Report : Food Service Packaging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material (Plastic, Metal, and Others), Packaging Type (Flexible and Rigid), and Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, and Others)
According to our latest market study on “Food Service Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Plastic, Metal, and Others), Packaging Type (Flexible and Rigid), and Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, and Others)” the market was valued at US$ 86,372.08 million in 2021 and is projected to reach US$ 129,728.93 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
Food service packaging products are used for the service or packaging of prepared foods and drinks. These products are made from materials such as plastic, metal, paper, and glass. The plastic segment held the largest share in the global food service packaging market in 2020. There is a high demand for different food service packaging products from eat-in or takeaway foodservice establishments and home delivery. Players operating in the food service packaging market are constantly focusing on strategies such as mergers & acquisitions and expansion to expand their footprints.
The adoption of fresh and nutritious ready-to-cook meals is increasing, which is boosting the demand for easy-to-cook packaging. Due to time constraints faced by the individuals, ready-to-cook meals help the masses to manage their eating time. Further, continuous demand for frozen, processed & semi-processed food items with higher nutritional values by individuals is helping the food packaging manufacturers increase their production capacity of packaging products for diversified product categories.
Graphic Packaging International, LLC; Amcor PLC; Cambay Technopack Private Limited; Huhtamaki Global; AR Packaging; WestRock Company; Genpak, LLC; Vegware Ltd; BeGreen Packaging; and Stora Enso are among the major players operating in the global food service packaging market. Market players focus on providing high-quality products to fulfill customer demand.
The COVID-19 pandemic disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. The pandemic caused supply chain disruptions in key packaging materials. Social distancing policies enforced the closure of restaurants, bars, and clubs. Widespread travel bans and the closure of institutes and companies have hit associated food service operators.
There has been an increase in hygiene consciousness about food and packaging among consumers. With the outbreak of COVID-19, people have avoided direct contact with restaurants and preferred online delivery systems, which has created a demand for different food service packaging products. As the economies started reviving their operations in 2021, the demand for various food service packaging products rose for different applications. The growing use of food service packaging products in restaurants, cafes, and clubs is expected to offer more growth opportunities for the food service packaging market during the forecast period.
The global food service packaging market, by material, is segmented into plastic, metal, and others. Based on packaging type, the global market is segmented into flexible and rigid. Based on application, the global market is segmented into beverages, prepared meals, fruits and vegetables, bakery and confectionery, dairy products, and others. By geography, the global food service packaging market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.
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