Selbyville, Delaware, Sept. 29, 2022 (GLOBE NEWSWIRE) — According to a new search report by Global Market Insights Inc., the foodservice packaging market will reach a valuation of over $186 billion by 2030.
The widespread availability of pocket catering packages is a driving factor for the market. Emerging food businesses are increasingly using foodservice packages because of their convenience, safety, and affordability. According to the Foodservice Packaging Institute (FPI), Americans spend nearly 50% of their dining budget in restaurants, increasing the need for foodservice packaging to wrap up leftovers, order takeout or request convenience foods. to eat. Improved product accessibility and usability will also drive the growth of the foodservice packaging industry.
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Increase in easily consumable food options to support the growth of cardboard packaging
On the basis of material, the foodservice packaging market is categorized into plastic, metal, and paperboard. Among these, the carton segment is expected to cross a valuation of USD 83 billion by 2030. The growth can be attributed to the growing availability of ready-to-eat foods, driven by on-the-go lifestyles. Additionally, paperboard packaging finds massive application in the packaging of fresh vegetables and beverages.
Strong structural support to drive demand for rigid packaging
Based on the type of packaging, the catering packaging market is categorized into flexible and rigid packaging. Rigid packaging is known for its strength, which is why it is widely used by catering companies. According to the report, the industry size of the rigid packaging segment will register a CAGR of over 5% through 2030. Rigid packaging will continue to see high demand due to the structural support it offers perishables like fruits and vegetables.
Browse key industry information spread over 350 pages with 334 market data tables and 34 report figures and graphs, “Foodservice Packaging Market Size by Material (Plastic, Metal, Paperboards, Others), Packaging Type (Flexible Packaging, Rigid Packaging), Application (Foodservice Outlets, Institutional Foodservices, Online Food Ordering) ), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape and Forecast, 2022 – 2030in detail with the table of contents:
Increase in the number of QSR outlets to increase the market share of food outlets
Regarding the spectrum of applications, the industry is divided into food outlets, institutional food services and online food ordering. The growing number of QSR companies that facilitate the direct consumption of food from containers and packaging, is increasing the demand for products from catering outlets. The report cites that the industry share of the restaurant outlets segment is expected to exceed USD 100 billion by 2030.
Increase in the number of food chains to strengthen the foodservice packaging market in North America
North America accounted for almost a fifth of the foodservice packaging industry’s share in 2021. This growth can be attributed to the increasing number of food chains and restaurants in the region. Another major factor that is helping North America become a viable income hub is the exponential consumption of plastic in the United States. According to the report, the North America foodservice packaging market size could register a CAGR of over 4% through 2030.
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Intensive research and development programs to accelerate product standardization
Some of the major competitors participating in the industry share include Amcor plc, Sealed Air, Sonoco Products Company, Berry Global Incs, WestRock Company, Mondi, Genpak LLC and Pactiv LLC. These companies invest in research and development programs to bring useful and optimized packaging solutions to market. For example, Mondi recently created a recyclable paper packaging solution to replace plastic shrink wrap. It has been specially designed to carry PET beverage bottles.
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Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.