Global Foodservice Packaging to Expand at a CAGR of 5.3% Through 2025
The global foodservice packaging market is forecasted to witness healthy growth during the forecast period (2017 to 2025), according to a new market study by XploreMR. The growth of the market is majorly attributed to rising concerns regarding the environment and pollution which are asserting consumers to seek eco-friendly alternatives. Furthermore, market players are adopting novel technologies to reduce costs associated with the production of sustainable packaging solutions. Leveraging consumer demand, manufacturers are opting for alternatives to plastic packaging and are increasing the availability of single-use packaging solutions.
On this premise, newly introduced intuitive dispensing systems are finding significant adoption. Along similar lines, the introduction of sustainable dispensing systems aids in the elimination of wastage associated with cutlery pieces on the back of the adoption of conventional trays. Backed by the aforementioned facets, the global foodservice packaging market is forecasted to progress at an impressive CAGR of 5.3% through the assessment period.
Growing Adoption in Takeaway Foods Remains Crucial to Growth
In the recent past, the takeaway and drive-away culture in the foodservice sector has surged as a result of hectic lifestyles across the world. This has in turn created a demand for food packaging material, and the disposable packaging has been gaining remarkable traction. The rising demand for attributes such as cold-resistance, anti-fogging, and heat-resistance has also contributed to the growth of the market.
Likewise, the expansion of online food delivery has also been a major influence on the growth of the packaging sector in the food industry. Along similar lines, expansion of multinational quick-service restaurants is also boosting demand for disposable packaging over the labor force for cleaning and maintenance. Such factors will continue to fuel the growth of the foodservice packaging market.
Compostable Foodservice Packaging Segment Metamorphoses into a Million Dollar Segment
Introduction of compostable foodservice packaging has been a game-changer to the food-service packaging market and is bestowing a plethora of revenue opportunities to the stakeholders. Owing to increased awareness regarding the adverse environmental effects of plastic usage, the sales of compostable foodservice packaging are surging. On this premise, coupled with technological innovations, the compostable foodservice packaging segment has metamorphosed into a multi-million-dollar industry.
Expansion of quick-service restaurants (QSRs) globally coupled with surging adoption of foodservice disposables is also proving crucial in burgeoning the sales of compostable food packaging. On this premise, compostable trays and cups are expected to hold a sizable share of the manufacturers' bottom lines. Likewise, increased demand for pre-packed food coupled with a growing number of non-chain restaurants has also been fruitful to the global foodservice packaging market. Based on the end-use segment, food service outlets, which currently account for nearly half of market revenue will continue to channel the majority of market revenue, while online food ordering and institutional foodservice rise in value.
Competitive Landscape of Global Foodservice Packaging
Some of the major players operating in the market include Graphic Packaging Holding Company, Smurfit Kappa Group, Be Green Packaging, Southern Champion Tray, LP, Gold Plast SPA, Coveris Holdings S.A. and New WinCup Holdings, Inc. Market players are leveraging revenue opportunities created by an increasing number of QSRs and take-home food brands. Moreover, market players are adopting green packaging concepts to produce recyclable and compostable designs and are targeting stadiums and large cafeterias as potential end-use applications.
Growth of the global foodservice packaging will remain influenced by factors such as rising prevalence of convenient packaging products, changing consumer demand patterns associated with packaging, and increasing adoption of ready-to-eat food. This report, compiled by XploreMR, provides in-depth analysis of the global foodservice packaging market for the forecast period 2017-2026, offering key insights on the growth prospects of the market.
The scope of the XploreMR’s report is to analyze the global foodservice packaging market for the forecast period 2017-2026 and offer accurate and unbiased insights to the readers. Foodservice packaging manufacturers, suppliers, and stakeholders in the global industry can benefit from the analysis offered in this report.
In-depth analysis regarding the energy saving properties, usage benefits, and long-term maintenance is detailed in this report. The comprehensive study offers insights on various market drivers, trends, and challenges shaping the future of the market, serving as a platform for future study, interest and understanding for the leading industries, trade magazines and journals related to the global foodservice packaging market.
The report introduces the current scenario of the market for foodservice packaging. The executive summary section of the report offers information regarding the future scope of the global foodservice packaging market. Brief information on the vital aspects, facts, and statistics on the global foodservice packaging market is emphasized in this section.
This section offers an overview of the global foodservice packaging market. This section comprises definition of the product – foodservice packaging, along with key insights on dynamics playing an important role towards the growth of the market. The overview also includes market value and year-on-year growth defining the future progress and decline of the global foodservice packaging. Data on the year-on-year growth provides readers with an overall view on expected progress reshaping growth during the forecast period.
In the next section, the report provides insights on major drivers, key trends, and retrains on the basis of demand, supply and macro-economic factors. The report also talks about an impact analysis of drivers and restraints that helps in decision-making and becoming more efficient.
The report further provides information on various technological advancements in the global foodservice packaging market. Latest information and advancements regarding growth opportunities can prove to be beneficial for the leading manufacturers of foodservice packaging. With advancements in technology, keeping an eye on the latest trends and developments is important for foodservice packaging manufacturers to frame key business strategies. Key insights concerning the list of distributor, supply chain, cost structure, pricing analysis, and raw material sourcing, are also provided in this section of the report.
Considering the broad-scope of the global foodservice packaging market, the report offers in-depth insights on the forecast and segment-wise analysis. The foodservice packaging market has been segmented on the basis of fabrication type, application, packaging material, product type, and region. This sections offers segmentation analysis, along with a detailed country-wise forecast on all the parameters.
In the final section, the report offers information on the key competitors, along with a board view of the market players and company analysis. This competitive intelligence is based on the providers’ categories across the value chain, and their presence in the global foodservice packaging market.
XploreMR is committed to offer unbiased and independent market research solutions to its clients. Each market report of XploreMR is compiled after months of exhaustive research. We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
- Trade research
- Focused interviews
- Social media analysis
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