New York, May 04, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published the latest research study on Food Service Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Plastic, Metal, and Others), Packaging Type (Flexible and Rigid), Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, and Others), and Geography. The growth of the market during the forecast period is attributed to proliferation in production capacity of packaging products and the change in customer preferences for high-quality and standard products. The report highlights key factors driving the market and prominent players along with their developments in the market.
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| Report Coverage | Details |
| Market Size Value in | US$ 86,372.08 Million in 2021 |
| Market Size Value by | US$ 129,728.93 Million by 2028 |
| Growth rate | CAGR of 5.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. Tables | 84 |
| No. of Charts & Figures | 79 |
| Historical data available | Yes |
| Segments covered | Material, Packaging Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Food Service Packaging Market: Competition Landscape
Graphic Packaging International, LLC; Amcor PLC; Cambay Technopack Private Limited; Huhtamaki Global; AR Packaging; WestRock Company; Genpak, LLC; Vegware Ltd; BeGreen Packaging; and Stora Enso are among the major players operating in the global foodservice packaging market. Market players focus on providing high-quality products to fulfill customer demand.
Key Developments:
- In 2021, Amcor announced to build two new state-of-the-art innovation centers. Building two new sites in Asia and Europe to expand the global network complements the company's existing innovation centers in North America.
- In 2020, Genpak, LLC added Harvest Fiber Oval Bowls to the Harvest Fiber line of sustainable packaging. They are perfect for grab' n go and take-out applications.
- In 2021, Huhtamaki completed the asset acquisition of Jiangsu Hihio-Art Packaging Co. Ltd. Jiangsu Hihio-Art Packaging Co. Ltd offers paper bags, trays, wraps, and folding carton packaging in China.
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In 2020, Asia Pacific held the largest share of the global foodservice packaging market. Factors contributing to the market growth in the region are the growing number of fast-food chains in the region and the rising disposable income of people. China and India are some of the major countries in the Asia Pacific for the market. In India, the growth of the foodservice industry is driven by rising income levels, urbanization, and nuclearization. The growing foodservice industry in India is creating a huge demand for different foodservice packaging products, thereby driving the foodservice packaging market.
Changing Customer Preferences for High-Quality and Standard Products
The food packaging industry is transforming at a constant rate, driven by changing packaging technology, disposal regulations, and market acceptability. Food packaging plays an essential role in ensuring the safety of individuals. To extend the product's shelf life and make it safer for the consumers, the design of food packaging continues to transform with substantial scientific and technological progress. The advancements made in food safety and packaging solutions have raised the level of efficiency, convenience, and sustainability. Additionally, manufacturers approach to modifying the packaging materials.
Food Service Packaging Market: Segmental Overview
Based on material, the market is segmented into plastic, metal, and others. The plastic segment held the largest share in the global market in 2020. Polyethylene terephthalate (PET), recycled polyethylene terephthalate (RPET), polypropylene (PP), polystyrene (PS), and expanded polystyrene (EPS) are the most commonly used plastics in foodservice packaging. The plastic packaging can survive in extreme environments, and it does not easily degrade in hot temperatures.
Based on packaging type, the foodservice packaging market is segmented into flexible and rigid. The flexible segment held a larger share in the global foodservice packaging market in 2020. Flexible packaging stands at the frontline in terms of packaging design, production, and consumer convenience, along with sustainability, which positively influences the consumer, environment, and businesses. Flexible packaging offers several cost benefits to manufacturers, retailers, and consumers.
The global foodservice packaging market is highly competitive owing to the presence of several regional and global players. Players compete with each other based on product quality and prices.
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Impact of COVID-19 Pandemic on Food Service Packaging Market
Before the COVID-19 pandemic, the foodservice packaging products market was mainly driven by a high demand for packaging products from quick-service restaurants and a rise in consumer preferences for on-the-go consumption. However, the COVID-19 pandemic caused significant economic losses across the globe. The pandemic led to temporary effects on the operational efficiencies of various industries. The foodservice packaging market also experienced the adverse effects of the pandemic in 2020. The pandemic negatively impacted the demand for foodservice packaging products due to social distancing policies and the closure of restaurants and cafes.
Various economies across the globe have started reviving their operations. With this, the demand for single-use packaging, containers with anti-microbial additives, or packaging that reduces human handling is growing.
In 2021, Asia Pacific held the largest share of the global foodservice packaging market. The food service packaging market in the Asia Pacific is driven by rising in the number of food chains in the region, a rise in disposable income of individuals, a growing preference for fast food services, etc. factors.
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The global foodservice packaging market is primarily driven by the proliferation in the production capacity of packaging products and changing customer preferences for high-quality and standard products.
The plastic segment held the largest share of the global foodservice packaging market in 2021. Plastic packaging is preferred in the food service industry as it is lightweight. Furthermore, the plastic packaging products used in food packaging are easy to transport.
Asia Pacific is estimated to register the fastest CAGR in the global foodservice packaging market over the forecast period. Rapid infrastructure growth, including new airports and expressways in the region, has given scope to various food chains to set up their outlets, creating demand for the foodservice packaging in the region.
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