The global die cut lids market was estimated to be valued around US$ 600 million in terms of revenue in 2018 and is predicted to grow at a CAGR of 6.0% during the forecast period (2019 to 2027), as highlighted in a report published by Coherent Market Insights.
The rise in the middle-class population coupled with the increasing disposable income of the population across the Asia Pacific region is expected to augment the market growth of die-cut lids. According to the World Economic Forum, by 2020 Asia’s GDP will overtake the GDP of the rest of the world and by 2030, the region is projected to contributeroughly 60% of global growth. Moreover, Asia-Pacific is also contributing to the majority (90%) of the 2.4 billion new members of the middle class entering the global economy.
Increasing spending’s on processed food by the consumer is expected to offer immense growth opportunities to the market of the die-cut lids. According to the United States Department of Agriculture Economic Research Service, in 2018, 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.
Disposal of the packaged product which ismade up of plastic has a negative impact on the environment as well as the health of the human. Plastic is not good for the environment in terms of disposing of as they do not degrade and leave a negative mark on the environment. This factor is also expected to hamper the market growth of the die-cut lids over the forecast period.
On the basis of material type, aluminum dominated the global die cut lids market in 2018 with around 69% of market share in terms of revenue, followed plastic and paper, respectively.
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 isfurther 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 of U.S. agriculture. The meat production was 52 billion pounds in 2017 and poultry production was 48 billion pounds in 2017. Hence, growing production of meat products are expected to propel the market growth.
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.
Few Recent Developments
Bemis Company, Inc.
In May 2016, Bemis Company, Inc. acquired the packaging operations of SteriPack Group based in Ireland, which specializes in medical device packaging
In March 2016, the company received the Highest Achievement Award from the Flexible Packaging Association
In April 2017, Uflex Ltd. was honored as the ‘Asia’s Most Trusted Flexible Packaging Solutions Company’ by the International Brand Consulting Corporation (U.S.)
In February 2017, the company collaborated with Comiflex for increasing its manufacturing capability
In October 2016, it released ultra-thin AlOx packaging films with high barrier properties