Food Service Packaging Market worth USD 97.38 billion by 2028, registering a CAGR of 10.56% – Report by Market Research Future (MRFR)
New York, Oct. 04, 2021 (GLOBE NEWSWIRE) — Food Service Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Food Service Packaging Market Research Report, by Product, Application and Region – Forecast till 2028” the market is projected to be worth USD 97.38 billion by 2028, registering a CAGR of 10.56% during the forecast period (2021 – 2028)., The market was valued at USD 56.14 billion in 2021.
Market Research Future’s Review on Food Service Packaging Market
Food service packaging is primarily used in packing of processed and semi-processed foods. The report on the global food service packaging market by Market Research Future (MRFR) covers trends in consumption of foods, sedentary lifestyle choices of customers, and packaging methods for the forecast period (2021-2028). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
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Competitive Analysis
List of the prominent players of the global food service packaging market profiled are –
- Amcor Limited (Australia)
- Letica Corporation (U.S.)
- Rock-Tenn Company (U.S.)
- Greif Incorporated (U.S.)
- Ampac Packaging LLC (U.S.)
- Crown Holdings Incorporated (U.S.)
- Bemis Company Incorporated (U.S.)
- Ball Corporation (U.S.)
- BWAY Corporation (U.S.)
Industry Update
Pactiv Evergreen Inc.’s subsidiary has agreed to acquire Fabri-Kal in order to expand its reach in the food service packaging market.
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Investments in R&D and Innovation to Influence Market Demand
Huge demand for innovative packaging to appeal to customer tastes can drive demand of food service packaging. This is true due to huge demand for processed and ready-to-eat meals as well as huge disposable income levels of customers. Manufacturers are investing in R&D to churn out new designs to increase footfall at malls. Investments in data analytics to gauge customer behavior and lower product costs as well as improve safety of products can guarantee huge market demand.
Foods with Nutritional Value to be a Lucrative Revenue Avenue
Athletes and sportspersons are adapting flexible patches for measurement of health metrics. The fear of COVID-19 virus and pressure to compete in major events on athletes has led to its development. Epicore Biosystems and Gatorade had developed a sweat-sensing microfluidic patch through their partnership. It can sense fatigue levels in patients and predict cases in which COVID-19 could be fatal. The objective of their partnership to integrate the patches in N95 masks to monitor cytokine levels of healthcare staff can bode well for the market.
Integration of 3D in Healthcare Sector to be Profitable for Global Market
The popularity of additive printing in the healthcare sector for rapid production of prototypes and final components of latest electronics can drive the demand for flexible electronics. Integration of 3D printed pressure sensors for providing options for various inputs of users can bode well for the market. Biochemical devices can be used in measuring levels of chemicals by attaching it to the skin. Recently, a 3D printed flexible electrical glove was used in providing thermotherapy to patients and treat injury points by reducing pain levels.
Huge Investment Costs to Hamper Market Growth
The high investment costs of food service packaging can deter significant buyers. Automotive manufacturers looking to lower costs can baulk at prospects. Development of new technologies that require skilled personnel and precise machinery for manufacture of flexible materials can be a challenge for the market.
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COVID-19 Impact Analysis
The food service packaging market was affected by the COVID-19 pandemic owing to concerns over consumption of meat. Shortage of aluminum owing to closure of recycling units as well as shutdown of sports avenues and arenas can affect market growth. But the shift to online grocery shopping due to its convenience and contactless delivery can provide respite to the global market. Huge demand of folding cartons is evident of the huge potential of the market.
Segmentation Analysis
Bags to Garner Significant Market Revenue
The bags are expected to garner significant market revenue over the forecast period. This is attributed to demand for sustainable products and recyclable properties of polyethylene terephthalate (PET). Concerns over plastic waste can lead to inclination towards bags.
Dairy Products to be Biggest Application
Dairy products are set to be the biggest application for food packaging owing to rising innovation and investments in R&D. High consumption of dairy products for protein levels, concerns over sustainability, change in shopping habits, and creative designs for packaging can drive application growth.
Regional Analysis
North America to Dominate Global Market
The North America food service packaging market is expected to thrive owing to consumption of processed and semi-processed foods. Sedentary lifestyles and rapid urbanization can drive demand for food service packaging. Prevention of contamination of foods and preservation of foods can bode well for the market. Proliferation of organic and recyclable materials as well as penchant of customers for single-use products may bode well for the market.
Segmentation of Market covered in the research:
Food Service Packaging Market Information Report by Product (Flexible Packaging, Rigid Packaging, Paper and Pouches, Bags, Others), By Application (Dairy Products, Fruits and Vegetables, Baked Goods, Others) and By Region – Global Forecast to 2028
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