Market Analysis
The global food service packaging market is likely to grow at a 4.5% CAGR in the forecast period 2021- 2028, according to the latest Market Research Future (MRFR) analysis. Food service packaging is used for packaging semi-processed and processed food products. It caters to service sectors like catering services, takeaway restaurants, fast-food joints, and restaurants. This packaging helps to maintain the safety, quality, and hygiene of food products. It offers heat resistance, helps extend the food product’s shelf-life, and also prevents the growth of microorganisms. Food service packaging provides a plethora of perks like it markets the product, facilitates long-distance transportation, and prolongs its shelf life.
Various factors are fuelling the global food service packaging market share. As per the recent MRFR market estimates, such factors include cost-effectiveness of food service packaging, growing need for convenience food, downsizing of packaging, on the go lifestyle, emphasis on modern technologies in packaging industry, growing demand for sustainable packaging solutions, rising need for RTE and RTC food products from end users, and utilization of automation and amendments in food safety regulations by different government organizations like FDI. Besides, growing concerns associated to human health and the environment that has increased the need for eco-friendly and reusable solutions is also adding market growth.
On the contrary, the complicated nature of the food service packaging supply chain, stringent rules and regulations, and rising instances of food waste may limit the global food service packaging market growth over the forecast period.
COVID-19 Analysis
With the sudden outbreak of the deadly COVID-19 pandemic, the world has been adversely affected, the majority of the businesses have been shut down along with operations across various industries like packaging have also been compromised. The food service packaging market is also hit by the pandemic with the demand being decreased owing to government imposed lockdowns across key countries in the world. But with the relaxation of the lockdown however, the demand for food service packaging has slightly increased and is likely to go back to normalcy soon.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global food service packaging market growth based on product and application.
By product, the global food service packaging market is segmented into bags, flexible packaging, paper and pouches, rigid packaging, and others. Of these, the flexible packaging segment will lead the market over the forecast period.
By application, the global food service packaging market is segmented into baked foods, fruits and vegetables, dairy products, and others.
Regional Analysis
By region, the global food service packaging market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, the APAC region will head the market over the forecast period. Escalating urbanization, consumer’s preference for pre-packaged products, rise in the implementation of takeaways from restaurants by customers, growing developmental activities, rapid economic expansion, and growing population are adding to the global food service packaging market growth in the region. China and India will have the utmost market share.
In North America, the global food service packaging market is predicted to have sound growth over the forecast period for the presence of huge customer base for packaged foods. The US holds the utmost market share.
In Europe and RoW, the global food service packaging market is predicted to have steady growth over the forecast period.
Key Players
The key players profiled in the food service packaging market report include Rock-Tenn Company (U.S.), Crown Holdings Incorporated (U.S.), Bemis Company Incorporated (U.S.), Amcor Limited (Australia), Letica Corporation (U.S.), Ampac Packaging LLC (U.S.), Greif Incorporated (U.S.), BWAY Corporation (U.S.), and Ball Corporation (U.S.), among others.
The global food service packaging market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Industry Updates
April 2021- Evanesce is all set in accelerating the adoption of sustainable packaging in the food industry.
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