North America Compostable Foodservice Packaging Market is expected to reach US$ 6,139.42 Mn by 2027

PRESS RELEASE BY The Insight Partners 04 Feb 2021

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Advancement and Development in the Packaging Industry Escalate Compostable Foodservice Packaging Market Growth

According to our latest market study on “North America Compostable Foodservice Packaging Market Forecast to 2027 – COVID-19 Impact and Analysis – Packaging Type (Trays, Cups and Plates, Cutlery, Clamshell, Bowls, Pouches and Sachets and Others), Material (Paper and Paperboard, Compostable Plastic (Bio-Plastic) and Others)” the market was valued at US$ 4,051.36million in 2019 and is projected to reach US$ 6,139.42million by 2027; it is expected to grow at a CAGR of 5.5% from 2020to 2027.The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Compostable packaging materials are those materials which do not cause any harm to the environment and can easily compost under certain given conditions. These types of packaging materials are composed of organic matter and do not involve the use of fossil fuels in production. This serves as one of the potential benefit for the growth of the market as there is minimum or no need to create burden on fossil fuel. With the growth of foodservice industry along with rising inclination towards environment friendly packaging materials, the use of compostable packaging materials in foodservice has risen considerably. With the rising concerns towards depletion of natural resources coupled with growing focus towards environment sustainability and zero-waste, the use of compostable form of plant-based material is expected to gain traction in foodservice industry.

Packaging food materials ensure smooth logistics, also provides adequate product protection, and significantly influences consumer purchasing behaviour. Packaging, therefore, fulfils many different functions, plus it also meets an endless diversity of customer requirements. The recent increase in incomes in developed countries has led to a rise in living standards that includes significantly higher consumption of packaged foods. As a result, food safety guidelines have been more stringent than ever. Since packaging first became a “thing” on the internet of things, its role in the customer journey has extended far beyond the shelf. This has had a transformative effect in several ways, including smart packaging, which helps cut down food waste in complex, global supply chains. Technology is also improving the packaging industry. Advancements in plastic and paper chemistry now allow recycling to be more comfortable and more convenient than ever. Thus, advancement and development in the packaging industry have boosted the North American compostable foodservice packaging market in the forecast period.

Genpak, LLC, Good Start Packaging, Dart Container Corporation, Graphic Packaging International, LLC, WestRock Company, Be Green Packaging, Pactiv LLC, Anchor Packaging, Biobag Americas Inc., and ECO PRODUCTS INC. are among the well-established players in the North America   Compostable Foodservice Packaging market.

Impact of COVID-19 Pandemic on Compostable Foodservice Packaging Market

The US has the highest number of confirmed cases of COVID-19, as, compared to Canada and Mexico. This is likely to impact the chemical and material industry in the region as, due to the COVID-19, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.

The report includes the segmentation of the North America   Compostable Foodservice Packaging market as follows:

North America   Compostable Foodservice Packaging   Market, by Packaging Type
  • Trays
  • Cups and Plates
  • Cutlery
  • Clamshell
  • Bowls
  • Pouches and Sachets
  • Others
North America   Compostable Foodservice Packaging   Market, by Material
  • Paper and Paperboard
  • Compostable Plastic (Bio-Plastic)
  •  Other
North America   Compostable Foodservice Packaging    Market, by Country
  • US
  • Canada
  • Mexico
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