A gradual shift from the tradition of cooking food at home toward buying ready-to-eat food has increased the rate of online food ordering, globally. Foodservice packaging processes require much less energy, owing to the recycled material used for manufacturing. Studies have concluded that packed solutions come at a low price and occupy 35% less space in any retail sector. Furthermore, packaging solutions come with various striking graphics, which, in turn, helps in promoting a brand and increasing the merchantability of the product.
The foodservice packaging market is expected to witness a positive growth rate due to large sales in the food & beverage sector. Due to the busy schedule and lifestyle of people across the world, demand for easy and convenient products has been surging, which has led to the habit of consuming ready-made products. This, in turn, has increased demand for rigid and flexible packs, which has helped in reducing shipment costs.
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Key Takeaways from Global Foodservice Packaging Market Study
- Among the regions, Asia Pacific is expected to hold the largest share in the global foodservice packaging market by the end of forecast period, and is likely to witness the highest CAGR, owing to high population and rapid consumption of food through online delivery. Growth in the urban population and rising demand for ready-to-eat food are having a strong impact on the foodservice packaging market in the region.
- Flexible and rigid packaging solution manufacturers are investing in research & development to fulfil customer requirements. Manufactures are mainly focusing on paper package labeling, as paper labeling is a more convenient source of getting information about the food. However, the plastic sector is expected to hold the highest market share, and will show almost 1.5 times more percentile than paperboard by the end of 2030.
- Thermoforming sector is expected to hold the largest market share among all the sub-segments by 2030. However, it is apprehended that, the die-cutting segment will witness the highest CAGR through 2030.
- Though it is anticipated that the foodservice outlets segment will project the largest market share in 2030, the online food ordering segment is expected to experience the highest CAGR over the coming years. The latest trend of online food ordering has been identified as one of the major drivers for the growth of the foodservice packaging market.
- Amidst the COVID-19 pandemic, ordering takeaway and ready-to-eat food has surged, which bodes well for the growth of the global foodservice packaging market.
“Prominent players in the foodservice packaging market should focus on eco-friendly packaging solutions. This would count for sustainable & healthy growth, and help manufacturers run a long race. Further, key players have significant revenue generating opportunities in the coming years with the expansion of online food selling and delivery businesses, especially in the Asia Pacific region,” says a PMR analyst.
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Rising Consumer Demand for Pre-packed Food
Demand for pre-packed food continues to increase due to changing lifestyles of people and growing global population, which is fueling demand for paper bags in the foodservice sector. As many developing countries such as India, Mexico, Indonesia, Malaysia, etc., are rapidly industrializing and experiencing urbanization, rising demand for on-the-go meals is expected to fuel demand for paper bags for the foodservice market. The foodservice industry is focusing on trading, logistics, marketing, and consumer services, all of which are directly dependent on the quality of packaging of the food.
World trend toward pre-packed food and foodservice packaging has increased plastic production, and hence, a large number of retailers in the foodservice industry are focusing on packaging that is environment-friendly. Consumers are preferring takeaways, and growing ready-to-eat food consumption is boosting demand for foodservice packaging solutions, owing to changing lifestyles and increasing disposable income of people in the urban society. Moreover, regular work culture associated with the corporate world is leading to rising consumption of pre-packed food, which, in turn, is reinforcing demand for paper bags in the foodservice industry, thereby aiding the growth of the global foodservice packaging market.
Foodservice Packaging Market: Competition Analysis
PMR’s report underlines groundbreaking insights into the competitive scenario of the foodservice packaging market, along with highlights of differential strategies used by manufacturers. Some of the prominent players in the global foodservice packaging market include Dart Container Corporation, Georgia-Pacific LLC, Anchor Packaging Inc, Pactiv LLC, D&W Fine Pack, Gold Plast SPA, Berry Global Group Inc, DOpla SpA, Smurfit Kappa Group, WestRock Company, Huhtamäki Oyj, New WinCup Holdings, Inc., Linpac Packaging Ltd., Graphic Packaging Holding Company, Coveris Holdings SA, Novolex Holdings, Inc., Be Green Packaging, Genpak LLC, GRACZ, INC., Southern Champion Tray, LP, and others.
More Valuable Insights on Foodservice Packaging Market
Persistence Market Research released a new market research on the foodservice packaging market, covering global industry analysis of 2015-2019 and forecasts for 2020–2030.
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The foodservice packaging market study reveals compelling insights on the basis of product (plates, trays, cups, bowls, pizza boxes, straws, single-serve portion packs, clamshells, lids for cups, stirrers, cutlery-knives, forks, and spoons), material (aluminum, paperboard, molded fibers, plastic {polystyrene polypropylene, polyethylene, polyethylene terephthalate}, poly lactic acid, and wood), fabrication process (thermoforming, die-cutting, and injection molding), and end use (foodservice outlets, institutional foodservices, online food ordering), across five major regions.
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