Global Foodservice Packaging Market to Reach $31,458.4 Million by 2025
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Persistence Market Research (PMR), New York, N.Y., USA, has published a new research report titled FoodService Packaging Market: Global Industry Analysis and Forecast 2017 - 2025. The report states that food service packaging is expected to witness an increment in its demand due to the growing number of fast food chains across the globe and the inclination of consumers towards quick food services.
An upsurge in the overall consumption of products across the globe has factored the price hikes on packaged goods. Diversity in demand for packaging solutions comes to play a key role for classifying the products on the basis of their function in protecting the goods and their appearance-enhancing attributes.
The global packaging industry remains at the cusp of miscellany with a wide range of packaging formats congregated across multiple applications. Due to this, the global food service packaging market is expected to witness a CAGR of 5.3% over the course of the forecast period.
Consumers across the globe are gradually concerned about hygiene related to the packaging of their food and are opting for food products that are convenient to carry. A large chunk of foodservice disposables are a one-time use and recyclable. Furthermore, these are most cost effective compared with non-disposable foodservice products. The aforementioned properties are boosting the adoption of foodservice disposables by food service operators. Disposable foodservice products are lightweight and can hold both hot and cold beverages and food, which is further expected to fuel market growth.
Due to the growing number of food chains in the Asia Pacific region, the demand for food service packaging is also expected to rise at a substantial rate. The growth of the market in the region can also be attributed to the growing disposable income of people in the region and also their inclination towards fast food services.
The sedentary and hectic lifestyle of people in the region has also impacted their eating habits, thus impelling them to order food online or order a takeaway from restaurants. As a result, the demand for food service packaging has risen substantially and is expected to stay the same in the coming years.
The companies operating in the market are focusing on product differentiation and quality enhancement to retain their consumer base. The run to make the products attractive and hygienic is impelling manufacturers to invest in structured R&D initiatives.
Some of the companies operating in the global foodservice packaging market are Dart Container Corp., Georgia-Pacific, Anchor Packaging, D&W Fine Pack, Gold Plast, Berry Global Group, and DOpla S.p.A.
