Over the past few years, the global packaging industry has improved significantly with the significant rise in sales of packaging containers and technologies. The need for packaging is gaining traction across various end-use industries such as healthcare, food & beverage, cosmetics etc. Packaging has turned out to be the most important element in the global economy which is expected to witness an impressive CAGR of above 4% over the forecast period.
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Growing demand for food & beverage market along with changing lifestyle has been instrumental in boosting overall demand packaging in the segment. Food & beverage accounts roughly 50% of the global consumer packaging industry, which in turn has boosted overall foodservice packaging market worldwide. Food service packaging involves two types of packaging namely primary packaging and secondary packaging. The level of packaging offers increased resistance from microbial contamination. Henceforth, preserves the food for longer period and reduces the product degradation. Foodservice packaging is expected to witness healthy growth over the forecast period.
Food Service Packaging Market: Dynamics
The growing trend of processed food has been increasing the demand of food service packaging market among the consumers. Furthermore, the manufacturers are more focused on the environmental attributes of containers which is driving the demands of products that can be recycled further. Henceforth, it leads to changing consumers preferences. The manufacturers focuses on expanding its global footprints in the packaging industry through various mergers/ acquisitions, is also expected to drive overall sales of foodservice packaging products.
Easy availability of raw materials such as polypropylene along with lower production cost has also boosted overall demand for food packaging across various end-use segments including restaurants. The trend is quite prominent in Asia Pacific. There has been a noted increase in overall units of restaurants in Asia Pacific. However, this trend is also visible in MEA especially GCC countries.
Although, the global food service packaging is gaining demand but is marked by constrain factors such as high presence of non–biodegradable plastics in packaging that could affect health and life of not only humans but other species too.
Food Service Packaging Market: Region-wise outlook
In terms of geography, the global food service packaging market has been divided into seven key regions including North America, Latin America, Eastern America, Western America, Asia-Pacific excluding Japan, Middle East & Africa and Japan. Asia-pacific is expected to dominate the food service packaging market owing to large pool of end-use consumer base along with increasing FDI influx in food sector particularly in China and India. Next, North America and Europe are expected to create substantial demand for food service packaging market. Factors such as adoption of regulatory trends by the government agencies are accumulating the demand for food service packaging market globally. Though North America and Europe accounts for significant market share worldwide, these regions are anticipated to lose market share by the end of forecast period. MEA and Latin America are expected to witness substantial growth, however, is expected to gain upward traction by the end of forecast period.
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Food Service Packaging Market: Key-Players
Major packaging companies are more focused in introducing new innovative products as a part of their marketing strategy.
Some of the market participants in the global food service packaging market are Stanpac, Kent paper, Biopac, Genpak, Bemis Company Incorporated, Berry Plastics Corporation, Novolex and Linpac Packaging Limited.
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