The food service packaging is a packaging that safeguards food products from contamination triggered by microorganisms, moisture, air, and assist catalytic activity in fresh food. It involves the products packaging such as cans, bottles, ampules, aerosol containers, jars, wraps and several others. Such packaging plays protuberant role in continuing the quality of food throughout handling and transportation and suggests marketing medium to content consumer and encourage food sales.
According to the report analysis, ‘Global Food Service Packaging Market to reach USD 109.62 billion by 2027’ states that the worldwide outbreak of COVID-19 impacts in noteworthy growth of market, as several economies announced lockdown to circumvent spread of virus and social congregations. Therefore, individuals kept on storing expedient foods and products comes in food service packaging to circumvent contamination of such food products, also this packaging store food for extended duration of time throughout the lockdown timeframe. Thus, growing demand for convenient food is propelling the growth of market over the review years.
For instance: as per Statista, the convenience food revenue worldwide stands for USD 563,881 during 2020, which is projected to increase with 0.3% annually till 2025. In addition, the cost effectiveness of food service packaging is the aspect influencing the growth of market over the review years. However, the stringent rules and regulations concerning food service packaging is limiting the growth of market over the review years.
Major market player involves in this report are Amcor Limited, Bemis Company, Inc., Westrock Company, Ball Corporation, Huhtamaki OYJ, Sealed Air Corporation, Berry Plastic Corporation, Reynolds Group Holding, International Paper Company, and DS Smith PLC
Although, the worldwide Food Service Packaging Market is valued nearly USD 72.91 billion in 2019 and is projected to increase with a vigorous growth rate of more than 5.23% over the forecast period of 2020-2027. The regional analysis of worldwide Food Service Packaging market is measured for the foremost regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. The North America is the leading/significant region around the world in terms of market share due to the growing requirement for convenient food across the region. Whereas, the Asia-Pacific is also projected to exhibit highest growth rate / CAGR over the review period of 2020-2027. Aspects such as speedy growth in food & beverage industries along with the packaging industries would generate the lucrative growth prospects for the Food Service Packaging market around Asia-Pacific region.
The feverish and sedentary manner of life of individuals in the area has additionally exaggerated their dietary patterns, hence prompting them to go for online food or demand a takeaway from the eateries. Accordingly, the requirement for food service packaging has augmented considerably and is projected to remain the same throughout the future years. Therefore, in the near years, it is predicted that the market of food services packaging will increase around the globe more positively over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications