CLEVELAND, Aug. 28, 2020 /PRNewswire/ -- The COVID-19 pandemic is causing severe disruption in the nearly $4 trillion global foodservice market:
Foodservice single-use product demand to grow in 2020 as off-premise dining takes off
One area of foodservice that's weathering the storm well is single-use products, global demand for which is expected to rise 3.8% per year to nearly $70 billion in 2024. Despite projected declines in foodservice revenues and a high number of restaurant closures in 2020, demand for these products will register some growth during the pandemic due to a sharp increase in off-premise dining (e.g., delivery, drive-through, takeout).
However, faster growth in 2020 will be restrained by the substantial reduction in foot traffic across foodservice sectors due to voluntary and state-mandated measures to contain the pandemic. This includes establishments such as fast food restaurants that have traditionally focused on takeaway and have continued to operate throughout the pandemic.
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SOURCE The Freedonia Group