Selbyville, Delaware, Sept. 29, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global Food Service Packaging Market will hit a valuation of more than USD 186 billion by 2030.
The widespread availability of pocket-friendly food service packages is a major driving factor for the market. Emerging food businesses increasingly use food service packages owing to their convenience, safety, and affordability. As per the FPI (Foodservice Packaging institute), Americans spend close to 50% of their meal budget on restaurants, thereby increasing the requirement for food service packages to pack leftovers, order takeout, or request ready-to-eat foods. Increasing product accessibility and user-friendliness will also impel the growth of food service packaging industry.
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Increased options in readily eatable foods to foster the growth of paperboard packages
Based on the material, the food service packaging market is classified into plastic, metal, and paperboard. Amongst these, the paperboard segment is expected to cross a valuation of USD 83 billion by 2030. The growth can be attributed to the increasing availability of ready-to-eat food driven by on-the-go lifestyles. Additionally, paperboard packages find massive application in the packaging of fresh vegetables and beverages.
Strong structural support to push the demand for rigid packages
On the basis of packaging type, the food service packaging market is classified into flexible and rigid packages. Rigid packaging is known for its strength, on account of which it is widely used by food service companies. As per the report, the industry size from the rigid packaging segment will register over 5% CAGR through 2030. Rigid packages will continue to witness high demand due to the structural support it offers to perishable items like fruits and vegetables.
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:
https://www.gminsights.com/industry-analysis/food-service-packaging-market
Rising number of QSR outlets to increase foodservice outlets segment share
With regards to the application spectrum, the industry is bifurcated into foodservice outlets, institutional foodservices, and online food ordering. The growing number of QSR businesses that facilitate direct consumption of food from containers and packages, increasing the product demand from food service outlets. The report cites that the industry share from the foodservice outlet segment is expected to surpass USD 100 billion by 2030.
Rising number of food chains to strengthen the food service packaging market in North America
North America accounted for almost one-fifth of the food service packaging industry share in 2021. The growth can be credited to the increasing number of food chains and restaurants in the region. Another major factor helping North America emerge as a viable revenue hub is the exponential consumption of plastic in the United States. As per the report, North America food service packaging market size may record a CAGR of over 4% through 2030.
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Intensive research and development programs to expedite product standardization
Some of the key contenders partaking 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 are investing in research and development programs to launch useful and optimized packaging solutions in the market. For instance, Mondi recently created a recyclable paper packaging solution with the aim to replace plastic shrink wraps. It was specifically designed to transport PET beverage bottles.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
