$62.46 Billion Sustainable Foodservice Packaging Markets – Global Growth, Trends, COVID-19 Impact, and Forecasts Report 2021-2026 – ResearchAndMarkets.com | Financial Buzz

$62.46 Billion Sustainable Foodservice Packaging Markets – Global Growth, Trends, COVID-19 Impact, and Forecasts Report 2021-2026 – ResearchAndMarkets.com

The “Sustainable Foodservice Packaging Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The sustainable foodservice packaging market was valued at USD 62.46 billion in 2020, at a CAGR of 5.3% over the forecast period of 2021 – 2026.

The increase in concern for environmental impacts caused by these plastic containers among the food service industries, which is leading to multiple companies use recycled materials for food services, will drive the market in the forecast period.

The increase in the growth of the urban population has increased the demand for prepared and ready to eat food products, which has a significant impact demand of the foodservice packaging market, thus increasing the demand for sustainable food services packaging solutions, thus driving the market in the forecast period.

Moreover, In the United Kingdom, Just Eat PLC reported that the household expenditure on takeaways increased from GBP 10.1 billion in 2017 to GBP 10.4 billion in 2018, and is further expected to reach GBP 11.2 billion by 2021.

An increase in stringent rules and regulations from the governments for adhering to quality standards is hindering the market growth.

For Instance, Winpak is continuously exhibiting its innovations. For example, they are incorporating more than 40% renewable energy in their manufacturing process of food packaging products. More than 40% of their rigid packaging is recyclable and reusable. More than 40% of their packaging converter films are already recycled before used in foodservice packaging.

However, the high recycling cost for the materials used for the sustainable foodservice packaging might hinder the growth of the market.

Key Market Trends

Online Food Ordering Services will Drive the Market in the Forecast Period

  • Factors such as rise in frequency of online food ordering and take away foodservice will drive the sustainable foodservice packaging market due to the massive use of the food packaging products like plastic containers and trays, corrugated boxes, and others.
  • In the major regions, urbanization, changing in lifestyle, coping with fast-paced work life, and dependence on online food platforms are rapidly changing the dynamics of the foodservice industry, which in return has increased the demand for sustainable foodservice packaging solutions.
  • Moreover, the recent trend and changing consumer preferences for intelligent packaging solutions that can improve safety and convenience, extend product life, and monitor freshness, have also contributed to the growing demand for sustainable food packaging solutions.
  • The market size of sustainable packaging, as well as the incremental usage of paper, plastic, glass, metal and other packaging materials as sustainable packaging materials, are changing the consumers’ buying habits that make the environment eco-friendly.

Asia-Pacific Accounts for the Largest Market Share

  • Owing to the presence of densely populated and emerging economies, such as Southeast Asian countries, China, and India, Asia-Pacific is expected to witness growth recording the highest CAGR.
  • China accounts for the most significant share in the market, owing to its comparatively higher food consumption. The presence of a more dense population and a similar rise in the consumption of fast food delivery and take away service are augmenting the maturity of the which in return there has been a focus on sustainable foodservice packaging solutions that will drive the market in the forecast period.
  • Moreover, in Australia, people spend nearly 32% of their household food budget on eating out and fast food, and the average fast food meal contains about half of an adult’s recommended daily energy intake. Subway, KFC, Hungry Jack’s, Domino’s, Pizza Hut are some of the prominent QRSs in the country that is witnessing rapid growth in food ordering and take away food service businesses, which in return has lead to the growth of sustainable foodservice packaging in the region.

Competitive Landscape

The sustainable foodservice packaging is fragmented, as the major share of the market is still dominated by multiple major players. With new innovation in sustainable foodservice packaging and market demand, the market is being attractive for the new players.

Some of the key players in the market are Amcor Limited, Sealed Air Corporation, International Paper, Berry Global Inc., Amcor ltd., WestRock Company, among others.

Companies Mentioned

  • Amcor Limited
  • Mondi Group
  • Sealed Air Corporation
  • Tetra Pak International SA
  • Winpak Limited
  • Bemis Company Inc.
  • Huhtamaki Packaging and labeling company
  • DowDuPont
  • Crown Holdings Incorporated
  • Sonoco Products Company
  • WestRock Company
  • Sonoco Packaging
  • International Paper Company
  • Dart Container

For more information about this report visit https://www.researchandmarkets.com/r/3ivftv

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