Food Service Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Plastic, Metal, and Others), Packaging Type (Flexible and Rigid), and Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery

Food Service Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Plastic, Metal, and Others), Packaging Type (Flexible and Rigid), and Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, and Others)

The food service packaging market was valued at US$ 86,372.08 million in 2021 and is projected to reach US$ 129,728.93 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.

Food service packaging includes products such as bowls, plates, cups, clamshells, and wraps. These products are highly used in different foodservice establishments such as restaurants, schools, offices, hospitals, sports arenas, and quick-service outlets. Food service packaging is hygienic, safe, convenient, lightweight, and easy to store. These products enable people to enjoy food and drink on the go, at work, or at home. Foodservice packaging products are produced in a sterile environment to adhere to strict food contact regulations. The food service packaging market is segmented based on material, packaging type, application, and geography. The food service packaging market mainly serves the food service industry, consisting of offline and online food service stores serving a huge number of people worldwide. The market for food service packaging products is mainly driven by the proliferation in the production capacity of packaging products. Moreover, the growing preference for ready-to-eat food products is driving the demand for foodservice packaging. The evolving online food ordering market in various countries across the globe will offer more opportunities for the growth of the food service packaging market during the forecast period. However, the complicated nature of the supply chain business is expected to restrain the growth of the food service packaging market during the forecast period.

Based on application, the global market has been segmented into beverages, prepared meals, fruits and vegetables, bakery and confectionery, dairy products, and others. The prepared meals segment held the largest share in the global market in 2020. The packaging products for prepared meals are made from bio-based and biodegradable plastic and aluminum materials. Tray sealing, thermoforming, stand-up pouches, retort packaging & pouches, self-heating tins, and stretch films are used for prepared meals.

In 2020, Asia Pacific held the largest revenue share of the global food service packaging market. The food service packaging market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Major factors driving the food service packaging market in the Asia Pacific region are the rise in the number of fast food chains in the region, the increase in disposable income of individuals, and the rise in preference for fast food services. Rapid infrastructure growth, such as the construction of new airports and expressways in the region, has provided opportunities for various fast food chains to set up their outlets. This is creating demand for food service packaging. The convenience offered by the online food ordering platforms is resulting in growing online food ordering in the region, creating a huge demand for different food service packaging products such as trays, containers, and bags. The growing food service industry in India is creating a huge demand for different food service packaging products. Further, the growing mobile food service, such as the food trucks industry, in the region on the back of the rising penetration of quick-service restaurants is expected to create demand for different food service packaging products.

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 food service packaging market. Players operating in the global food service packaging market are constantly focusing on strategies such as investments in research and development activities, new product launches, and mergers & acquisitions. Market players focus on providing high-quality products to fulfill customer demand.

The size of the overall global food service packaging market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the food service packaging market.

Reasons to Buy

Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global food service packaging market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.