Food Service Packaging Market size is expected to depict a valuation of over USD 186 billion by 2030, as per a new research report announced by Global Market Insights Inc.
The reduced costs of food service packaging as the major driver augmenting the growth of the market. The rise in global population and the growing migration to urban locales have increased the popularity of processed food. This has led to an upsurge in the demand for efficient food service packages to ensure optimized consumption. The rising requirement to manufacture packages that reduce carbon footprint and are affordable as well will transform the industry outlook in the forthcoming years.
Increasing inclination toward sterilized packages to bolster the demand for metal packaging
On the basis of material, the report bifurcates the industry into plastic, metal, and paperboards. Amongst these, the metal segment is expected to record a revenue of more than USD 13 billion by 2030. The growth can be credited to the popularity of aluminium as the material of choice for home packaging and takeaways. Driven by increasing demand for sterilized packages, aluminium is used massively as it can be cooled and heated for sterilization.
Growing number of restaurant businesses will proliferate the demand for rigid packaging
With regards to the packaging type, the food service packaging market is segmented into flexible and rigid packaging. The report mentions that the rigid packaging segment will register a valuation of more than USD 120 billion by 2030. With the increasing number of restaurant businesses and at-scale usage in vegetable and fruit packaging, rigid packaging segment is poised to depict considerable growth. Rigid packages also have high protective properties and help retain the food’s original physical structure in rough conditions.
Browse key industry insights spread across 350 pages with 334 market data tables & 34 figures & charts from the report, “Food Service Packaging Market Size By Material (Plastic, Metal, Paperboards, Others), Packaging Type (Flexible Packaging, Rigid Packaging), Application (Foodservice Outlets, Institutional Food Services, Online Food Ordering), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing institutional foodservices to impel the need for food service packages
In terms of application, the food service packaging market is categorized into foodservice outlets, institutional foodservices, and online food ordering. Amongst these, the institutional foodservices segment will cross a valuation USD 18 billion by 2030, owing to the construction of large-sized institutions like schools, colleges, and others. The popularity of institutional foodservices can also be credited to rising disposable income across developing nations which has led to increasing purchasing power and reliance on convenience food for institutions.
Rising preference for sustainability to strengthen the demand for paper packaging in Europe
Europe food service packaging market size is anticipated to depict a valuation of more than USD 45 billion by 2030. The growing awareness of European nations about the use of paper packaging and restrictions on plastic packages by government bodies will foster regional industry growth. Rising customer mindfulness about using products with eco-friendly tags will also contribute to the industry expansion in Europe.
Acquisitions to define the competitive landscape of the industry
Some of the leading food service packaging manufacturers include Amcor plc, Sealed Air, Sonoco Products Company, Berry Global Incs, WestRock Company, Mondi, Genpak LLC, Pactiv LLC, Chantler Packages, and Winpak Limited. The competitive landscape of the food service packaging market is slated to observe major acquisitions by industry players.