A recently developed analytical research study of XploreMR estimates the global sales of foodservices packaging to exceed US$ 170,000 Mn by 2026-end. Growth of the foodservice packaging market can be attributed to increasing number of non-commercial as well as commercial foodservice outlets that offer nutrition-rich and healthy food, enabling consumers to keep their calorie intake in check.
The requirement for effective packaging solutions among foodservice outlets is on the rise, in light of key aspects that range from rising emphasis on convenient, and changing food packaging patterns influenced by consumer demand, to growing inclination toward ready-to-eat food products.
According to the study, North America continues to remain the leading market for foodservice packaging, attributed in part to robust demand from relevant service outlets in the U.S. Another aspect driving demand for foodservice packaging in the region, is rising preference for processed & packaged food products owing to the hectic and busy regimes of consumers. Recent years have witnessed a remarkable rise in food delivery services by providers, which has significantly contributed to growth of the foodservice packaging market in North America.
Stakeholders Continue to Focus on Development of Sustainable Solutions
The study finds that leading vendors in the foodservice packaging market are focusing on the development of innovative products that are compliant with sustainability goals of the industry. Novel products have been introduced by the foodservice packaging market players, particularly for home delivery and takeaway foodservice providers.
Corrugated packaging has gained tremendous traction among end-users and manufacturers alike, in light of its relatively better thermal properties, prevention of food spills and leakage, and ability to retain freshness for extended duration. Key players operating in the foodservice packaging market have also been working on the development of various sustainable packaging products, alongside their efforts toward reusable and recyclable packaging materials.
The study opines that polyethylene terephthalate (PET) will continue to be the preferred material of choice for the production of foodservice packaging solutions. Comparatively lower cost and greater thermoforming convenience of PET are further adding to their attractiveness for manufacturing foodservice packaging products. Demand for high-density polyethylene (HDPE) will also remain significant for the production of foodservice packaging solutions, owing to their improved moisture and temperature resistance.
The landscape of the foodservice packaging continues witness significant transformations in distribution channels, with a remarkable growth in online sales in recent years which have furthered driven the sales tamper-evident packaging. A key consumer trend influencing sales of foodservice packaging is a palpable uptick in the off-site sales. Growing number of foodservice establishments are providing catering and delivery options for increasing their sales, while attracting the time-crunched and on-the-go consumers.
The study also finds that the focus of stakeholders in the foodservice packaging market is increasingly directed toward performance improvement, which can be leveraged by the foodservice brands for attracting more consumers while easily retaining the existing ones. Compostable packaging solutions are one of the key offerings of the stakeholders which have gained utter popularity in the recent past, abreast the growing focus on reducing the abuse of plastic packaging on the environment.
This XploreMR study offer a long-term outlook of the foodservice packaging market for the period between 2017 and 2026. The foodservice packaging market is envisaged to record a CAGR of approximately 7% through 2026.