Foodservice Packaging Market is valued at USD 72.87 Billion in 2019 and expected to reach USD 104.73 Billion by 2025 with the CAGR of 5.33% over the forecast period.
Increasing demand for cost effective packaging solutions, rising preferences of consumers for convenience food and handy products, downsizing nature of packaging, rapid urbanisation, busy lifestyles that require quick & manageable packaging are the major factors for driving the growth of Global Foodservice Packaging Market.
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Scope of Global Foodservice Packaging Market Report-
Food service packaging, also known as disposable food service products, has matured over time and includes a variety of packaging products such as bowls, plates, cups, flips, paper packaging, etc. The global food service market serves a wide range of complete food service industries, including offline and online food service stores, which serve a large number of people around the world. The choice of consumers has gradually gone from the traditional method of preparing food at home to the choice of purchasing packaged products. Food service packaging is made from recyclable materials, so it requires less resources and less energy; therefore, packaging and disposable packaging are inexpensive, and most importantly, their retail space is reduced by 35%, which makes it profitable. By creating more options for eye-catching graphics and ultimately increasing the marketing of the product, it also provides a perfect alternative to display. Opening food service packaging bags is easy because they are both rigid and flexible, making it easier to handle the products. Due to the busy lifestyle, the demand for convenience products has increased, resulting in an increased demand for flexible and rigid packaging. As a result, transportation and shipping costs for food service packaging are inexpensive. In addition, it reduces fuel consumption in transport.
Foodservice Packaging Market report covers major key players in the market like,
The Dow Chemical Company, International Paper Company, Vegware, Sabert Corp., Union Packaging, Sealed Air Corp, Westrock Company, Ball Corp., others
Global Foodservice Packaging Market is segmented on the basis of material, type and application. On the basis of material, the market is segmented into plastic, aluminum, other metals. On the basis of application, market is segmented into fruits, vegetables, dairy, bakery, meat, poultry, alcohol, non- alcoholic beverage and others. On the basis of type, the market is segmented into paper packaging, flexible packaging, paperboard, rigid packaging and others.
The regions covered in this Foodservice Packaging market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market of Foodservice Packaging is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Global Foodservice Packaging Market Dynamics-
Increasing demand for cost effective packaging solutions, rising preferences of consumers for convenience food and handy products, growing trend of food takeaways, rapid urbanisation, busy lifestyles that require quick & manageable packaging are the major factors for driving the growth of Global Foodservice Packaging Market. As per the statistics from Environmental Protection Agency (EPA), the total generation of aluminium packaging was estimated to be around 1.9 million tons in 2017 and corrugated boxes occupy 12.2% of the total packaging production. Moreover, increase in world population that fuels a subsequent increase in the demand for food, rising culture of corporate work, better sustainability and downsizing of packaging, as well as reasonable costing and features like heat-resistance, anti-fogging and cold-resistance are other major factors driving the market growth. However, stringent government regulations over the use of aluminium foil and plastic packaging and difficult approval measures for food contact application by food authorities are some of the major factor that are expected to act as restraints for the market growth. There are increasing endeavours towards development of sustainable green packaging that does not cause any harm to environment and is easy to recycle too. Moreover, incorporation of new technologies and techniques to provide sustainability to the food packaging is another important factor. These are some of the major factors that are expected to offer propelling opportunities for the market growth.
Global Foodservice Packaging Market Segmentation: -
By Type: Paper packaging, Flexible packaging, Paperboard, Rigid packaging
By Application: Fruits, Vegetables, Dairy, Bakery, Meat, Poultry, Alcoholic beverages, Non- alcoholic beverage
North America is expected to remain a dominant region in the Global Foodservice Packaging Market.
North America is expected to remain the dominant region in the market with the largest market share of the Global Foodservice Packaging, due to the removal of regulations limiting the creation of new manufacturing units of packaging products. Moreover, the high disposable income accompanied with sedentary lifestyle of people that increase the demand for food takeaways and large consumption of fast food are also some other reasons for the dominance of North America. Asia Pacific is expected to grow at a fastest rate due to the high growth in the food and beverage industry, particularly in China and India. Due to the demographic population increment of the countries of this region and a large customer base of consumer goods and durable consumer goods, demand for packaged food, coupled with increased expenditure capacity for consumers, is expected to stimulate demand for Foodservice Packaging over the forecast period. As per the statistics from IBEF, India has a huge potential market for food products owing to its large population, growing at the rate of 1.7% per annum, this further stimulates the demand for Foodservice Packaging in the country. With the advent of hypermarkets and supermarkets, the expansion of the retail industry could support the entire industry. Moreover, with the recent outbreak of Covid-19, people are avoiding direct contact with restaurants and putting more thrust over online delivery system which is also expected to spur the market growth.
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