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Compostable Foodservice Packaging Market Trends

Report ID: GMI6297
Published Date: Jul 2023
Report Format: PDF

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Compostable Foodservice Packaging Market Trends

Increasing popularity of sustainable solutions in packaging to meet the growing environmental awareness among consumers will have favorable impact on the industry expansion. The surging concerns about waste along with the greater desire for more eco-friendly practices have made way for the heightened demand for sustainable packaging solutions. In Jan 2021, Nestle’s Smarties brand started employing recyclable paper for the packaging of its confectionery products worldwide, in an attempt to remove nearly 250 million plastic packs sold every year across the globe. The rising influx of refillable and reusable packaging options will also add to the market growth.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of compostable foodservice packaging was valued at USD 17.8 billion in 2022 and is anticipated to witness 5% CAGR from 2023 to 2032, due to the surging levels of environmental concerns coupled with the rising greenhouse gas emissions on account of improper packaging practices.

The plastic material segment recorded 45% of the market share in 2022, driven by the rising popularity of bio-plastics from sources, such as sugar beets and seaweed.

North America market size reached USD 6.7 billion in 2022 and is expected to record significant expansion through 2032, owing to the surging awareness of environmental issues in the region.

Some of the prominent industry players include Anchor Packaging Inc., Eco-Products, Inc., Genpak, BioBag Americas, Inc., Graphic Packaging International, LLC, Berry Global, Novolex, Dart Container Corporation, and Biogas Americas Inc.