Foodservice Packaging Market Forecast to 2028

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The catering packaging market was valued at $86,372. 08 million in 2021 and is expected to reach 129,728 USD. 93 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.

New York, June 10, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Food Service Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Material, Packaging Type, and Application” – https:// www.reportlinker.com/p06279437/?utm_source=GNW
Catering packaging includes products such as bowls, plates, cups, shells and wraps. These products are widely used in different catering establishments such as restaurants, schools, offices, hospitals, sports arenas and fast food outlets.

Catering packaging is hygienic, safe, practical, lightweight and easy to store. These products allow people to enjoy food and drink on the go, at work or at home.

Foodservice packaging products are manufactured in a sterile environment to meet strict food contact regulations. The catering packaging market is segmented on the basis of material, type of packaging, application and geography.

The catering packaging market primarily serves the catering industry, which consists of offline and online catering stores serving a large number of people globally. The catering packaging products market is mainly driven by the proliferation of packaging products production capacity. Additionally, the growing preference for ready-to-eat food products is driving the demand for catering packaging. The developments in the online food ordering market in various countries around the world will provide more opportunities for the growth of the foodservice packaging market over the forecast period. However, the complicated nature of the supply chain business is expected to restrain the growth of the foodservice packaging market over the forecast period.

On the basis of application, the global market has been segmented into Beverages, Ready Meals, Fruits & Vegetables, Bakery & Confectionery, Dairy, and Others. The prepared meals segment held the largest share of the global market in 2020.

Ready meal packaging products are made from bio-based and biodegradable plastic and aluminum materials. Tray sealing, thermoforming, stand-up pouches, autoclave wraps and pouches, self-heating boxes and stretch wrap are used for ready meals.

In 2020, Asia-Pacific held the largest revenue share of the global foodservice packaging market. The Asia-Pacific foodservice packaging market is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia-Pacific.

The major factors driving the foodservice packaging market in the Asia-Pacific region are increasing number of fast food chains in the region, increasing disposable income of individuals and increasing preference for fast food services. The rapid growth of infrastructure, such as the construction of new airports and highways in the region, has enabled various fast food chains to set up their outlets.

This creates a demand for catering packaging. The convenience offered by online food ordering platforms is driving an increase in online food ordering in the region, creating a huge demand for different catering packaging products such as trays, containers, and bags.

The growing catering industry in India is creating a huge demand for different catering packaging products. In addition, the growth of mobile food services, such as the food truck industry, in the region, due to the increasing penetration of quick service restaurants, is expected to create demand for different food service packaging products.

Graphic Packaging International, LLC; Amcor PLC; Cambay Technopack Private Limited; Huhtamaki Global; AR packaging; WestRock Corporation; Genpak, LLC; Vegware Ltd; BeGreen Packaging; and Stora Enso are some of the major players operating in the global foodservice packaging market. The players operating in the global foodservice packaging market constantly focus on strategies such as investments in research and development activities, new product launches, and mergers and acquisitions.

Market players are focusing on providing high quality products to meet customer demand.

The global global foodservice packaging market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Additionally, several primary interviews were conducted with industry participants to validate the data and gain more analytical insights on the topic. Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants such as evaluation, research analysts and key opinion leaders, specializing in the foodservice packaging market.
Read the full report: https://www.reportlinker.com/p06279437/?utm_source=GNW

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