The global sales of oblong tub lids are estimated to be worth USD 575.4 million in 2021 and are anticipated to reach a value of USD 889.4 million by 2031. Sales are projected to rise at a CAGR of 4.5% over the forecast period between 2021 and 2031. The revenue generated by oblong tub lids in 2020 was USD 550 million.
The growing demand for oblong tub lids is thus a consequence of the increasing necessities entailed by the food and beverage industry for effective and safe food packaging. In parallel, the growing demand for convenience foods and ready-to-eat meals has increased demand for strong and tamper-evident lids to maintain product freshness and safety.
Innovations in the forms of new eco-friendly and recyclable packaging materials are another influential factor in market growth. Furthermore, it was the development of e-commerce and direct-to-consumer food sales that increased demand for this kind of packaging. There is a growing consumer interest in sustainability and comfort, which further whets the appetite for premium-quality oblong tub lids.
Global Oblong Tub Lids Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 550 million |
| Estimated Size, 2021 | USD 575.4 million |
| Projected Size, 2031 | USD 889.4 million |
| Value-based CAGR (2021 to 2031) | 4.2% |
Tub Lids help contain and keep tubs contents contained and fresh. In many cases, lids correspond with specific containers. Companies are manufacturing gasket lids, long skirted-lids and even square ones.
These tub lids are made of thermoplastics such as polystyrene, PET polyester or polypropylene. Thermoforming or injection moulding are the processes of creating tub lids. There are tub lids used in the home, they have an attached Snap-On lid. Application of these tub lids are multiple packaging solution in household and industrial storage.
These tub lids also feature a tamper-evident security and included tamper-evident lids are easy to open and use. Such features of oblong tub lids will drive growth of its market in upcoming years.
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Due to chemical resistant and virtually unbreakable with good heat resistant qualities properties, oblong tub lids are high in demand globally. The Polypropylene (PP) inside the lids works so well as it preserve the dried foods flavors such as spices and herbs.
These lids are microwave and dishwasher safe, hot-fillable, reusable, and 100% recyclable. Personal care, foods, pharmaceutical and chemicals are some of the major applications of oblong tub lids. Such applications of oblong tub lids will help the market to grow in upcoming years.
There is an increase in demand for perfect organizational solution for storage boxes, bins, and containers for organizing craft rooms, supplying closets and classrooms, such need will further fuel the growth of oblong tub lids. Storing and scooping homemade frozen treats have been easy with oblong tub lids as it provides a storage of compact freezer.
The durable plastic container inside an oblong tub lids, holds everything from ice cream and gelato to sherbet, sorbet or frozen yogurt. Thus, need for a variety of applications will drive the growth of oblong tub lids.
There has been a significant change in the foodservice industry as a good number of consumers are shifting towards convenience and higher-quality food. There is also significant concern going on such as environmental and climate change issues, which is further becoming a major selling point for customers.
A zero-waste kitchen using innovative products and avoiding disposables products are chosen by some major outlets across the world. Also, those innovative products are recyclable, to use all parts of their food. Such trend will help the oblong tub lids market to grow globally.
The foodservice industry is going to be one of the eminent end-user industries that will record a significant share in the oblong tub lids market. There is a rapid growth in online food delivery services, which is further driving the growth of oblong tub lids.
Principal Consultant
The North America region is expected to register the highest market share in the oblong tub lids as the region is witnessing various food trends from the consumers. Smaller packages for single servings and convenience are favored by consumers.
The region is focusing more on specialty beverages, which is driving the growth of the market. Food industries in the region are focusing on implementing the best convenient packaging solution. The global market of oblong tub lids will be currently dominated by North America due to rapid expansion of the foodservice industry.
All the major small or large food enterprises are moving towards the adoption of oblong tub lids for convenient packaging solution. The growing change in food consumption habits in Europe, has opened new growth avenues for oblong tub lids market growth.
The key factor for driving the oblong tub lids market in Europe region is presence of major industry players. Food and retail enterprises in the region have also shown a keen interest in adopting oblong tub lids. Such factors will drive the growth of oblong tub lids in upcoming years in this region.
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Some of the leading vendors of oblong tub lids include
These companies are increasing their market share through strengthening customer relationships, innovation, smart hiring practices, and acquiring competitors.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Oblong Tub Lids Market
