iCrowd Newswire – Jul 10, 2020
The global food service packaging market was valued at approximately $72.91 billion in 2019 and it is expected to grow with a healthy growth rate of more than 5.23% during the forecast period of 2020 to 2027.
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The global food service packaging market is driven by various factors such as growing demand for convenient food, and cost effectiveness of food service packaging. For instance, the convenience food revenue was globally valued at $0.56 million in 2020 and it is expected to grow with a growth rate of 0.3% annually till 2025, as per Statista. However, government strict rule and regulations for food service packaging is a major factor hampering the growth of the global food service packaging market during the forecast period.
The global food service packaging market is segmented on the basis of material, packaging type, application, and region.
By material, the global food service packaging market is sub-segmented into metal, plastic, and others.
By packaging type, the global food service packaging market is sub-segmented into rigid, flexible, paper, paperboard, and others.
By application, the global food service packaging market is sub-segmented into bakery& confectionery, food & beverages, fruit & vegetables, dairy products, and others.
By geographical region, the global food service packaging market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among which, North America is expected to lead the global food service packaging market during the forecast period in terms of the market share. This is attributed to growing demand for convenient food by consumers in this region. On the other hand, Asia-Pacific is expected to exhibit highest CAGR during the forecast period from 2020 to 2027 owing to factors including growth in the food & beverage industries, and packaging industries across the Asia-Pacific region.
Major market player included in the research study of the global food service packaging market are Amcor Limited, Westrock Company, Huhtamaki OYJ, Berry Plastic Corporation, Bemis Company, Inc., International Paper Company, Ball Corporation, Sealed Air Corporation, Reynolds Group Holding, and DS Smith PLC.
Recent Developments in the Global Food Service Packaging Market
Ball Corporation is a leading provider of metal packaging for food & beverages, and household product. It supplies technologies and services to governmental, commercial and its customers. In January 2020, the company announced to launch an extruded aluminum bottle line, specially designed to provide a circular solution to plastic pollution.
WestRock Company deals in corrugated packaging solutions and offers pulp, protective packaging, kraft papers, folding cartons, paperboard and merchandising displays to its customers. In 2017, the company announced to acquire all the outstanding shares of Multi Packaging Solutions International Limited for $18.00 per share in cash and the assumption of $873 million in net debt.
Berry Plastics Corporation is a leading manufacturer and supplier of a diverse mix of injection-molded plastics packaging products. The company focuses on housewares, drink cup, open-top container, aerosol overcap and closure markets. In July 2019, the company launched 100% post-consumer recycled and fully recyclable bottle.
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Keywords: Food Service Packaging Market