As the global consumption of packaged food continues to rise, demand for food packaging products is also increasing. Manufacturers are actively focusing on technological advancement and product innovation in order to cater to the changing needs. Compact packaging is the new trend and manufacturers are quickly realising the market opportunities in such categories. Over the years, spoon in lid packaging has emerged as an innovative and compact packaging solution. The particular packaging solution has received a positive response from both end-users owing to the convenience it offers, negating the need for carrying extra spoon.
At the same time, such packaging concepts also work well for marketing, branding and over all presentation of a product. As such, the product often attracts more consumers when kept on display shelf. The spoons that are affixed in the lid is sturdy, lightweight and stays intact. The aforementioned factors are expected to drive the adoption of spoon in lid packaging in the years to come. As per the latest report published by Transparency Market Research (TMR), the global market for spoon in lid packaging is set to grow from US$ 309.7 Mn in 2017 to US$ 1,558.8 Mn in 2026, reflecting a CAGR of 19.7%.
Spoon in lid packaging are being increasingly used for packaging confectioneries, baby food, yogurt, desserts, salads, hot snacks, bakery products, and product ready-to-eat noodles. Moreover, increasing preference for easy-to-use packaging is also reflecting favorably on the global market for spoon in lid packaging. In the forthcoming years, such packaging solutions are likely to become even more popular owing to their user-friendly properties. Food brand are opting for spoon in lid packaging format to offer consumers a hassle-free and on-the-spot use of products as well as to improve its aesthetics.
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In terms of revenue, Europe market is expected to spearhead the global spoon in lid packaging market in 2017 and beyond. The region’s market is projected to surge at a CAGR of 19.5% during the assessment period. This is primarily owing to the growing popularity of packaged food items across the region.
A highly credible research methodology has applied to compile the research report. Exhaustive interviews and discussions were conducted among industry participants, market experts and opinion leaders. Primary and secondary research represents the bulk of research efforts, taken by the analysts.
For resourcing information key players’ product literature were viewed along with press releases, annual reports, relevant documents for drawing comparisons and making decisive judgments. Secondary sourcing also includes a probe on recent trade, statistical data from government websites, online sources, data for trade associations, and agencies. This allowed analyst to gather highly reliable and efficient data, making it successful approach for obtaining precise market values, capturing industry participants’ insights, and identifying business opportunities.
Global Spoon In Lid Packaging Market: Competitive Landscape
The report offers profiling of some of the top companies associated with the spoon in lid packaging industry. Key market participants in the global market for spoon in lid packaging include Polyoak, ITC Packaging, Fourmark Manufacturing, Coveris, Fairpoint Plastic, SP Containers, Plasticos Regina, RPC Group, Greiner, and Parkers Packaging. In the report, these companies haves been profiled in parameters of financial overview, recent developments, and business strategies.