Food Service Packaging Market Size Worth Around US$ 119 Bn by 2027
LOS ANGELES, April 17, 2020 /PRNewswire/ -- The global aseptic packaging market size is expected to worth around US$ 119 Bn by 2027 with registered CAGR of 10%.
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Food Service Packaging Market (By Product: Flexible Packaging, Rigid Packaging, Paper and Pouches, Bags, Others; By Material: Plastic, Metal, Others; By Packaging Type: Flexible, Rigid; By Application: Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
Food service packaging can be characterized as packaging of processed or half processed products, including fast meals, restaurants and more. The packaging promotes food hygiene prevents bacterial growth and helps to increase the shelf-life of the foodstuffs.
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Asia-Pacific Accounts for the Largest Market Demand
- Asia-Pacific is projected to witness growth at the highest CAGR owing to the emergence of densely populated and developing economies such as China, Southeast Asia, and India.
- In Australia, almost 32 % of their domestic expenses are spent on food and fast food, while the average fast food meal consists of around half of the required daily consumption of energy for an person. The subway, Pizza Hut, Hungry Jack, KFC are f the world's biggest corporate QRSs.
- The cohesion of the food service industry has been rapidly altered in major Indian towns and cities, where urbanisation has changed in the lifestyle, fast pace work life and reliance on online food platforms.
Food service outlets to increasingly use advanced packaging formats
Providers of food delivery provide a wide range of options, such as "fly home" and "take out" customers. It drives demand for food supplies around the globe. The growing population and urbanization of such types of foods is projected to gain popularity among millennial consumers. In addition, demand for foodservice products over during forecast period is expected to increase tremendously. Due to various lifestyle changes, increased disposable revenue and rapid urbanization particularly in developing countries, customer security and food preferences are on the increase. However, the corporate work climate that leads to household eating patterns through increases demand for readily available meals. Foodservice suppliers concentrate on offering quality functionality such as hot and cold control and fogging.
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Market dynamics
The growth of market is driven by the increased demand from end-use industries such as food, beverages and grocery stores, as well as the increasing demand for durable and recyclable products. Moreover, the increasing production of ready-to-eat products, the increasing use of compact packaging combined with growing trends of customer demand for food packaging are driving market growth. However, the extension of the offline food service shop and an online marketplace for a large number of people all over the world will further increase market growth.
The global food service packaging market has key players include are Chemical Company, Huhtamaki OYJ, Berry Global Inc., Amcor Limited, Bemis Company, Inc., Westrock Company, International Paper Company, Reynolds Group Holding, Ball Corporation, DS Smith PLC, Sealed Air Corporation, and others
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Key Developments
- In May 2019, Sealed Air Corporation has established a definite contract to buy for US$ 510 Mn in cash and debt-free automatic bagging systems from Automated Packaging System Inc., the leading manufacturer of highly efficient automated bagging systems.
- In April 2019, Amcor released its first packaging product Amite Ultra Recyclable made from the company's innovative and more sustainable polyolefin high-barrier material. The carbon footprint of a kit can be decreased by around 64%.
- In July 2019, Berry Land, Inc. Inc. Complete RPC Group Plc acquisition. Combining RPC and Berry, one of the world's largest plastic packaging firms, is a leading global provider of value-added safety solutions.
Key Target Audience:
- Foodservice Packaging manufacturer
- OEM's
- Traders, Distributors, and Suppliers
- Industry associations
- Research Institutes
- Raw material providers
- End Users
- Industry associations and experts
- Research organizations and consulting companies
Market Segmentation
Food Service Packaging Market By Product
- Flexible Packaging
- Rigid Packaging
- Paper and Pouches
- Bags
- Others
Food Service Packaging Market By Material
- Plastic
- Metal
- Others
Food Service Packaging Market By Packaging Type
- Flexible
- Rigid
Food Service Packaging Market By Application
- Beverages
- Prepared Meals
- Fruits and Vegetables
- Bakery and Confectionery
- Dairy Products
- Others
Food Service Packaging Market By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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