Yahoo Finance Food Service Packaging Market size was USD 120 billion in 2021 it will grow to USD 180.01 billion by 2029 : GreyViews
Food Service Packaging Market Size by Material Type (Plastic, Paperboards, Metal, and Others), By Packaging Type (Flexible Packaging and Rigid Packaging), By Application (Foodservice Outlets, Online Food Ordering, and Institutional Food Services), Regions, Segmentation, and forecast till 2029.
Pune India, Dec. 08, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the food service packaging market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the food service packaging market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as material type, packaging type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global food service packaging market are D&W Fine Pack, Sealed Air Corporation, Huhtamaki Oyj, Amcor Plc, Genpak LLC, Stanpac Inc., Smurfit Kappa Group, WestRock Company, Linpac Packaging, Pactiv LLC, DS Smith, Berry Global, Inc., Dow Inc., Ball Corporation, Reynolds Group Holdings Limited., among others. To achieve a substantial market share in the worldwide Food Service Packaging market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
As suggested by the name, food service packaging refers to all methods of protecting food products against contamination by external factors. Additionally, the goal of food service packaging is to improve and extend the shelf life of packaged foods while maintaining their freshness and safety. Solutions for food service packaging ensure that food products are hygienic and suitable for consumption. Food service packaging refers to items used in dine-in, take-out, and home delivery food service establishments to serve or pack prepared foods and beverages. Plates, bowls, bags, containers, and lids, cutlery and utensils, hot and cold beverage cups, and beverage carriers are among the products used for food service packaging. These products protect food products from contamination caused by microorganisms, the environment, and moisture. The market for food service packaging is in great demand, mostly as a result of the growing global consumer demand for pre-packaged food products. With the growing need to decrease pollution and waste, manufacturers are rapidly switching from conventional packaging solutions to eco-friendly, bio-based ones.
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Scope of Food Service Packaging Market Report
Report Metric | Information |
Study Period | 2021-2029 |
Base Year | 2021 |
Forecast Period | 2022-2029 |
Market Share Unit | USD Billion |
Segments Covered | By Material Type, By Packaging Type, By Application, region |
Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
Major Players | D&W Fine Pack, Sealed Air Corporation, Huhtamaki Oyj, Amcor Plc, Genpak LLC, Stanpac Inc., Smurfit Kappa Group, WestRock Company, Linpac Packaging, Pactiv LLC, DS Smith, Berry Global, Inc., Dow Inc., Ball Corporation, Reynolds Group Holdings Limited., among others |
Segmentation Analysis
Plastic segment is expected to be the fastest growing segment in 2021.
The material type segment is plastic, paperboard, metal, and others. Plastic are expected to witness the highest growth rate during the forecast period. Plastic is a material that can be used to make flexible packaging. It enables food service providers to change the packaging's dimensions, form, and appearance to suit the requirements of their customers. Plastic packaging is favoured in the food service industry because it is lightweight. Customers in the food service industry are interested in plastic packaging due to these benefits. The need for plastic food service packaging is rising as a result.
The flexible packaging segment is expected to be the fastest-growing segment in 2021.
The packaging type includes flexible packaging and rigid packaging. The flexible packaging segment is expected to witness the highest CAGR during the forecast period. The growth can be attributed to the simplicity of use and the need for less packing. Additionally, segmental expansion is facilitated by the fact that it uses less energy than rigid containers. It is also recyclable and reusable, making food service packaging businesses consider it as a feasible option.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Food Service Packaging include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia Pacific region witnessed a major share. The increased disposable income of the upper- and middle-class population might be attributed to this growth. The market is also expected to be driven by rising demand for packaged food by the working class as they prefer ready-to-eat food. Additionally, quick urbanisation and a rise in customer desire for lifestyle goods are key market drivers in the Asia Pacific food service packaging industry. Additionally, fast food, coffee, tea, and other foods and beverages are popular in countries like India, China, Japan, and others, driving up demand for food service packaging and advancing the industry.
Country Analysis
Germany
Germany's food service packaging market size was valued at USD 6.04 billion in 2021 and is expected to reach USD 8.2 billion by 2029, at a CAGR of 4% from 2022 to 2029.
Consumer demand for frozen, processed, and semi-processed foods with improved nutritional qualities is continuing to rise, which is driving the market in the nation. This demand is incentivizing producers of food packaging to expand their capability of packaging goods for a variety of product categories.
China
China Food Service Packaging’s market size was valued at USD 12.28 billion in 2021 and is expected to reach USD 17.86 billion by 2029, at a CAGR of 4.8% from 2022 to 2029. Increased discretionary incomes, particularly in metropolitan areas, are driving the market. Additionally, China's vast pool of reasonably priced and qualified workers enables the country to offer its products on the global market at incredibly low prices, which raises regional product demand.
India
India's Food Service Packaging market size was valued at USD 9.98 billion in 2021 and is expected to reach USD 13.97 billion by 2029, at a CAGR of 4.3% from 2022 to 2029. As lifestyles change and the country's food distribution systems grow more dependent on online food applications, the trends in food packaging are changing quickly. The popularity of the typical fast food meal and an expanding global population are pushing the food service packaging market.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for food service packaging from various applications, including commercial and residential applications.
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