Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Compostable Foodservice Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Material" report has been added to ResearchAndMarkets.com's offering.
The compostable food service packaging market size is expected to grow from US$ 17,291.24 million in 2022 to US$ 23,272.61 million by 2028; it is estimated to register a CAGR of 5.1% from 2022 to 2028.
The global trend of food service packaging and pre-packed food has increased plastic production. Hence, a massive number of retailers and food service industries are concentrating on environmentally compatible packaging. Consumer preference for ready-to-eat food and takeaway is rising due to changing lifestyles, increasing disposable incomes, and rapid urbanization, mainly in emerging economies.
More consumer trends are also guided by the desire for more portions, personal choices, variety, and shelf life. According to a study by the United States Department of Agriculture, the time limitations due to hectic work life shift consumer demand from grocery stores to pre-packed food or ready-to-eat food.
Additionally, commercial restaurants and cafes have emerged as convenient places for teenagers, families, and young professionals to socialize and relax, thus, catalyzing the growth of the food service industry. Moreover, the development of e-commerce/online platforms and on-the-go food services coupled with innovations in packaging, the introduction of low-fat beverages, gluten-free products, etc., are also contributing significantly to the growth of the food service industry. Moreover, factors such as rising number of working women, increasing disposable incomes, and improving distribution channels are driving the market.
Considering consumers' changing lifestyles, many retailers and food service industries are opting for compostable food service packaging solutions. Pre-packed food is dominantly affected by factors such as the demand for nutritious food with low calories and innovative advancements in packaging technology. Hence, the rising demand for pre-packed food is boosting the compostable food service packaging market growth.
Based on material, the compostable food service packaging market is segmented into paper and paperboard, compostable plastic (bioplastic), and others. The compostable plastic (bio-plastic) segment held the largest share in 2022 and is expected to register the highest CAGR from 2022 to 2028.
The paper and paperboard segment is another attractive segment of the market. Paper sees renewed interest as a packaging alternative, especially in the food service markets. The demand for paper and paperboard has increased with the growing concept of recyclability and sustainability.
The use of paper-based packaging helps effectively renew, recycle, and compost the material, along with adding value to the product in the rising eco-conscious consumer market. The paper also provides an excellent printing substrate with the potential for high-quality graphics to communicate brand values (and sustainability credentials) virtually in terms of shelf appeal.
In terms of region, the compostable food service packaging market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, Asia Pacific held the largest share of the market and is estimated to register the highest CAGR from 2022 to 2028. The market growth in this region is mainly attributed to the growing awareness of sustainable packaging products and the rising trend of online food delivery systems.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 153 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $17291.24 million |
| Forecasted Market Value (USD) by 2028 | $23272.61 million |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growing Demand for Foodservice Industry
- Advancement and Development in The Packaging Industry
Restraints
- High Price of Compostable Materials for Packaging
Opportunities
- Focus on Sustainable Packaging Aims to Creates Opportunities
Future Trends
- Rising Consumer Demand for Pre-Packed Food
Companies Mentioned
- Genpak LLC
- Good Start Packaging
- Dart Container Corporation
- Graphic Packaging International LLC
- WestRock Company
- Be Green Packaging
- Pactiv LLC
- Anchor Packaging
- Biobag Americas Inc
- ECO PRODUCTS INC
For more information about this report visit https://www.researchandmarkets.com/r/d8h6i0
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