Rockville, June 29, 2023 (GLOBE NEWSWIRE) -- The food service packaging (FSP) market is projected to be worth US$ 64.1 billion in 2023 and to reach US$ 114.7 billion by the end of 2033, growing at a CAGR of 6.0%.
Consumers' shifting lifestyles and demand for ready-to-eat foods are seen as the main drivers of the food service packaging market's expansion. Furthermore, the need for recyclable and sustainable food packaging materials is being driven by the growing environmental concern. These elements will probably open up a tons of prospects for the food service packaging business.
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Key Driving Forces Accelerating the Market Growth
- Various factors such as busy lifestyles and changing consumer preferences have led to a rise in the demand for convenient food options. Moreover, food service packaging provides ready-to-eat or on-the-go meals, which cater to the convenience needs of consumers.
- Besides this, the growth of online food delivery platforms has significantly increased the demand for food service packaging. With the rise of food delivery apps and services, there is a need for packaging that ensures the safe transportation of meals from restaurants to consumers' doorsteps. Moreover, the US fast food industry is valued at over US $ 300 Bn in 2022 and is expected to grow at a CAGR of over 5.0%.
- Also, consumers and regulatory bodies are increasingly concerned about the environmental impact of packaging waste. There is a growing demand for sustainable food service packaging options that are recyclable, compostable, or made from renewable resources.
- Food service packaging plays a crucial role in maintaining food safety and hygiene standards. It helps protect food from contamination, tampering, and spoilage during transportation, storage, and handling. The focus on food safety and hygiene has led to the adoption of packaging solutions that ensure the integrity and quality of food products.
- The shift in consumer preferences towards packaged and processed food products has increased the demand for food service packaging. The rise in single-person households, dual-income families, and the need for portion control has led to the popularity of pre-packaged meals and individual servings, driving the demand for suitable packaging solutions.
Vital indicators shaping the future of the industry
- The emphasis on sustainability and environmental consciousness will continue to shape the future of the food service packaging market. Consumers and regulatory bodies are increasingly demanding packaging solutions that are recyclable, compostable, and made from renewable resources. The adoption of eco-friendly packaging materials and the development of innovative recycling and waste management initiatives will be crucial in shaping the market's future.
- Government regulations and policies play a significant role in shaping the food service packaging market. Ongoing and future regulations related to food safety, packaging materials, recycling, and waste management will impact the industry. Compliance with these regulations, as well as potential incentives or penalties, will influence the choice of packaging materials and practices adopted by manufacturers and suppliers.
- Continued advancements in packaging technologies will shape the future of the food service packaging market. This includes the development of intelligent packaging with enhanced functionalities, such as temperature monitoring, freshness indicators, and interactive features. Additionally, advancements in barrier properties, antimicrobial coatings, and smart labeling will contribute to packaging innovation and improved product shelf life.
- Changing consumer preferences and behaviors will drive the evolution of the food service packaging market. Factors such as convenience, health consciousness, on-the-go lifestyles, and a preference for sustainable options will influence the demand for specific packaging formats, materials, and designs.
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Challenges hindering the market growth
- The increasing focus on environmental sustainability poses a challenge for the food service packaging market. Single-use packaging generates significant waste, leading to environmental pollution and resource depletion. The industry must address these concerns by developing and adopting more sustainable packaging solutions, such as biodegradable or compostable materials, without compromising functionality and cost-effectiveness.
- The food service packaging market is subject to various regulations and standards related to food safety, labeling, and packaging materials. Adhering to these regulations can be complex and costly for manufacturers and suppliers, particularly when operating across different jurisdictions with varying requirements. Compliance challenges can hinder growth and innovation within the industry.
How competition influences the market
Key companies in the market are investing in R&D to manufacture good quality products. Competing businesses strive to introduce unique features, materials, designs, and functionalities to meet evolving customer demands. This drive for innovation leads to a continuous improvement of products, creating a diverse range of options for food service providers and consumers. Moreover, mergers and acquisitions are the strategies being adopted by key market players. For instance, in 2021, Imperial Dade acquired Cosgrove Enterprises.
Companies are investing heavily in research and development for the betterment of the product used in food packaging. Also, the development of edible packaging on the back of environmental concerns is gaining traction and seeking manufacturers’ attention.
Mergers and acquisitions are go-to strategies for market titans. For instance, in 2021, Imperial Dade acquired Cosgrove Enterprises. This acquisition will help the company to strengthen its position as a distributor of specialty products in food packaging. With this acquisition, the company will strengthen its position in the US markets.
Key Companies Profiled
- Huhtamaki Oyj
- Amcor Plc
- Genpak LLC
- Linpac Packaging
- Pactiv LLC
- D&W Fine Pack
- Sealed Air Corporation
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Segmentation of Food Service Packaging Industry Research
- By Product Type:
- Plates
- Shallow Trays
- Cups
- Bowls
- Bottles
- Cans
- Single Serve Portion Packs
- Clamshell Containers (Hinge Lid Containers)
- Two Piece Containers (Separate Lid Containers)
- Others (Foil, Paper, and Pouches)
- By Packaging Material:
- Polyethylene Terephthalate (PET, PETE, PETG, or polyester)
- High Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Aluminum
- Clay Coated Cardboard
- Molded Fiber
- By Fabrication Type:
- Thermoforming-based
- Die Cutting-based
- Injection Molding-based
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Plant Based Packaging Market Outlook: The global sales of plant-based packaging are expected to grow at 6.7% in 2021. However, the overall ten-year compound annual growth rate (CAGR) remains positive during 2021-2031.
Molded Pulp Clinical Packaging Market: Increasing consumers’ preference for eco-friendly and recyclable materials drives the growth of the market. Molded pulp packaging has become an attractive option due to the growing importance of sustainability.
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