Market Research Report
Compostable Foodservice Packaging - Global Market Outlook (2018-2027)
|Published by||Stratistics Market Research Consulting||Product code||911713|
|Published||Content info||168 Pages
Delivery time: 2-3 business days
|Compostable Foodservice Packaging - Global Market Outlook (2018-2027)|
|Published: September 1, 2019||Content info: 168 Pages||
According to Stratistics MRC, the Global Compostable Foodservice Packaging Market is accounted for $16.70 million in 2018 and is expected to reach $30.96 million by 2027 growing at a CAGR of 7.1% during the forecast period. Some of the key factors influencing the market growth include rising awareness regarding the ill-effects of single-use plastics and various materials on the environment and surging adoption of foodservice disposables. However, high price of compostable materials for packaging is restraining the market growth.
Compostable foodservice packaging was identified as a feasible solution. With 'sustainability' and 'zero-waste' gaining traction, compostable items made of plant-based material that can decompose along with food waste, and turn into compost continue to gain the attention of foodservice industry. Compostable packaging does not require petroleum during production, as it is made completely from organic matter and has no plastic in it.
Based on the material type, Poly Lactic Acid (PLA) is a non-toxic, compostable bio based material derived from starch and/or sugar and has high mechanical strength and plasticity. It is accepted as GRAS (Generally Recognized as Safe) by the Food and Drug Administration (FDA) and suitable for using in food and beverage packaging. PLA is primarily obtained from lactic acid which can be produced from renewable substances such as potato, wheat and corn starch. By Geography, Asia-Pacific is expected to grow at the significant rate over the forecast period owing to a large population as well rising awareness among the consumers.
Some of the key players in global Compostable Foodservice Packaging market are Cereplast Inc., Biosphere Industries LLC, Penley Corporation, Anchor Packaging, Eco Products Inc., Genpak, BioBag Canada Inc., International Paper Company, The Waddington Group, Dart Container, Good Start Packaging, Be Green Packaging, Eco-Packaging and Huhtamaki.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.