The Food Service Packaging Market is projected to be worth USD 97.38 billion by 2028, registering a CAGR of 10.56% during the forecast period (2021 - 2028)
Food Service Packaging Market is projected to be worth USD 97.38 billion by 2028, registering a CAGR of 10.56% during the forecast period (2021 - 2028)., The market was valued at USD 56.14 billion in 2021.
Food service packaging is mainly utilized for packaging all sorts of food, including vegetables, dairy products, fruits, and many more. The primary objective of the food service packaging market is to allow preserving of food for a longer time duration. The packaging protects the food from any contamination like dust, UV rays, moisture, etc., and keeps it fresh as well as intact. The food service packaging is extremely convenient and presents in a wide variety that provides consumers options and ease. Moreover, most of these packages are disposable, which is quite hygienic and has less bacterial count compared to other reusable items. Such advantageous properties of the food service packaging are fuelling the growth of the food service packaging industry.
As per the market outlook, the greater emphasis on proper packaging of food items in present times is escalating the expansion of the market size. Over the years, the increased demand for processed and ready-to-consume packaged food has also surged the need for food service packaging. Liquid and oil-based food products require tight storage and the market exactly delivers that. It prevents the food from getting affected by light and also protects from becoming rancid or any other quality damage. The lightweight and easy-to-handle feature boost the potential of the food service packaging market.
Enhanced shelf life of product shelf life and low material cost of the food service packaging is uplifting the value of the market. In addition, the rising number of restaurants and takeaway facilities of these restaurants is also progressing the potential of the market. The packages are generally created from materials like plastics, metals, paperboard, etc. that are immensely beneficial in reducing the chances of food spoilage. The food service packaging enables ease of transportation and ensures proper safety from contamination. The lower cost of raw materials for the production of such packages is also projecting the elevation of the market value.
The report includes a detailed analysis of the food service packaging market structure and shows the overall market growth aspects for the upcoming times. A brief description is provided of the impact of the COVID-19 pandemic on the food service industry overview. It also consists of different market segments and key players of the market that will have a greater influence on the growth of the market. The report delivers a broad study on the market of several regions in the world. As the market demand is emerging at a faster rate, the market revenue will have a substantial rise in the next many years.
The sudden wave of the COVID19 pandemic devasted the entire economy and lowered the overall economic growth rate. All the sectors witnessed the drastic impact of the pandemic, which cause heavy financial losses. The market also faced challenges due to the adverse consequences of the pandemic. With the imposition of lockdown regulations, the production units and industrial operations were put at a halt. It also created a breakdown in the supply chain, and the demand to supply gap increased more and more. However, increased demand ready to consume packaged foods helped to sustain the market value even in the pandemic.
In the lockdown, the restaurants and hotels mostly remained closed, which increased the usage of food service packaging for takeaway facilities. This surge in demand escalated the growth of the food service packaging market. Moreover, the market players have contributed largely to developing new market trends that will fulfill consumer needs and enrich their experience. All these attempts have restored market growth, and it is anticipated that the market will regain its maximum momentum in the post-pandemic phase.
The increasing focus on proper food packaging is a major driving force of the food service packaging market. In recent times, people are inclining more towards the consumption of processed and ready-to-eat packaged foods. The higher demand for such packaged foods is elevating the market share. The food service packaging prevents any sort of contamination like light, dust, moisture and also protects it from becoming dry. With increasing product shelf life and reduction of food spoilage beneficial features, the market demand is going to reach greater heights.
The market outlook represents that the market growth is exhilarating rapidly due to the growing food service sector. Over the years, the number of restaurants has increased, and their takeaway facilities have also surged, which is boosting the market.
As the food service packaging usually includes paperboard, plastic, metal, etc., materials, the cost of raw materials used in production remains low. Thus, encouraging manufacturers to incline towards food service packaging, which results in fuelling the food service packaging market growth.
The presence of a competitive landscape is also raising the market potential. Several new entrants, as well as existing established market players, have increased the research and development to develop new market trends that will eventually elevate the market size.
The coronavirus pandemic outbreak affected the growth of the market. Due to the lockdown, the industrial operations were limited, and the supply chain was immensely disrupted. However, the rising demand for food service packaging for takeaway facilities during the pandemic and the key players’ attempt has helped to restore the market value.
There numerous opportunities in the food service packaging market that will no doubt exhilarate the growth of the market. However, few challenges can affect it too. The longer time taken for degradation may hamper the growth of market share in the forecast years.
According to the food service packaging market analysis, the demand for packaging in the food service sector is not going to stop sooner, which will take the market way higher in the coming years. The market players are introducing new products that can help in overcoming the challenges and boost the growth of the market. The market revenue will have a substantial rise during the forecast period with a growth rate of 4.5 percent.
The global food service packaging market is fragmented into many segments based on application, product, and regions.
The market analysis is done in different regions such as North America, Asia-Pacific, Europe, and other parts of the world. North America is dominating the market share across the globe due to the presence of a huge customer base for packaged foods. The Asia-Pacific region will have the highest market growth in the forecast years due to the growing urbanization of the developing countries. The increasing adoption of takeaway facilities and changing consumer preferences will also boost the market growth in the region.
The report comprises the competitive landscape and recent developments that happened in the domain.
|CAGR||10.56% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amcor Limited (Australia), Ball Corporation (U.S.), Ampac Packaging LLC (U.S.), Bemis Company Incorporated (U.S.), Crown Holdings Incorporated (U.S.), BWAY Corporation (U.S.), Greif Incorporated (U.S.), Letica Corporation (U.S.), Rock-Tenn Company (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Growing food service sector|
Major products used in the food service packaging market include flexible packaging, rigid packaging, paper and pouches, and bags.
Global food service packaging market is expected to exhibit a strong 10.56% CAGR over the forecast period till 2028.
The growing food service sector is the major driver for the food service packaging market.
Asia Pacific is expected to be the most prominent regional market over the forecast period.
Leading players in the food service packaging market include Ball Corporation, Amcor, and Ampac Packaging, among others.