New York, United States , Jan. 24, 2024 (GLOBE NEWSWIRE) -- The Global Food Service Packaging Market Size to Grow from USD 86.3 Billion in 2022 to USD 122.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period.
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Food Service Packaging such as the increased desire for convenience, hectic lifestyles, and the expanding trend of eating out or ordering food all have an impact on packaging. Packaging materials on the market include paper and paperboard, plastic, metal, and glass. Sustainability is a major concern in this industry. To reduce their environmental impact, more consumers and businesses are opting for eco-friendly and biodegradable packaging. It's heartening to see the industry adopting more environmentally friendly practises. Regulations are also crucial, with authorities concerned with food safety and the impact of packing materials on health. As a result, packing technologies and materials have advanced to meet these stringent standards.
Food Service Packaging Market Value Chain Analysis
Manufacturers take raw materials and turn them into finished commodities. This stage includes moulding, printing, and shaping. Manufacturers must adhere to industry standards and regulations. Following the creation of the packaging, it is distributed to various food service sector organisations. Distributors handle logistics and ensure that packaging reaches the next stages of the value chain. Following the creation of the packaging, it is distributed to various food service sector organisations. Distributors handle logistics and ensure that packaging reaches the next stages of the value chain. Restaurants, fast-food chains, and other food service enterprises use packaging. They usually have particular packaging requirements that take branding, functionality, and sustainability into mind.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the “Global Food Service Packaging Market Size Product (Paper and Paperboard, Flexible, Rigid, Others), Application (Beverages, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, Others), By Region, And Segment Forecasts, By Geographic Scope And Forecast 2022 to 2032.”
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Insights by Product
Flexible packaging segment accounted for the largest market share over the forecast period 2023 to 2032. Because of its lightweight and convenient design, flexible packaging is widely used. Its attractiveness arises from its ease of storage, transportation, and handling for both customers and food service organisations. Laminated films and pouches are examples of flexible packaging materials with outstanding barrier properties. This extends the shelf life of perishable foods, decreases food waste, and keeps products fresher for longer. Producing and transporting flexible packaging materials is typically less expensive. Their light weight reduces shipping costs, and their flexibility allows for the most efficient use of storage space, making them economically beneficial to organisations. Flexible packaging is versatile and can be utilised in a wide range of food service applications, including snack pouches, stand-up pouches for sauces, and flexible films.
Insights by Application
Baked goods segment accounted for the largest market share over the forecast period 2023 to 2032. Baked foods are in high demand due to their charm and adaptability. Consumers usually demand a range of baked items for both everyday and special occasions, such as bread, pastries, cakes, and cookies. The baked goods industry comprises a wide array of items that allow for distinction and appeal to a wide range of tastes and preferences. The variety of baked goods available, from artisanal bread to specialist pastries, contributes to the segment's expansion. The rising popularity of artisanal and premium baked goods has contributed to the segment's growth. Consumers are willing to pay a premium for high-quality, handcrafted items, resulting in an increase in specialty bakeries and premium baked goods offerings.
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Insights by Region
North America is anticipated to dominate the Food Service Packaging Market from 2023 to 2032. A hectic lifestyle, the prevalence of takeaway and delivery services, and the cultural preference for dining out all contribute to market size and growth. The fast-paced culture of North America contributes to a strong need for convenient eating options. As a result, single-use packaging has become more prevalent in takeaway, ready-to-eat meals, and on-the-go snacks. The increased popularity of online food delivery services has had a substantial impact on the food service packaging industry. Packaging that keeps food fresh and safe throughout transit is crucial, presenting package manufacturers with both opportunities and challenges. Consumer food and, by extension, packaging choices are being influenced by a growing emphasis on health and well-being.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032. With a large and expanding population, there is a high need for food service packaging, which is fueled by factors such as increased urbanisation and changing lifestyles. Rapid urbanisation has led in changes in lifestyle and food habits in Asia-Pacific countries. The shift to hectic lives and an expanding middle class has increased demand for convenient and on-the-go food options, necessitating the development of effective packaging solutions. The diverse cultures and cuisines of Asia-Pacific contribute to a wide range of food service packaging requirements. Packaging needs vary by country and area, based on the type of food, eating habits, and cultural preferences.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key Players In the Global Food Service Packaging Market International Paper Company, Westrock Company, Amcor Limited, The Dow Chemical Company, Bemis Company, Inc, Sealed Air Corporation, Reynolds Group Holding Limited, DS Smith Plc., and Other Key Vendors.
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Recent Market Developments
- In March 2022, Evergreen Packaging International LLC, a wholly-owned subsidiary of Pactiv Evergreen Inc., has completed the sale of a 50% share in Naturepak Beverage Packaging Co. Ltd. to Elopak ASA affiliates.
Major players in the market
- International Paper Company
- Westrock Company
- Amcor Limited
- The Dow Chemical Company
- Bemis Company, Inc
- Sealed Air Corporation
- Reynolds Group Holding Limited
- DS Smith Plc.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Food Service Packaging Market, Product Analysis
- Paper and Paperboard
- Flexible
- Rigid
- Others
Food Service Packaging Market, Application Analysis
- Beverages
- Fruits and Vegetables
- Bakery and Confectionery
- Dairy Products
- Others
Food Service Packaging Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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