New York, March 08, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Compostable Foodservice Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and Material,” the compostable foodservice packaging market was valued at US$ 17.29 Billion in 2022 and is projected to reach US$ 23.27 Billion by 2028; it is expected to register a CAGR of 5.1% from 2022 to 2028. The projected growth of the market during the forecast period is attributed to the increasing demand from the foodservice industry.
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Global Compostable Foodservice Packaging Market – Report Scope:
| Market Size Value in | USD 17.29 Billion in 2022 |
| Market Size Value by | USD 23.27 Billion by 2028 |
| Growth rate | CAGR of 5.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 153 |
| No. of Tables | 86 |
| No. of Charts & Figures | 106 |
| Historical data available | Yes |
| Segments covered | Product Type and Material |
Compostable Foodservice Packaging Market: Competition Landscape
Genpak, LLC; Good Start Packaging; Dart Container Corporation, Graphic Packaging International, LLC; WestRock Company; Be Green Packaging; Pactiv LLC; Anchor Packaging; Biogas Americas Inc.; and ECO PRODUCTS INC. are among the major players operating in the global compostable foodservice packaging market. Players operating in the global compostable foodservice packaging market are constantly focusing on strategies such as investments in research and development activities and new product launches.
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In 2021, Asia Pacific held the largest share of the global compostable foodservice packaging market. Factors contributing to the Asia Pacific compostable foodservice packaging market growth include a rise in the number of food chains in the region, increase in disposable income of individuals, and rise in preference for fast food services. Rapid infrastructure growth, including new airports and expressways in the region, has given scope to various food chains to set up their outlets, creating a demand for food service packaging. The growing online food ordering due to the convenience offered by online platforms is also creating a huge demand for different types of food service packaging products such as trays, plates and cups, and clamshells. This, in turn, is driving the compostable foodservice packaging market in the region.
The foodservice industry is anticipated to expand due to improvements in the economic conditions of developing countries, rapid urbanization, and fast-paced lifestyles. The on-to-go meal trend is increasingly rising across a lot of countries. The compostable foodservice packaging market is driven by the increase in quick-service restaurants. The online food delivery system has increased drastically in the past few years, which is positively impacting the food packaging industry. The rising demand for customization and innovation in food menu options is among the key factors driving the global foodservice industry. Consumers are given various alternatives to customize their meals according to their taste, dietary, and budget preferences. Millennials and working professionals are the key target consumers for the market due to their increasing inclination toward readily available nutritious and hygienic food. Moreover, factors such as rising number of working women, increasing disposable incomes, and improving distribution channels are driving the market.
Based on product type, the compostable foodservice packaging market is segregated into trays, cups and plates, cutlery, clamshell, bowls, pouches and sachets, and others. The cups and plates segment held the largest market share of the global compostable foodservice packaging market in 2022. Compostable cups and plates are leak-proof and eco-friendly disposables as they are made from recycled paper. The rising demand for eco-friendly, sustainable, and safe cutlery, owing to the increasing number of restaurants, fast food joints, and cafeterias, drives the need for compostable plates and cups. Environment-friendly cutleries such as disposable plates and cups are considered a feasible alternative that offers convenience in handling and does not affect the environment.
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Based on material, the compostable foodservice packaging market is segmented into paper and paperboard, compostable plastic (bio-plastic), and others. The compostable plastic (bio-plastic) segment held the largest share of the global compostable foodservice packaging market in 2022. Compostable plastic is entirely produced from organic matter without any fossil fuel involvement in raw materials. Compostable or biodegradable bioplastics, mostly used for utensils, are marketed as a sustainable alternative to single-use plastic. Cutlery is made from recoding bio-plastic, produced from a rapidly renewable starch from non-GMO crops. The global trend of pre-packed food and foodservice packaging has increased plastic production. Therefore, a large number of retailers and foodservice industries are focusing on environmentally compatible packaging.
The focus on sustainable packaging as well as rising number of foodservice establishments offering delivery and catering options, is expected to create lucrative opportunities to the global compostable foodservice packaging market during the forecast period.
Cups and plates are leak-proof disposables and eco-friendly, which are made out of recycled paper. The rising demand for eco-friendly, sustainable, and safe cutlery, owing to increasing restaurants, fast food joints, and cafeterias, drives the need for compostable plates and cups.
Asia Pacific compostable foodservice packaging market is expected to surge due to the rising consumer preference for ready-to-eat food and takeaway. This can be attributed to changing lifestyles, increasing disposable incomes, and rapid urbanization, mainly in emerging economies. Therefore, Asia Pacific accounts for the largest share of the global compostable foodservice packaging market.
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The global compostable foodservice packaging market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the global compostable foodservice packaging market in 2022. The growing foodservice sector is the major factor driving the compostable foodservice packaging market in Asia Pacific. China, Japan, and India are among the major countries in Asia Pacific for the food service packaging market. The countries such as China, India, and South Korea have the highest penetration of full service restaurants. Food service is one of the major segments of the Indian economy. The changing consumer dynamics, coupled with the increasing market proliferation of brands in the country, is boosting the food services sector's growth. This is further fueling the market growth in the region.
Based on material, the global compostable foodservice packaging market is segmented into paper and paperboard, compostable plastic (bio-plastic), and others. The compostable plastic (bio-plastic) segment held the largest share of the global compostable foodservice packaging market in 2022. Polylactic acid (PLA), a conditionally compostable bio-plastic, is used to make shopping bags, transparent cups, 3-D printing material, and other products. As it can be derived from plant materials such as corn sugar, potato, or sugarcane, it can reduce the demand for fossil fuels used to make conventional plastics. PLA is recyclable, biodegradable, and compostable.
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