News:Global Food Service Packaging Market is estimated to reach USD 110.4 Billion by 2027
Food Service Packaging Market: Summary
The Global Food Service Packaging Market is estimated to reach USD 110.4 Billion by 2027 at a CAGR of 4.7 %, says forencis research (FSR).
Food service packaging is used to pack the prepared food or sold for out-of-home consumption and is known for being diversified in the packaging industry. It includes fast food outlets, self-service cafeterias, restaurants, cafés, bistros, ethnic restaurants of every style, hotels of all classes, and motels. Packaging plays a vital role in maintaining food quality and safety during handling and transportation. The foodservice packaging serves both online and offline service stores that serves the number of people all over the globe.
Food Service Packaging Market: Drivers & Restraints
Market Drivers:
- Increasing Demand for Convenience Foods
The increasing demand for convenience foods attributes to it requires less energy and less time. Moreover, the aspects that consumers look for convenience foods are packaging, ease to use, nutritional value, safety, variety, and product appeal. Over the past few years, the demand for prepared food has grown dramatically. In the recent survey done by Food and Agriculture Organization(FAO), World Bank, and International Household Survey Network, the food consumption and expenditure were increased by the 27–41%. Thus the increasing convenience foods will increase in the demand of foodservice packaging market during the forecast period.
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- Changing Lifestyle
With the rapidly changing lifestyle, the food habits among the people are also changed. Thus, it directly helps to drive the global foodservice packaging market. Many of the families are leaving in the nuclear setup and most of the family members do not have sufficient time to cook the food. Despite the modern cooking devices, the consumers depend on ready-to-cook (RTC) food as it took less time to consume.
Above mentioned factors are expected to drive the demand of the foodservice packaging market, globally during the forecast period.
Market Restraints:
- Stringent Government Regulations
Increasing demand for convenience food has led to boost the foodservice packaging market, but it also increases the solid waste streams and poses environmental challenges. Thus most of the countries banned the use of plastic in the food packaging. For Instance, The US government prohibited the use of polystyrene foam in foodservice businesses, owing to it declared as a hazardous substance by the Food and Drug Administration.
This is considered a major threat to humans, wildlife, marine life, food supply, and environmental this may negatively influence the foodservice packaging market growth in the near future.
Food Service Packaging Market: Key Segments
- Key Segments by Material Type Include: Plastics, Metals, Paper and Paperboard, Glass
- Key Segments by Packaging Type Include: Trays, Bags, Boxes, Cans, Cartons, and Others
- Key Segments by Application Include: Fruits & Vegetables, Bakery & Confectionery, Beverages, Poultry & Seafood, Dairy Products, and Others
- Key Regions Covered Include: North America, Europe, Asia-Pacific, Middle East & Africa, and South America with individual country-level analysis.
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Food Service Packaging Market: Report Scope
The report on the food service packaging market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features
Specifics
Historical/Estimated/Forecasted Market Size Years
2018–2027
Base Year for Market Calculation
2019
Forecasted Period
2020–2027 (2020 estimated year, forecasted up to 2027)
Measured Units
Value (USD Million) Volume (Units)
Segments Included
Material Type, Packaging Type, Application and Region
Regional Coverage
Asia-Pacific, North America, Europe, Middle East & Africa, and South America
Key Companies Covered
- Amcor plc (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Genpak, LLC
- Huhtamäki Oyj
- Bemis Company, Inc.
- WestRock Company
- BALL CORPORATION
- Sealed Air
- Reynolds
- Berry Global Inc.
- DS Smith
- Other Key Companies
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Food Service Packaging Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Food Service Packaging Market, by Material Type
- Plastics
- Metals
- Paper and Paperboard
- Glass
Food Service Packaging Market, by Packaging Type
- Trays
- Bags
- Boxes
- Cans
- Cartons
- Others
Food Service Packaging Market, by Application
- Fruits & Vegetables
- Bakery & Confectionery
- Beverages
- Poultry & Seafood
- Dairy Products
- Others
Food Service Packaging Market, by Region
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Content
1 Introduction
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 Competitive Landscape
7 Company Profiles
8 Appendix
About Forencis Research
Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.
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