Food Service Packaging Market detailed analysis worth US$ 129,728.93 million by 2028
Posted by Prabha Mahajan on September 29th, 2022
The scope of our recent study on the "Food Service Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Plastic, Metal, and Others), Packaging Type (Flexible and Rigid), and Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, and Others)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The food service packaging market was valued at US$ 86,372.08 million in 2021 and is projected to reach US$ 129,728.93 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.
Packaging plays an important role in maintaining quality and keeping food safe during handling and transportation. Food service packaging helps protect the food products from contamination caused by microorganisms, air, and moisture. Bowls, plates, cups, clamshells, and wraps are some of the food service packaging products. The food service packaging market serves the food service industry, which consists of offline and online food service stores.
The demand for food packaging is increasing at a high rate owing to, rising consumer interest towards consumption of fresh products with an extended shelf-life and controlled quality. This factor helps the food packaging manufacturers to design and develop new & safe packaging products. On another side, a rising population of the different regions, puts extra pressure on food production sectors to adopt enhanced food packaging solution to reduce food wastage.
Further, continuous rise in demand for frozen, processed & semi-processed food items by the individuals with higher nutritional values, is supporting the food packaging manufacturers to increase their production capacity of packaging products for diversified product categories.
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The report segmentation of Food Service Packaging Market as follows:
Based on packaging type, the global market is segmented into flexible and rigid. The flexible segment held a larger share of the global market in 2020. Flexible packaging is one of the growing packaging types in the packaging industry. It can be molded into any shape such as bag, liner, pouch, or overwrap as per the food item. It is used in consumer, institutional, and industrial applications to protect the food products.
The global market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global food service packaging market in 2020. In Asia Pacific, rapid infrastructure growth, including new airports and expressways in the region, has given scope to various fast food chains to set up their outlets. Additionally, the growing online food ordering is also creating a huge demand for different food service packaging products in the region. Changing consumer dynamics and increasing market proliferation of brands in India are boosting the food services sector's growth. All the factors mentioned above are contributing to the food service packaging market growth in the region.
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About the AuthorPrabha Mahajan
Joined: September 26th, 2022
Articles Posted: 158
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