Plastic Lid Market to Reach US$ 125.6 Billion by 2034, Increasing Demand for Beverages Boosting Sales of Plastic Lids| Future Market Insights Inc.
Plastic lids are favored for their convenience, durability, and versatility, being lightweight, stackable, and easy to handle, making them ideal for packaging and storage needs. The market in China is expected to progress at a CAGR of 6.0% through 2034
NEWARK, Del, April 09, 2024 (GLOBE NEWSWIRE) -- With a market value of *US$ 75.6 billion* in 2024, the plastic lid market is outgrown to reach *US$ 125.6 billion* in 2034, registering a *CAGR of 5.20%* through 2034. The popularity of plastic lids is mainly due to their convenience, durability, and versatility. They are lightweight, stackable, and easy to handle, making them ideal for packaging and storage. Plastic lids can be produced in various shapes, sizes, and colors, allowing manufacturers to customize their packaging solutions according to branding requirements.
One of the most significant challenges is the environmental impact of plastic waste. With rising global awareness of sustainability, consumers are increasingly looking for eco-friendly options. Manufacturers are responding to this demand by developing biodegradable plastic lids. However, the lack of recycling infrastructure poses a risk to the ecosystem. Some plastics manufacturing lids contain chemicals that can leach into the packaged products, raising safety and health concerns.
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Amidst these challenges; the plastic lid market is expanding rapidly, driven by the growing demand for safe and sustainable packaging solutions. The food and beverage, pharmaceutical, and personal care industries are among the major consumers of plastic lids, and manufacturers are investing heavily in research and development to cater to their specific needs.
Countries like India, China, Japan, the United States, and Canada are expanding rapidly in the plastic lid market, presenting significant opportunities for manufacturers.
*“With the increasing demand for safe and sustainable packaging solutions, manufacturers are investing heavily in research and development to cater to the specific needs of the food and beverage, pharmaceutical, and personal care industries.” *Says a Ismail Sutaria Lead Consultant in Packaging at Future Market Insights (FMI).
*Key Takeaways from the Market Study*:
· PE has made its position in the plastic lid market with a market share of 80.00 for 2024.
· The beverage sector in the plastic lid market excels with a market of 35.00% for 2024.
· The plastic lid market in India has the potential to increase at a 6.3 % CAGR through 2034.
· The plastic lid market in China is anticipated to develop at a CAGR of 6.0% through 2034.
· The plastic lid market in Japan is projected to inflate at a CAGR of 5.6% through 2034.
· The plastic lid market in the United States is estimated to rise at a 4.3% CAGR through 2034.
· The plastic lid market in Canada is predicted to rise by a 4.0% CAGR through 2034. *Obtain the Complete Report Methodology! *https://www.futuremarketinsights.com/request-report-methodology/rep-gb-19346
*Competitive Landscape:*
Key companies are playing a significant role in the expansion of the plastic lid market through mergers and acquisitions, partnerships, and product innovations. For instance, Berry Global Inc. has been focusing on expanding its product portfolio. RPC Group Plc has been expanding its market presence through strategic acquisitions.
*Key Companies in the Market:*
· Berry Global Inc.
· Crown Holdings Inc.
· AptarGroup Inc.
· Silgan Holdings Inc.
· Dart Container Corporation
· Consolidated Container Company
· Novolex Holdings Inc.
· Greif Inc.
· Solo Cup Company
· Fabri-Kal Corporation
· Huhtamaki Oyj
· Genpak LLC
· Alpha Packaging Inc.
· Closure Systems International Inc.
· Berlin Packaging LLC
· Placon Corporation
· Sabert Corporation
· Coveris Holdings S.A.
· TricorBraun Inc.
· Amcor Limited
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*Recent Developments:*
· Beyond Plastic introduced the first all-natural biopolymer beverage cap in March 2024, which offers recyclability, compostability, and biodegradability.
· Woolworths switched to clear lids for its own-brand milk in October 2023, which enhances recycling efficiency and benefits millions of milk bottles nationwide.
· Sussex IM Inc. sold Mr. Lid's brand of plastic containers to a marketing company in March 2022 while retaining manufacturing operations.*Authored by:*
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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