Die-Cut Lids are widely used across the packaging of food to provide food protection. They are advanced packaging solutions with attractive printing and embossing for food products such as curd, yogurt, milk, and juices. The die-cut lids can be used on PP, glass, PET, ceramic cups, and bottles that prevent the contamination of the food product. These lids are produced from plastic, paper, and aluminum foils. Moreover, its use makes it easy to dispose of and is gaining huge demand from the food and beverage industry that utilizes cups, trays, and boxes for packaging. Furthermore, the use of these lids also enhances the shelf-life of dairy products thus maintaining the freshness for a longer time. They are also used in the packaging of dipping sauces, instant soups, and desserts.
The global die-cut lids market was estimated to be valued at around US$ 751.1 million in terms of revenue in 2022 and is predicted to grow at a CAGR of 7.1% during the forecast period (2023 to 2030)
Drivers
Increasing disposable income of the population and Rise of Middle Class
Rise of the middle class and the increasing disposable income of the population is expected to drive the growth of the die-cut lids market across the Asia Pacific region. Asia's GDP will overtake that of the rest of the world by 2020, and the region is projected to contribute around 60% of global growth by 2030, according to the World Economic Forum. In addition, the Asia Pacific region also contributes to the majority (90%) of the 2.4 billion new entrants to the global economy, the middle class.
Market Opportunities
Increasing spending on processed food by the consumer is expected to offer immense growth opportunities to the market of die-cut lids. According to the United States Department of Agriculture Economic Research Service, in 2020, Americans spent an average of 9.7% of their disposable personal incomes on food—divided between food at home (5.0%) and food away from home (4.7%). Therefore, growing expenditure on food products is expected to augment the market growth.
Market Restraints
Negative impact of Disposal of Plastic packaged products
The disposal of packaged products made of plastic has a negative impact on the environment and human health. From a disposal point of view, it is not good for the environment as plastic does not decompose and has a negative impact on the environment. This factor is expected to hinder the growth of the die cut caps market during the forecast period.
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https://www.coherentmarketinsights.com/market-insight/die-cut-lids-market-3766
Key Takeaways
On the basis of material type, aluminum dominated the global die cut lids market in 2021 with around 69% of the market share in terms of revenue, followed by plastic and paper, respectively.
Market Trends
Growing consumer preferences for lightweight and sustainable packaging products is expected to accelerate market growth. The rising popularity of plastic lids composed of PET as the best alternative to aluminum lids is also expected to augment the market growth. Moreover, increasing the use of recycled or bio-based materials for sustainability is further expected to foster market growth.
Increasing demand for meat and poultry products is expected to stimulate the market growth of die-cut lids over the forecast period. According to the North American Meat Institute, the meat and poultry industry is the largest industry in U.S. agriculture. Meat production was 52 billion pounds in 2020 and poultry production was 48 billion pounds in 2020. Hence, the growing production of meat products is expected to propel the market growth.
Competitive Section
Key players operating in the global die cut lids market are Amcor Limited, Bemis, Inc., Winpak Ltd., Sealed Air Corporation, CLONDALKIN GROUP, Constantia Packaging, Watershed Packaging Ltd, Berry Plastics Group, Inc., Uflex Ltd., Tadbik Ltd., and Barger Packaging, Inc.
