Global Food Service Packaging Market - Segmented By Products (Rigid Packaging, Flexible Packaging), Application (Baked Goods, Dairy Products, Fruits and Vegetables), Application and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The global food service packaging market was valued at USD 45.85 billion in 2017 and is projected to reach a value of USD 62.73 billion by 2023, at a CAGR of 5.36% over the forecast period, 2018-2023.
The global food packaging market is expected to witness steady growth, mainly because of a rising number of fast food centers, coupled with the rise in the number of quick-service restaurants in emerging countries. Growth in urban population and the consequent increase in demand for processed and prepared food have had a significant impact on the growth of the market. Another factor contributing to the market growth is the rapid growth of the organized retail sector. The increased use of environment-friendly and more durable packaging materials is majorly influenced by the consumer demand and is forcing vendors to develop innovative packaging solutions.
Innovations in Packaging Materials
Plastic packaging is increasingly replacing metal and glass packaging (especially for food products), and this is increasing the demand for flexible plastic packaging products and solutions. Moreover, plastic is the favored material for flexible packaging as it is highly versatile and can be converted into a number of shapes and sizes. It is flexible, durable, and versatile, which makes it very suitable for flexible packaging. The aesthetically appealing packaging are being used by manufacturers to attract consumers by providing customized and innovative packaging solutions, create awareness by differentiating their products, and establish the brand in the market.
Plastics Containers Segment Accounts for a Dominant Market Share
Demand for rigid plastic packaging is growing at a rapid rate, because it is lightweight, microwaveable, and is available in various design options. These products are gaining preference over glass bottles, jars, containers, and metal containers, owing to their multiple benefits. The growing adoption of microwaves in APAC is expected to further propel the growth of the market. Moreover, the recent trend and changing consumer preference for intelligent packaging solutions that can improve safety and convenience, extend product life shelf and monitor freshness, have also contributed to the growing demand for single-sized plastic containers.
Europe to Account Significant Market Share
The food service packaging market in EMEA will witness a huge transformation in the packaging industry, owing to a surge in demand for flexible food packaging products in Western Europe. Germany is the leading exporter of fresh food products in the world. An ever-growing number of consumers eating off-the-shelf packaged food, along with rapidly changing consumer preferences from frozen food products, is expected to aid the market growth.
Key Developments in the market