Demand for Environment-friendly Packing Materials Translates into Revenue Opportunities for Compostable Foodservice Packaging Market: XploreMR
Compostable Foodservice Packaging Market Research Report
As forecasted by XploreMR in a recent market study, the global compostable foodservice packaging market is on a positive growth trajectory during the forecast period (2019 - 2029).
The market growth is primarily driven by growing awareness regarding the adverse environmental effects of plastic, which is asserting industries and consumers to seek alternatives.
Foodservice industry, which is known for using high amounts of plastic, is one of the industries focusing on reducing the carbon footprint and improving waste management.
On this premise, compostable foodservice packaging has been identified as the befitting alternative and has been on a rise over the recent years.
Rising Demand for Environmental-Friendly Materials from Foodservice Establishments Drives Market Growth
Numerous foodservice establishments, which previously provided only dine-in options are gradually expanding their services to delivery and catering to cater to the fast-paced lifestyles of consumers.
As the restaurants focus on procuring suitable packaging materials that comply with environmental and waste management laws, the compostable foodservice packaging market is receiving significant impetus from the food industry.
Furthermore, the burgeoning demand for environment-friendly materials is complemented by research activities to develop new forms of compostable packaging from natural raw materials.
On these lines, straws and cups produced from seaweed, and bowls made from mushroom are gaining significant traction from end-users.
Additionally, quick-service restaurants (QSRs) are creating demand for high-value disposable items to maintain the temperature of food and reduce the leakage or spillage, thereby contributing to the market growth of compostable foodservice packaging.
Environmental Benefits Over Plastic Invigorates Adoption in Food Industry
The compostable foodservice packaging market is anticipated to gain significant traction on the back of stringent waste management policies across numerous countries, which are restricting the use of plastic.
As compostable packaging products are produced from plant-based material, they can easily decompose along with good waste, thus giving it a high ground over plastic materials.
As the waste from restaurants, home deliveries, and catering increases year-on-year, players in the food industry are gradually turning towards the compostable material.
The compostable packaging does not consume petroleum during production, and is produced completely from organic matter and contains zero plastic in it, thus making it an ideal choice for usage in the food industry.
Moreover, the depletion of fossil-based resources for manufacturing plastic materials is creating opportunities for market stakeholders.
The 'grab-and-go' and 'ready-to-eat' trends - which exhibits inclination towards packed food - among end-users are also catalyzing the market growth.
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