Market Research Report
Asia Pacific Food Service Packaging Market to 2027 - Regional Analysis and Forecasts by Material, Packaging Type, Application, and Country
|Published by||The Insight Partners||Product code||933064|
|Published||Content info||142 Pages
Delivery time: 1-2 business days
|Asia Pacific Food Service Packaging Market to 2027 - Regional Analysis and Forecasts by Material, Packaging Type, Application, and Country|
|Published: March 26, 2020||Content info: 142 Pages||
The food service packaging market in Asia Pacific was valued at US$ 20,922.5 million in 2018 and is expected to grow at a CAGR of 5.2% during 2019-2027 to reach US$ 32,969.7 million by 2027.
Consumers in this era are adopting packaged food items, including RTE and RTC food products, confectionaries, and many more. Most of these products are packaged in plastic packs or a combination of paper and plastic packets, which is further influencing the market for food service packaging. The food packaging industry is transforming at a constant rate, driven by changing packaging technology, disposal regulations, and market acceptability. The design of food packaging continues to transform with substantial scientific and technological progress to extend the shelf life of the product and make it safer for the consumers as well.
Based on material, the food service packaging market in APAC is segmented into plastic, metal, and others. In 2018, the plastic segment held the largest share of the food service packaging market in APAC. Plastic packaging is a flexible form of packaging, which allows food service providers to customize its shape, style, and size as per their customers' requirements. Plastic packaging is preferred in the food service industry as it is light-weight and does not require a lot of storage space. Furthermore, the plastic packaging products used in food packaging are easy to transport. Owing to its properties such as highly durable and resistant to external influences, it helps to preserve the packaged food products. The plastic packaging can survive in extreme environments, and it does not easily degrade in hot temperatures, and therefore maintain the integrity and taste of the food and beverages. It also protects the products from moisture, oxygen, dust, light, and odors.
Based on packaging type, the food service packaging market in APAC is segmented into flexible and rigid. In 2018, the rigid packaging type held the largest share of the food service packaging market in APAC. The rigid packaging 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 provide physical protection to the packed food. These containers are robust in nature due to the type of material used for their production. The rigid containers provide airtight hermetic seal that helps in preserving the food item from contamination. However, they are expensive than flexible packaging.
Based on application, the food service packaging market in APAC is segmented into beverages, fruits and vegetables, bakery and confectionery, dairy products, and others. In 2018, the beverages segment held the largest share of the food service packaging market in APAC. The beverages industry is amongst the front-liners, where huge and significant investments are made for business expansion and technological modification. The packaging of both carbonated and non-carbonated beverages is a challenging technological branch in a food processing/packaging industry. The changing scenario of the beverage industry is driven by dynamic consumer preferences, and endless innovations in packages have transformed the scope for packaging industry exponentially. Innovations in material-based systems on intelligent packaging for beverages is propelling the growth of beverage packing.
The food service packaging market in APAC is further segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. In 2018, China held the largest share of the food service packaging market in APAC, followed by India. According to a report of EU SME Centre for The Food & Beverage Market in China, China remains the world's largest consumer market for food and beverage products, surpassing the US in 2011. The exporters in this sector garner opportunities from products such as wine, dairy, pasta, beer, chocolate and high-end confectionery, pre-packaged biscuits and snacks, breakfast cereal, pasta sauces, coffee and meats, as well as baby food/infant formula. Trust in food safety, honesty of ingredients, and high-quality products are among the main reasons Chinese consumers buy imported F&B products, thus making China as one of the important importers of the packed food.
A few players present in the food service packaging market in APAC are Amcor plc; Ball Corporation; Berry Global, Inc.; Dow Inc.; DS Smith PLC, Huhtamaki Oyj; Reynolds Group Holding; Sealed Air Corporation; and WestRock Company.
The overall food service packaging market size in APAC has been derived using both primary and secondary sources. 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 in Asia Pacific. 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 food service packaging.
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 Asia Pacific 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.