DIE CUT LIDS MARKET ANALYSIS

The global die cut lids market is projected to surpass US$ 1305.4 million by the end of 2030, in terms of revenue, growing at a CAGR of 7.1% during the forecast period (2023 to 2030).

Die Cut Lids Market: Growth Drivers

Growing demand for portable food items to drive market growth

The global die cut lids market is projected to grow owing to the increasing demand and consumption of portable and convenience food items. With reasons like changing lifestyle habits, rising disposable income, urbanization, surging accessibility, and higher awareness rate, the demand for takeaway food products or beverages or consumables that can be stored in refrigeration and consumed at a later time, the demand for convenience food items has increased over the years. The busy lifestyle trend has allowed industry players to cater to the needs of the modern population by providing them with packaging solutions that can securely protect food products for a long time. Since die-cut lids are one of the most efficient solutions in terms of food storage and transportation, industry growth has been noteworthy. In addition to this, the growing research and adoption of advanced printing technology have allowed higher customization and visually pleasing lids giving industry players a better opportunity for branding activities.

The rise in demand for sustainable packaging solutions

The rise in demand for sustainable packaging solutions has been due to the growing awareness among consumers regarding the environmental impacts of packaging materials. Die-cut lids can help reduce packaging waste and environmental footprint, leading to increased demand for these lids from consumers and manufacturers alike.

Die Cut Lids Market: Restraints

High cost of production to restrict market expansion

Die cut lids are expensive in terms of production value as compared to other types of lids. This can act as a significant barrier against die cut lids industry growth. The high cost is generally influenced due to the cost of the most commonly used raw materials to produce these lids. Raw materials like aluminum and plastic can be expensive, especially in situations where high-grade lids are in question owing to compliance with food safety regulations. Other factors like the use of complex manufacturing processes along with customization requirements can lead to the addition of new segments of cost.

Die Cut Lids Market- Impact of Coronavirus (Covid-19) Pandemic

Most industries across the world have been negatively impacted over the last 18 months. This can be attributed to significant disruptions experienced by their respective manufacturing and supply-chain operations as a result of various precautionary lockdowns, as well as other restrictions that were enforced by governing authorities across the globe. The same applies to the Die Cut Lids market. Moreover, consumer demand has also subsequently reduced as individuals are now keener on eliminating non-essential expenses from their respective budgets as the general economic status of most individuals has been severely affected by this outbreak. These aforementioned elements are expected to burden the revenue trajectory of the Die Cut Lids market over the forecast timeline. However, as respective governing authorities begin to lift these enforced lockdowns, Die Cut Lids market is expected to recover accordingly.

Die Cut Lids Market: Market Segmentation

Figure 1. Global Die Cut Lids Market, Revenue Share (%), By Regions, 2022

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Regionally, Asia pacific dominated the global die cut lids market in 2022, reporting 37% market share in terms of revenue, followed by Europe and North America, respectively.

Die Cut Lids Market: By Wall Material

 Figure 2. Global Die Cut Lids Market, Revenue Share (%), By Wall Material, 2022

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On the basis of end use industry, food products dominated the global die cut lids market in 2022 with around 80% of the market share in terms of revenue, followed by beverages and healthcare, respectively.

Die Cut Lids Market: Recent Developments

In January 2021, Tekni-Plex announced signing an agreement with PackPlus Embalagens for a distributor partnership. The latter will be responsible for the sale of formers coated DuPont Tyvek along with coated paper roll stock offerings

In May 2022, Aluflexpack AG announced its acquisition of an 80% stake in Teko, a flexible packaging solution provider that focuses on dairy and beverage segments in Turkey and surrounding regions

In January 2022, Oliver Healthcare Packaging announced the launch of its new range of innovative products at the Med-Tech Innovation Expo, a leading event in the U.K. and Ireland for showcasing medical design and technology

In March 2021, Liplidwas recently awarded as the world’s best coffee cup lid. They are now planning to collaborate with restaurant chain MAX burger.

Die Cut Lids Market: Key Companies

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.

*Definition: Die-cut lids are attractive and safe packaging solutions that are basically used to increase the shelf-life of the product. They are widely used to package the food products such as curd, milk, yogurts, juices, etc. which are mainly packed in cups and thus require a lid. These lids can be used on the products such as glass, PP, PET, ceramic cups, and bottles to prevent microbial contamination.