Dublin, April 27, 2022 (GLOBE NEWSWIRE) -- The "North America Food Service Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Material, Packaging Type and Application" report has been added to ResearchAndMarkets.com's offering.
Proliferation in Production Capacity of Packaging Products to Escalate North America Food Service Packaging Market Growth
The North America food service packaging market was valued at US$ 24,502.38 million in 2021 and is projected to reach US$ 34,995.67 million by 2028. It is expected to grow at a CAGR of 5.2% from 2021 to 2028.
Food service packaging products help protect the food products from contamination caused by microorganisms, air, and moisture. Food service packaging includes products, such as bowls, plates, cups, clamshells, and wraps. The food service packaging market serves the food service industry, consisting of offline and online food service stores that are serving a huge number of people all over the world. North America food service packaging market is mainly driven by factors, such as a significant shift of the consumers towards convenience food and on-the-go lifestyles.
Moreover, the growing preference for ready-to-eat food is driving the demand for food service packaging in North America. With the ever-increasing health consciousness among consumers in North America, many foodservice outlets serving nutritious meals have emerged over the past few years. This has created the need for adequate packaging for the foodservice outlets. Rising demand for sustainable packaging solutions is expected to deliver substantial growth opportunities to the industry players in the near future.
Based on application, The North America food service packaging market has been segmented into beverages, prepared meals, fruits and vegetables, bakery and confectionery, dairy products, and others. The beverages segment held the largest share in the North America food service packaging market in 2020.
The beverage sector is amongst the front-liners, where significant investments are made for business expansion and technological modification. The packaging of carbonated and non-carbonated beverages is a challenging technological branch in the food processing/packaging industry. Cartons and new plastic containers have now replaced the old and traditional returnable glass bottles. The use of plastics continues to increase as a beverage packaging material due to its low cost and functional benefits, including the ability to be microwaved and thermos-sealed.
In 2020, the US held the largest revenue share of the North America food service packaging market. The US is one of the major markets for food service packaging products in North America. Factors, such as the growing preferences of consumers for convenience food products and the increasing trend of food takeaways are mainly driving the food service packaging market in the US.
Further, the growth of the country's food service packaging market is attributed to various strategies adopted by players in the US food service packaging market such as new product launches, expansion, mergers, and acquisitions. The country is also engaged in the food law harmonization work in coordination with Codex Alimentarius and different government representatives from the Food and Drug Administration (FDA) and the United States Department of Agriculture (USDA).
Amcor plc; Berry Global Inc.; Huhtamaki; Genpak, LLC; WestRock Company; Sealed Air; Ball Corporation; DS Smith; Graham Packaging Company; and Graphic Packaging Holding Company are some of the players operating in the North America food service packaging market.
These market players are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements. Players operating in the North America food service packaging market are constantly focusing on strategies, such as expansion and mergers & acquisitions.
Key Market Dynamics
Market Drivers
- Proliferation in Production Capacity of Packaging Products
- Changing Customer Preferences for High-Quality and Standard Products
Market Restraints
- Complicated Nature of Supply Chain Business
Market Opportunities
- Significant Market Attractiveness for Recycling, Reusable, and Eco-Friendly Materials
- Evolving Online Food Ordering Market
Future Trends
- Advent of Smart and Intelligent Packaging Materials in Food Industry
Company Profiles
- Amcor plc
- Berry Global Inc.
- Huhtamaki
- Genpak, LLC
- Westrock Company
- Sealed Air
- Ball Corporation
- Ds Smith
- Graham Packaging Company
- Graphic Packaging Holding Company
For more information about this report visit https://www.researchandmarkets.com/r/22wke3
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