The global food service packaging market size is anticipated to reach around US$ 119 Bn by 2027 and is expected to grow at a CAGR of around 10% during the forecasting period 2020 to 2027.
Food service packaging is used to label all forms and for the protection of food for a long time and preserve freshness, including processed and semi-produced products. The packaging for food service includes wraps, cockroaches, plates, cups, and bowls, and other.
The main factors expected to drive global demand growth is increased consumption of pre-packaged food. Additionally, the increasing inclination of the working population towards food consumption on the market is another factor that should help the target growth of the market. The growing number of food suppliers including retail grocery stores, pizza chains, takeaway restaurants and suppliers of online foodstuffs is expected to lead to huge demand in the global foodstuffs packaging market for paper boxes, foodstuffs, containers, canes, respectively. Efficiency and increased general usage are other factors that are expected to drive development on the target product market. These packaging products are available in different shapes, sizes, and styles. Another factor that is expected to increase target market growth for the forecast period is advances in packaging technology in terms of design, recyclability, durability and usability. Strict governments restrictions on the use of plastics are nevertheless likely to hinder to certain extend the growth of the target market.
The increasing adoption of packaged foods across the globe drives the growth of food service packaging market. A decent range of packaging solutions plays a key role in the classification of products according to their capacity to protect and enhance their appearance. Buyers worldwide are now highly worried about the cleanliness of their food packaging, as well as about foodstuffs which are easy to transport. Recyclable and one-time use is a significant piece of food service. Because the bulk of these products consist of foam and plastic, the food is raw and polluted.
The market research study on “Food Service Packaging Market (By Product: Flexible Packaging, Rigid Packaging, Paper and Pouches, Bags, Others; By Material: Plastic, Metal, Others; By Packaging Type: Flexible, Rigid; By Application: Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global food service packaging food service packaging market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global food service packaging market are product, material, packaging type, application, and major geographic regions. The food service packaging market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The rapidly growing food and drink industry the Asia Pacific food service markets are expected to account for substantial revenues in the global market. Immigrants are expected to support growth in the region's target market, growing disposable income and the large customer base for fast-moving consumer products (FMCG). In addition, demand for the target market is expected to be further driven by expansion in Asia Pacific countries such as India and China in many food chains. The food service packages market of North America is projected to expand dramatically as food ready-to-eat consumption increases. Moreover, due to their busy work schedule, a increasing number of working women is expected to raise demand for ready-to-eat meals. Over the forecast period, demand growth in Latin America, Middle East & Africa is expected to be moderate.
The packaging of food services is somewhat fragmented as many companies tend to control the key market share. The market is appealing to new players with new technologies and consumer demand. Major players include in this report are Chemical Company, Huhtamaki OYJ, Berry Global Inc., Amcor Limited, Bemis Company, Inc., Westrock Company, The DOW International Paper Company, Reynolds Group Holding, Ball Corporation, DS Smith PLC, Sealed Air Corporation, and others are some of the key competitors in the global food service packaging market.
The global food service packaging market is segmented as below:
Food Service Packaging Market By Product
Paper and Pouches
Food Service Packaging Market By Material
Food Service Packaging Market By Packaging Type
Food Service Packaging Market By Application
Fruits and Vegetables
Bakery and Confectionery
Food Service Packaging Market By Geography
Middle East & Africa
The market value of Food Service Packaging is anticipated to be around US$ 119 Bn in 2027.
It is anticipated to grow around 10% CAGR amid the forecast period.2020-2027
Asia Pacific held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Downsizing of packaging is the major drivers for the growth of the -food service packaging market.
Stringent rules & regulations is a hindering the growth of the market.
Food service packaging is used to label all forms and for the protection of food for a long time and preserve freshness, including processed and semi-produced products.