Food Service Packaging Market to be Altered amid Global COVID-19 Crisis

Pune, India, April 2020, MRFR Press Release: Market Research Future has published a Half-Cooked Research Report on the Global Food Service Packaging Market.

Market Overview

The rise in takeout culture is estimated to benefit the food service packaging market in 2023. The packaging & transport industry reports are produced by Market Research Future, which highlights market options for expansion.  A 9.18% CAGR is estimated to boost the market in the approaching period.The Food Service Packaging Market Size reached USD 45.10 Billion in 2023. Predictions indicate a significant surge, with the industry expected to climb from USD 49.86 Billion in 2024 to a whopping USD 100.7 Billion by 2032. This trajectory suggests a robust compound annual growth rate (CAGR) of 9.18% throughout the forecast span (2024 - 2032).

The increased popularity and use of the food service apps are expected to promote the development of the food service packaging market in the coming years. The emphasis placed on appropriate food packaging is estimated to transform the food service packaging market share in the future. The escalation in demand for processed and ready to eat packaged food is estimated to guide the expansion of the food service packaging market.

Segmental Analysis

The segmental evaluation of the food service packaging market is carried out on the basis of product, application, and region. Based on the product, the food service packaging market is segmented into rigid packaging, paper and pouches, flexible packaging, bags, and others. Based on the application, the food service packaging market is segmented into dairy products, fruits and vegetables, baked goods, and others. By regions, the food service packaging market is segmented into Europe, North America, APAC, and the rest of the regions.

Detailed

Regional Analysis

The regional assessment of the food service packaging market consists of regions like Europe, North America, APAC, and the rest of the regions. The regional market of the Asia-Pacific is anticipated to develop with the maximum rate in the food service packaging market, due to the escalating urbanization in the mounting nations. The speedily altering consumer preference for prepackaged products and the boost in the implementation of takeaways from restaurants by customers, is leading to the expansion of the APAC region. The North American regional market is controlling the food service packaging market due to the presence of huge customer source for packaged food.   The U.S. is estimated to be a key contributor to the food service packaging market.

Competitive Analysis

The market is in a state of flux due to the rapid and severe changes in the global economy. The market players are taking the steps that are necessary to ensure that the market survives the turbulent period and emerge recovered in the future. The fortification of the human resource is estimated to be the critical point being addressed in these times of uncertainty. The rebooting of manufacturing activities is another strategic aspect that is being emphasized to ensure that the supply of the end product can be reasonably ensured to the users in the market. The support of the administration in countries around the world is estimated to have a significant impact on the development of the market in the upcoming period. The revamping of distribution channels is also expected in the coming years with a particular focus on using robots for the logistic function on a larger scale than before.

The noteworthy contenders in the food service packaging market are segmented into Ball Corporation (U.S.), BWAY Corporation (U.S.), Greif Incorporated (U.S.), Ampac Packaging LLC (U.S.), Letica Corporation (U.S.), Amcor Limited (Australia), Bemis Company Incorporated (U.S.), Crown Holdings Incorporated (U.S.), Rock-Tenn Company (U.S.) and others.

Industry Updates:

Apr 2020 Eco-Products, a foodservice packaging solutions supplier, has launched a sustainable option to meat and produce trays. The unique compostable offering is prepared from sugarcane and is intended to wrap up any food item that requires being stored in a freezer or refrigerator. It can be used by food processors & grocery stores, which are planning to make use of compostable packaging options. The trays are resistant to grease and cuts and are also microwave-friendly and available in diverse sizes.Get Full Information about this Report: Food Service Packaging Industry