing consumption of the material in North America and the Asia Pacific. The demand for the material also stems from its abundant availability across the globe coupled with other factors such as ease of processing and considerable savings in manufacturing costs. However, the increasing employment of polymeric materials for the production of a spoon in lid packaging products has raised environmental concerns across the globe. In reaction to this, the industry has observed an increasing demand for other eco-friendly materials such as paper among others.
Europe is likely to dominate the industry over the forecast period. The high growth of the dairy sector in this region is driving the spoon in lid packaging market growth in this region. Furthermore, the rising popularity of single-serve convenience has been the trend in this region, thereby bolstering the demand for the product. North America is also anticipated to register significant growth over the forecast period. The region has been witnessing an increasing number of food manufacturers being receptive towards the concept of a spoon in lid packaging to boost the sale of their product offerings in retails stores.
Indian retail industry is one of the most dynamic industries in India and has witnessed significant growth in the past decade. The Indian FMCG industry has attracted multinational companies and increased investments owing to supportive regulations such as 100% Foreign Direct Investment (FDI) allowed in B2B e-commerce and 100% FDI under automatic route is permitted in the marketplace is expected to further elevate the demand for spoon in lid packaging solutions in India in future years. Moreover, rising disposable income levels are expected to further boost the demand for packed food products, thereby, pushing the demand for spoon in lid packaging solutions.
According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the rising per capita income, urbanization, and growing working woman population are anticipated to boost the spending on packed food products in the future years. The increasing expenditure on packed food products is likely to boost the demand for molded plastic products in the foreseeable future.
The competitive landscape as regards the spoon in lid market represents a fragmented outlook with a sizable number of players sharing the market space. However, the industry is characterized by the presence of dominant players including SP Containers, Fourmark, ITC Packaging, RPC Group Plc., Coveris, Parkers Packaging, and Greiner Packaging International GmbH. Product differentiation has been observed to be the key strategy deployed by these players to withstand competition in the spoon in lid packaging market.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.