NEWARK, Del, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The fast food bag market is expected to be valued at US$ 486.0 million in 2024. In 2023, the market valuation was US$ 460.7 million. The progress of the market is projected to be 5.5% from 2023 to 2033. By 2034, the market value is forecasted to reach US$ 830.2 million.
The demand for fast food bags is tied to the progress of fast food consumption. As the working population battles with hectic schedules, the preference for convenient food is rising. Thus, there is increasing demand for fast food among the people, which is conducive to the growth of the fast food bag market.
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The rising trend of online food ordering is also contributing to the growth of the market. Fast food bags provide a safe and practical option for the delivery of food.
While fast food consumption is increasing rapidly, there are several challenges in the market. The rising health-conscious population is expected to negatively affect the market. Another challenge is the stringent government regulation on the use of plastic fast food bags. However, the majority of fast food bags in the market are made from biodegradable brown kraft material. Market players are further hitting upon ways to make fast food bags eco-friendlier.
Key Takeaways from the Fast Food Bag Market:
- The fast food bag market is projected to be valued at US$ 486.0 million in 2024.
- Brown kraft is the most popular type of material from which fast food bags are made. In 2024, the brown kraft segment holds 82.5% of the market share by material type.
- Hotels, restaurants, and cafes lead the application segment. In 2024, the market share of hotels, restaurants, and cafes is expected to be 66.1%.
- India is tipped to be one of the fastest-growing countries in the market. For the forecast period, the CAGR for the market in India is estimated to be 7.5%.
- China is another Asian country with a strong potential for market growth. The CAGR for the market in China is expected to be 6.7% over the forecast period
- The United States is highly influential in the market, with an expected CAGR of 5.4% from 2024 to 2034.
“Besides the purpose of storing food, fast food bags are also used for secondary purposes like advertising through custom printing. Smart bags offer features like displays that can detect whether food is hot or not. Thus, market players have the opportunity to take advantage of the evolving nature of fast food bags," - Ismail Sutaria, Principal Consultant at Future Market Insights
Competition Analysis of the Fast Food Bag Market:
Market players are focusing on innovations in the fast food bag market to diversify their product lines. Partnerships and collaborations are sought with big-name fast food chains to increase market expansion. Some of the prominent companies in the market are Smurfit Kappa Group, WestRock Company, Mondi Group, Amcor Limited, and Sonoco Products Company.
Key Companies in the Fast Food Bag Market:
- Smurfit Kappa Group
- WestRock Company
- Mondi Group
- Amcor Limited
- Sonoco Products Company
- Huhtamaki Oyj
- Novolex Holdings LLC
- Ronpak Inc.
- International Paper Company
- Berry Global Group, Inc.
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Fast Food Bag Market Key Segments:
By Material Type:
- Brown Kraft
- Disposable Foam
- Polypropylene
- Plant Fiber
- White Kraft
- Pulp Molding
- Others
By Application:
- Hotels, Restaurants and Cafes
- Grocery Stores
- Bakeries
- Candy Stores
- Gift Shops
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Recent Developments in the Fast Food Bag Market:
- In April 2023, the TempSmart bag was launched by Novolex Holdings LLC, which has the ability to display whether the food inside is hot or not.
- In January 2023, single-use packaging was banned in French fast-food restaurants.
- In December 2022, Mondi Plc. launched an eco-friendly, large-scale paper bag manufacturing facility in Morocco.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
Explore FMI’s related ongoing Coverage in Packaging Domain:
- Fast Food Containers Market: Reached US$ 47.91 billion in 2022 and is likely to get a valuation of US$ 50.45 billion in 2023. With increasing usage across sectors such as hotels, restaurants, retail foods chains, and canteens, the overall fast food container sales are slated to capture a CAGR of 5.3%, totalling US$ 84.56 billion by 2033.
- Hinged Food Containers Marketz: Is anticipated to accumulate a market value of US$ 87.4 billion in 2023 and is expected to garner a valuation of US$ 145 billion by exhibiting a CAGR of 5.1 % in the forecast period 2023 to 2033. The hinged food containers market reflected a growth of 3.9% CAGR in the historical period 2018 to 2022.
- Rigid Food Containers Market: Size is set to reach a valuation of US$ 195.7 Billion in 2022, and register a CAGR of 4.8% from 2022 to 2032. The market is anticipated to reach US$ 314.2 Billion by 2032. Top 3 countries in the global market are projected to hold 30-35% of share by the end of 2032.
- Fast-Food Reusable Market: Is anticipated to flourish at a steady CAGR of 9.0% between 2023 and 2033. The market is expected to hold a market share of US$ 41.15 billion by 2033 while the market is likely to reach a value of US$ 17.41 billion in 2023.
- Reusable Water Bottles Market: Is projected to have a moderate-paced CAGR of 3.6% during the forecast period. The current valuation of the market is US$ 8.9 billion in 2022. The market value of the global reusable bottles market is anticipated to reach a high of US$ 12.7 billion by the year 2032
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