Posted 4/9/2024, 2:30:00 PM
Plastic Lid Market Poised for 5.2% CAGR Growth to $125.6 Billion by 2034, Despite Sustainability Concerns Spurring Biodegradable Options
- Plastic lid market expected to reach $125.6 billion by 2034, growing at a CAGR of 5.2% through 2034 due to rising demand for convenient and durable packaging
- Beverage sector accounts for 35% market share in 2024, driving demand for plastic lids
- India, China, Japan, U.S., and Canada rapidly expanding markets, presenting significant opportunities
- Sustainability concerns posing challenges; manufacturers responding by developing biodegradable options
- Key players investing heavily in R&D and mergers and acquisitions to meet needs of major industries like food and beverage and pharmaceuticals