Report : Food Service Packaging Market to 2027 - Global Analysis and Forecasts By Material (Plastic, Metal, Others); Packaging Type (Flexible and Rigid); Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, Others)
Changing customer preferences for high-quality and standard products is projected to escalate the food service packaging market at a CAGR of 5.3%
Latest market study on "Global Food Service Packaging Market to 2027 - Analysis and Forecasts by Material (Plastic, Metal, Others); Packaging Type (Flexible and Rigid); Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, Others)", The global food service packaging market is accounted to US$ 63,605.3 Mn in 2018 and is expected to grow at a CAGR of 5.3% during the forecast period 2019 - 2027, to account to 100,715.0 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
In 2018, under the material segment, the others segment accounted for the largest share in the global food service packaging market. Other types of food service packaging include paper, glass, and others. The glass material is made up of various natural, sustainable raw materials. It is one of the most preferred packaging material used to preserve the preserve and maintain the integrity of food & beverages. Due to its zero rate of chemical interactions, nonporous and impermeable, and 100% recyclable & reused properties, glass is a widely used packaging material and is considered "generally recognized as safe" (GRAS) by the U.S. FDA. Whereas, paper as a material is used among numerous quick-service restaurants or fast food restaurants such as McDonald's Corporation, Dominos, and more. Different types of paper-based packaging are used, including plant-based paper packaging, paper carrier bags, and paper sheet bags, stand up pouch, paper cups, and paper containers. Due to growing concern towards environment balance and healthy life of individuals, the use of disposable, flexible, compostable, and outer packaging is gaining high momentum.
Packaging plays an essential role in maintaining quality and keeping food safe during handling and transportation. Food service packaging offers a marketing medium to the food service providers and helps improve customer satisfaction levels as well as information transmission. Food contact materials and food packaging are essential to provide consumers worldwide with safe and nutritious food. It protects the food products from contamination caused by microorganisms, air, and moisture, and helps catalytic activity in fresh food. The food service packaging market serves the food service industry, consisting of offline as well as online food service stores that are serving a huge number of people all over the world. Consumers in this era are adopting packaged food items, including RTE and RTC food products, confectionaries, and many more. Most of these products are packaged in plastic packs or a combination of paper & plastic packets, which is further influencing the market for food service packaging.
The market for global food service packaging is concentrated with some very well-established players. Some of the key players in the global food service packaging market include Amcor plc., Ball Corporation, Berry Global, Inc., Dow Inc., DS Smith PLC, Genpak LLC, Huhtamäki Oyj, Reynolds Group Holdings Limited , Sealed Air Corporation, WestRock Company, and among others.
Global Food Service Packaging Market - By Region Breakdown, 2018