In terms of volume, a CAGR of 6.9% has been slated for the global food service packaging market throughout the forecast period (2017-2026), according to a new Fact.MR report. Worldwide sales of food service packaging are poised to account for over US$ 170,000 Mn revenues by 2026-end.
With surging health-consciousness among consumers across the globe, numerous commercial as well as non-commercial foodservice outlets, with healthy and nutritious meal offerings, have emerged since the recent past, enabling consumers in curbing their calorie intake. This is further creating the need for efficient & effective packaging solutions in the foodservice settings. Additionally, changing consumer demand patterns regarding food packaging, growing preference for ready-to-eat foods, and increasing emphasis on utilization of convenient packaging have fuelled demand for foodservice packaging. Players in the food service packaging market have been introducing innovative packaging solutions for takeaway & home delivery food. These players have been implementing many innovations in food service packaging that include compostable and biodegradable packaging. In the recent past, corrugated packaging has gained huge traction in the foodservice sector on the back of their thermal properties, prevention of food products from releases & spills, and the ability of retaining freshness of food for extended duration. Many players in the market have also commenced introducing sustainable foodservice packaging solutions, meanwhile constantly investing in R&D activities associated with recyclable & reusable packaging materials.
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9 Key Future Projections of Food Service Packaging Market for the Forecast Period 2017-2026 (In Terms of Volume)
North America will continue to hold the largest market share, with sales pegged to exceed 15,500 ‘000 tons by 2026-end. Sales of food service packaging products in North America are set to exhibit the highest CAGR through 2026.
Food service packaging sales in Europe and Asia-Pacific excluding Japan (APEJ) are expected to account for nearly similar shares of the market by 2026-end. However, sales in APEJ will record a relatively faster growth than those in Europe through 2026.
On the basis of product type, plates will remain dominant in the market, succeeded by cups. Sales of these two food service packaging products are collectively estimated to exceed 21,000 ‘000 tons by 2026-end.
The market shares of bowls and shallow trays among products are poised to remain approximately equal by 2026-end. In addition, clamshell containers are likely to prevail as fast-selling products in the market.
Among packaging materials, polyethylene terephthalate (PET, PETE, PETG or polyester) is expected to retain its largest share of the market during the forecast period. However, sales of aluminum and molded fiber are set to record a relatively faster growth in the market through 2026.
Polypropylene and clay-coated cardboard are expected to register a parallel sales growth through 2026. Demand for these two packaging materials will witness a slight decline between 2017 and 2026.
Foodservice outlets will continue to be the most lucrative application of foodservice packaging. Food service packaging will also record significant sales for application in alcoholic beverages and takeaway meals during the forecast period.
Alcoholic beverages and ready-to-drink beverages will remain fast-expanding applications of foodservice packaging.
Thermoforming is anticipated to remain preferred among fabrication type for foodservice packaging, followed by die cutting.
Fact.MR’s report has listed key players that are fuelling expansion of the global food service packaging market, which include DS Smith, WestRock Company, Smurfit Kappa Group, Stanpac Inc., Sealed Air Corporation, D&W Fine Pack, Pactiv LLC, Linpac Packaging, Genpak, LLC, and Huhtamaki Oyj.
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