Selbyville, Delaware, June 09, 2020 (GLOBE NEWSWIRE) -- Global food service packaging market generated revenues worth USD 72.91 billion in the year 2019 and is expected to showcase a y-o-y growth rate of 5.23% between 2020 and 2027.
Shifting preferences towards convenience food products is one of the major factors driving the market growth. In fact, according to Statista, the worldwide remuneration of convenience food accounted for USD 563,881 million in the year 2020 and is anticipated to grow by 0.3% annually by the year 2025.
Notably, food service packaging helps in protecting food items from contamination caused by air, moisture and contamination. It also assists in maintaining catalytic activity in fresh foods. It comprises of product packaging techniques such as wraps, jars, aerosol containers, ampules, bottles, and cans among others.
Food service packaging plays a pivotal role in preserving the quality of food items during transportation and handling processes. Moreover, it boosts customer experience and aids in promoting food sales, which in turn is further amplifying the market expansion.
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The COVID-19 pandemic has compelled various regions to impose lockdowns to curb the spread of the virus. As a result, there has been an upsurge in the demand for convenience food products as well as effective food service packaging solutions in order to prevent contamination. Additionally, this type of packaging improves the shelf life of the food products, thereby stimulating the industry outlook.
The cost effective nature of food service packaging is also stimulating the industry outlook. However, strict regulatory scenario pertaining to such packaging solutions may act as a restraining factor to the overall market growth.
A gist of the market segmentation
Global food service packaging industry is divided into segments such as material type, packaging type, application scope, and regional terrain. Speaking of material type, the market is further bifurcated into plastic, metal, and others.
Based on packaging type, the industry is split into rigid, flexible, paper & paperboard and others. On the other hand, as per the application spectrum, the food service packaging market is classified into dairy products, bakery & confectionary, fruits & vegetables, food & beverage and others.
Elaborating on the geographical landscape
Worldwide food service packaging market is split into North America, Asia-Pacific, Latin America, Europe, and Rest of the World. The North America food service packaging industry is expected to generate substantial revenues in the ensuing years, primarily due to growing demand for convenience food products.
Parallelly, the Asia-Pacific market is predicted to expand significantly during the estimated timeframe. The growth is attributed to flourishing packaging as well as food & beverage industries.
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Highlighting the competitive space
The prominent companies operating in global food service packaging industry are DS Smith Plc., International Paper Co., Reynolds Group Holding, Berry Plastic Corp., Sealed Air Corp., Huhtamaki OYJ, Ball Corp., Westrock Co., Bemis Co. Inc. and Amcor Ltd. among others.
Global Food Service Packaging Market by Material Type (Revenue, USD Billion, 2018-2027)
Plastic
Metal
Others
Global Food Service Packaging Market by Packaging Type (Revenue, USD Billion, 2018-2027)
Paper & Paperboard
Flexible
Rigid
Others
Global Food Service Packaging Market by Application Type (Revenue, USD Billion, 2018-2027)
Food & Beverage
Fruit & Vegetables
Bakery & Confectionery
Dairy Products
Others
Global Food Service Packaging Market by Regional Analysis (Revenue, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
Rest of the World
Global Food Service Packaging Market by Competitive Analysis (Revenue, USD Billion, 2018-2027)
- Amcor Limited
- Bemis Company, Inc.
- Westrock Company
- Ball Corporation
- Huhtamaki OYJ
- Sealed Air Corporation
- Berry Plastic Corporation.
- Reynolds Group Holding
- International Paper Company
- DS Smith PLC
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Food service packaging Market, by Region, 2018-2027 (USD Billion)
1.2.2. Food service packaging Market, by Material, 2018-2027 (USD Billion)
1.2.3. Food service packaging Market, by Packaging Type, 2018-2027 (USD Billion)
1.2.4. Food service packaging Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Food service packaging Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Food service packaging Market Dynamics
3.1. Food service packaging Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Food service packaging Market Industry Analysis
4.1. Portera??s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Portera??s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Food service packaging Market, by Material
5.1. Market Snapshot
5.2. Global Food service packaging Market by Material, Performance - Potential Analysis
5.3. Global Food service packaging Market Estimates & Forecasts by Material 2017-2027 (USD Billion)
5.4. Food service packaging Market, Sub Segment Analysis
5.4.1. Plastic
5.4.2. Metal
5.4.3. Others
Chapter 6. Global Food service packaging Market, by Packaging Type
6.1. Market Snapshot
6.2. Global Food service packaging Market by Packaging Type, Performance - Potential Analysis
6.3. Global Food service packaging Market Estimates & Forecasts by Packaging Type 2017-2027 (USD Billion)
6.4. Food service packaging Market, Sub Segment Analysis
6.4.1. Paper and Paperboard
6.4.2. Flexible
6.4.3. Rigid
6.4.4. Others
Chapter 7. Global Food service packaging Market, by Application
7.1. Market Snapshot
7.2. Global Food service packaging Market by Application, Performance - Potential Analysis
7.3. Global Food service packaging Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
7.4. Food service packaging Market, Sub Segment Analysis
7.4.1. Food & Beverage
7.4.2. Fruit & vegetables
7.4.3. Bakery & confectionery
7.4.4. Dairy products
7.4.5. Others
Chapter 8. Global Food service packaging Market, Regional Analysis
Related Report:
Global Fresh Food Packaging Market Size and Regional Forecasts 2020-2026
Global Fresh Food Packaging Market is valued approximately USD 77.20 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.5% over the forecast period 2019-2026, as per new research Report. Fresh food packaging is referred as packaging technique which prevent food from a change of state or contamination from physical, chemical, and biological sources. The fresh food packaging enables longer storage of the product.
For instance: as per Statista, Revenue in the Ready Meals segment amounts to USD 240,722 million in 2020 and expected to increase with 3.9% till 2023. Also, average per capita consumption of ready meals is stands at 5.4 kg in 2020.
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