Market Research Report
Food Service Packaging Market to 2027 - Global Analysis and Forecasts By Material ; Packaging Type ; Application
|Published by||The Insight Partners||Product code||925025|
|Published||Content info||190 Pages
Delivery time: 1-2 business days
|Food Service Packaging Market to 2027 - Global Analysis and Forecasts By Material ; Packaging Type ; Application|
|Published: January 31, 2020||Content info: 190 Pages||
The global food service packaging market was valued at US$ 63,605.3 Mn in 2018 and is projected to be worth US$ 100,715.0 Mn by 2027, growing at a CAGR of 5.3% during the forecast period. The food service packaging includes the packaging for all kinds of food products such as fruits & vegetables, dairy products, confectionery, convenience food, among others. The objective of food packaging is to preserve food for an extended period. The increase in demand processed and ready-to-eat packaged food has raised the need for sustainable food packaging products. It includes various materials such as plastics, metals, and paperboard. Increasing the number of food service outlets such as hotels, restaurants, cafes, and their takeaway facilities are also supporting the growth of food service packaging market.
Based on the packaging type, the food service packaging market has been segmented into flexible and rigid. The rigid packaging segment of food service packaging market consists of cans, bottles, jars, ampules, plastic pots, aerosol containers, tins, trays, cups, bowls, and aluminum bottles, which are used to pack and store different food and beverage items. These containers give physical protection to the food, which is not offered by flexible packaging. These containers are robust due to the amount of material utilized for their production. The rigid containers provide an airtight hermetic seal, which helps in preserving the food item from contamination. All these benefits offered by rigid packaging is expected to drive the growth of food service packaging market. The rigid packaging includes glass, metal, wooden boxes, paperboard, pottery pots and jars, and plastic bottles, jars, and tubes. These are used to preserve meats, fish, fruits, syrup, fruit juices, tomatoes, and vegetables dried food items as well as perishable food products. Paperboard, including molded paper packaging, food board, corrugated cardboard, are also used to store food items. Rising demand for pre-prepared food from the end-users is increasing the production of rigid containers, thus supporting the growth of the food service packaging market.
North America is expected to be the fastest-growing food service packaging market in the coming years. North America has led to a highly competitive market regarding technological developments. Factors such as the utilization of automation and amendments in food safety regulations by FDI are propelling the growth of the North American food industry, which in turn is expected to influence the food service packaging market during the forecast period. Associations and committees established in North America for the food & beverage sector take care of every aspect of food production, preserving, testing, quality control, packaging, labeling, and more. The FDA (Food and Drug Administration) is charged to control and manage food safety. These factors are again helping to boost the growth of the food service packaging market in North America. Although Asia-Pacific holds the largest share in the global food service packaging market, the region is projected to grow at a moderate CAGR during the forecast period.
Some of the players present in the global food service packaging market are Amcor plc., Ball Corporation, Berry Global, Inc., Dow Inc., DS Smith PLC, Genpak LLC, Huhtamaki Oyj, Reynolds Group Holdings Limited, Sealed Air Corporation, and WestRock Company.
The overall global food service packaging market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the food service packaging market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the food service packaging market.
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, 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.