Food Service Packaging Market to Exceed 84.33 Billion USD by 2022
Food Service Packaging Market by Material (Plastic, Metal), Packaging Type (Flexible, Rigid, Paper & Paperboard), Application (Alcoholic Beverages, Non-alcoholic Beverages, Fruits & Vegetables, Bakery & Confectionery) - Global Forecast to 2022
Northbrook, IL -- (SBWire) -- 03/16/2018 --The global food service packaging market is projected to witness decent growth in the next few years due to the changes in consumer demand patterns. The growth in demand for ready-to-eat food, quick service restaurants, and the popularity of using convenient packaging are driving the demand for food service packaging.
"Non-alcoholic beverage segment to gain maximum traction during the forecast period"
The non-alcoholic beverage sector is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the increase in the consumption of energy drinks, fruit juices, and soft drinks. Additionally, the growth in demand for food from quick service restaurants, fast food outlets, and hotels has fostered the demand for food service packaging in a variety of segments.
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"Flexible packaging segment projected to be the fastest-growing during the forecast period"
On the basis of packaging type, the flexible segment is projected to grow at the highest CAGR from 2017 to 2022. This growth can be attributed to its cost effectiveness, easy recyclability, and flexibility to pack any type of food products.
"Asia-Pacific region accounted for the largest market share in the food service packaging market"
In 2016, the Asia-Pacific region contributed a major market share in the global food service packaging market. It is also projected to register the highest growth from 2017 to 2022, while India is projected to be fastest-growing country-level market in the region for the food service packaging market. North America is projected to grow at the second-highest rate between 2017 and 2022, with the U.S. registering the highest growth rate in the region. Emerging economies such as UAE, Brazil, Saudi Arabia, and other countries in the Middle East are projected to grow at moderate CAGRs between 2017 and 2022.
The global market for the food service packaging markets is dominated by major players of the packaging industry. Amcor Limited (Australia), The Dow Chemical Company (U.S.), Bemis Company, Inc (U.S.), WestRock Company (U.S.), Sealed Air Corporation (U.S.), International Paper Company (U.S.), Reynolds Group Holding Limited (New Zealand), DS Smith Plc (U.K.), Huhtamaki Oyj (Finland) Berry Plastic Corporation (U.S.), Ball Corporation (U.S.), Genpak, LLC (U.S.), Dart Product Europe Limited (U.K.), Anchor Packaging Inc. (U.S.), Vegware Ltd. (U.K.), Sabert Corporation (U.S.), Union packaging (U.S.), Fabri-Kal (U.S.), Excellent Packaging & Supply (U.S.), BSI Biodegradable Solution (Canada), ISAP Packaging SPA (Italy), Landon Bio Packaging (U.K.),Hefei Hengxin Environmental Science & Technology Co., Ltd (China), King Yuan Fu Packaging Co., Ltd. (Taiwan), and Bionatic GMBH & Co. Kg (Germany) are the leading manufacturers operating in the food service packaging market. These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the key strategies adopted by the market players to achieve growth in the food service packaging market.
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