Major Upsurge in the Demand for Food Service Packaging Likely to Push Global Revenues during 2017 to
The report projects the global market for foodservice packaging to ride on an impressive 7.5% CAGR through the forecast period (2017-2026)
[UKPRwire, Fri Aug 16 2019] Fact.MR has compiled a new report on the global foodservice packaging market. The report projects the global market for foodservice packaging to ride on an impressive 7.5% CAGR through the forecast period (2017-2026), in terms of value. Over 54,000 ‘000 tons of foodservice packaging products are likely to be sold across the globe by 2026-end.
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With growing health-consciousness among consumers worldwide, a large number of commercial and non-commercial foodservice outlets that serve healthy and nutritious meals have emerged over the past few years, helping consumers in curtailing their calorie intake. This has further created the need for effective packaging in these foodservice outlets. In addition, growing preference for ready-to-eat food, changing consumer demand patterns regarding food packaging, and rising emphasis on use of convenient packaging have driven the demand for foodservice packaging. Vendors in the foodservice packaging market are introducing innovative packaging products for takeaway and home delivery food. These vendors are implementing several innovations in foodservice packaging such as compostable packaging and biodegradable packaging. Recently, corrugated packaging has gained immense traction in the foodservice industry on the back of its thermal properties, the ability to retain freshness of food products for extended duration, and preventing food from releases & spills. Additionally, many players have started introducing sustainable packaging products, meanwhile continuously working on recyclable and reusable packaging materials.
North America to Remain Fast-expanding market for Foodservice Packaging
Despite mature state of foodservice packaging market in North America, the industry demand continues to witness expansion, mainly driven by high demand from foodservice settings in the U.S. Hectic and busy lifestyle of people in North America has led them to opt for ready-to-go and convenient food. In addition, proliferation in home deliveries of food products by various foodservice outlets has further created demand for food service packaging in the region. North America will prevail as the fast-expanding and the most remunerative market for foodservice packaging.
Relatively lower cost and thermoforming benefits of polyethylene terephthalate (PET, PETE, PETG or polyester) has made it the most lucrative packaging material in the market. Revenues from PET will account for the largest market share during the forecast period, in terms of value. In addition, demand for high density polyethylene (HDPE) and polyvinyl chloride will also remain significant among foodservice packaging industries on the back of their properties such as high temperature-resistance and prevention of food products from moisture.
The global market for foodservice packaging is extremely fragmented in nature, owing to the presence of a larger number of large and small vendors. The occupancy of multiple market players has created challenges for players in retaining customer’s loyalty. Vendors in this heterogeneous market are competing in terms of packaging innovation, pricing strategy, and quality. High intensity of competition between players has led them to provide customized solutions and services along with attractive loyalty-based offers for retaining high-value customers. Key foodservice packaging companies supporting the market expansion include Huhtamaki Oyj, Genpak, LLC, Linpac Packaging, Pactiv LLC, D&W Fine Pack, Sealed Air Corporation, Stanpac Inc., Smurfit Kappa Group, WestRock Company, and DS Smith.
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