According to the report, global food service packaging market was valued at approximately USD 61.45 billion in 2017 and is expected to generate revenue of around USD 89.98 billion by the end of 2024, growing at a CAGR of around 5.6% between 2017 and 2024.
New York, NY, June 20, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Food Service Packaging Market by Material (Plastic, Metal, and Others), by Type (Paper & Paperboard, Flexible Plastic, Rigid Plastic, Beverages Cans and Others), and by Application (Meat & Poultry, Beverages, Dairy Products, Fruits & Vegetables, Bakery & Confectionery and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global food service packaging market was valued at approximately USD 61.45 billion in 2017 and is expected to generate revenue of around USD 89.98 billion by the end of 2024, growing at a CAGR of around 5.6% between 2017 and 2024.
Food service packaging is a type of packaging, used by food service outlets, which can be either single-use food service or sometimes can be re-packed and used again. The increase in consumption of healthy food provided by various foodservice outlets has led to the demand for the packaging of the food products in these outlets. The food service market serves the widespread 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.
Browse through 54 Tables & 31 Figures spread over 110 Pages and in-depth TOC on “Global Food Service Packaging Market by Material Type, Size, Share, Industry Trends, Applications, and Forecast, 2017 – 2024”.
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The global food service packaging market is segregated on the basis of material, type, and application. The material segment is divided into plastic, metal, and others. The plastic segment, in 2017, held over 40% of the total revenue share of the food service packaging market. For food packaging, plastics can be used with various innovations in packaging designs. For instance, use of plastic packaging in modified atmospheric packaging helps the product to sustain its freshness by catching reduced-oxygen air mixture. The type segment includes paper & paperboard, flexible plastic, rigid plastic, beverage cans, and others. The paper & paperboard segment held approximately 33.5% in 2017 and expected to account for 34% of the market revenue share in 2023. Paper & paperboard are printable and have physical properties which enable them to be made into the flexible and rigid packaging. Due to these properties, there is an increase in demand for paper & paperboard across the globe. Paper & paperboard segment is followed by flexible plastic segment. Flexible plastic has one of the most widespread applications in packaging, used as primary packaging for products such as confectionery, bakery products, dry dog and cat food, disposable paper products, frozen food, snacks, pasta, and rice. This drives the growth of the flexible plastic market segment. Based on application, the market is segmented into meat & poultry products, dairy products, beverages, fruits & vegetables, bakery & confectionery, and others. The meat & poultry segment dominated in the global food service packaging market due to increasing environmental concerns regarding harmful effects of packaging wastes. Growing demand for the development of biodegradable and recyclable packaging material such as bio-based polymers has also anticipated the growth of meat and poultry packaging market globally.
North America exports a lot of food to various parts of the world. U.S. exports various food products around the world such as dairy products to China and fresh fruits and vegetables to Saudi Arabia. This increasing demand for transportation across long distances is creating a need to prolong shelf life to unprecedented levels. The increasing distances between manufacturing sites and end users require packaging to increase its levels of endurance and protective abilities. Therefore, factors such as demand for longer shelf life, expansion of multinational companies to emerging markets and new innovative packaging technologies are expected to drive the growth of food service packaging market in North America.
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In 2017, Europe accounted for the dominant share of approximately 33% of the total revenue share among all the regions. Rapidly changing consumer preference from frozen food products to packaged food and increase in a number of consumers preferring off-the-shelf packaged food has driven the market in this region. Also, the European food and drink industry is the largest amongst the various countries in turnover with approximately 13 % of manufacturing turnover. The European food and drink packaging industries are subjected to various regulations, such as, food safety, food nutrition and health, food information, food innovation, export and import and environmental sustainability, due to which the quality of food is maintained which in turn increases the demand for packaged food products. Germany is the leading exporter of fresh food products market in the world. Therefore the demand for food packaging is more in Germany. Countries like UK, France, Spain, Russia, and Italy are expected to show a rapid growth in food service packaging market in this region.
Asia Pacific is anticipated to show highest CAGR in the forecast period, owing to the dynamic shift of the consumers in the consumption pattern of food and beverages from the traditional way to packaged foods. In emerging countries like India, the online delivery platform offers approximately 40% return on investment. This drives the growth of the market in various emerging countries of Asia Pacific. The Asia Pacific region has witnessed a transformational development in the packaged food industry over the years. Due to the changing lifestyles, increasing number of working professionals, growing inclination towards fast food and western culture and preference for ready to consume foods in countries such as China and India has driven the concept of packed and convenience foods in this region.
Browse the full “Food Service Packaging Market by Material (Plastic, Metal and Others), by Type (Paper & Paperboard, Flexible Plastic, Rigid Plastic, Beverages Cans and Others), and by Application (Meat & Poultry, Beverages, Dairy Products, Fruits & Vegetables, Bakery & Confectionery and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/food-service-packaging-market
The Middle East and Africa and Latin America are expected to witness a rapid growth in forecast period. Increase in the middle-class population and growth in economy due to urbanization has amplified the demand for packaged food. The increase in use of e-commerce has driven the growth of companies with the need for packaging. This also spurs the growth of the market in these regions.
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Some of the key players in the global food service packaging market are Golden Box Ltd., Huhtamaki OYJ, Genpak LLC, D&W Fine Pack, Linpac Packaging, Gold Plast SPA, Pactiv LLC, Smurfit Kappa Group, Stanpac Inc. and WestRock Company. Major players are frequently engaged in mergers and acquisitions with the companies that are already into food service packaging in particular regions for its growth worldwide.
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This report segments the global food service packaging market as follows:
Global Food Service Packaging Market: Material Segment Analysis
Global Food Service Packaging Market: Type Segment Analysis
- Paper & Paperboard
- Flexible Plastic
- Rigid Plastic
- Beverage Cans
Global Food Service Packaging Market: Application Segment Analysis
- Meat & Poultry Products
- Dairy Products
- Fruits & Vegetables
- Bakery & Confectionery
Global Food Service Packaging Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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