Sustainable packaging demand is on the rise, which is helping to bolster the biodegradable lid market and reduce plastic waste across the globe.
Future Market Insights Inc. recently released data showing that the market for more sustainable lids is projected to grow from around $1.1 billion in 2024 to nearly $1.6 billion in 2034. That's an annual growth rate of over 3.7%, marking a positive shift towards eco-friendly options.
Paper-based lids are leading the way, capturing 77.6% of the market share in 2024, helping to reduce or eliminate the plastic versions that can end up in landfills or oceans, and eventually ecosystems across the globe.
One of the key players in the biodegradable packaging industry launched 100% recyclable lids for McDonald's hot and cold beverages in the Italian market in 2023, hopefully paving the way for further adoption worldwide.
The caps for single-use plastic bottles have also been a troubling issue for the environment. They can easily become separated during disposal and recycling, increasing litter and lowering recycling efficiency.
This has led the European Union to require that single-use plastic bottles have their caps tethered as of July 2024. Despite drawing some ire from online commenters, it will help make sure the caps make their way to the recycling plant.
Around 80% of marine litter comes from beverage or food packaging, posing a threat to marine animals and birds who often see caps and other small plastics as food. Expanding available options for more sustainable and biodegradable packaging can help drive adoption, easing the plastic waste burden on the environment.
The global market for these sustainable products was valued at over $271 billion in 2023, according to Statista, and is expected to exceed $393 billion by 2028.
More specifically, the biodegradable lids market is set to capture around 34% of the total sustainable packaging market share during its forecast period, cementing its position as a leading alternative.
🗣️ Which of these factors would most effectively motivate you to buy a refillable product?
🔘 Saving money 💰
🔘 Reducing plastic waste 🗑️
🔘 Using less shelf space at home 💁♀️
🔘 Getting easy refill deliveries 😎
🗳️ Click your choice to see results and speak your mind
Paper lids span a variety of packaging applications, as the press release detailed, "including coffee cups, take-out containers, disposable drinking cups, and ice cream cups, making them indispensable to the industry."
These more sustainable versions offer consumers all the benefits they need, from spill and heat loss prevention to convenience and functionality, while reducing damaging waste materials from entering ecosystems worldwide.
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