DUBLIN--(BUSINESS WIRE)--The "Global Food Service Packaging Market 2020-2025 by Product, Type, Geography, Impact of COVID-19, Ansoff's Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Food Service Packaging Market is estimated to be USD 58.6 Bn in 2020 and is expected to reach USD 96.98 Bn by 2025 growing at CAGR of 10.6%.
Food service packaging, also known as single use food service packaging products have witnessed growth over the time and includes wide range of packaging products, such as, bowls, plates, cups, spoons, wraps, and so on. The global food service market consists of offline as well as online food service stores that are serving huge number of people all over the world.
The growth of this market is likely to be driven by corporate work culture with changing home food habits, rising demand for durable and recyclable products, growth in take away and drive-away culture in the food service sector, and increasing demand from end-use industries such as food, beverages and grocery stores.
The market is hampered due to stringent rules and regulations for food service packaging as the smallest defect in the packaging may contaminate the product. Development of sustainable packaging solutions and business expansion will create growth opportunities in the market.
Plastic Materials have a maximum share in Global Food Service Packaging Market by Material. Plastic packaging is flexible and allows food service providers to customize its shape, style, and size as per their customers' requirements. It is preferred as it is light-weight and storage space required is small.
Flexible packaging held the largest share of the Food Service Packaging market, by packaging type. Flexible packaging can mold into any shape as per the food items like bag, liner, pouch, or overwrap. This type of packaging is widely used by consumers who are conscious about hygiene and prevent the food product from getting affected by dust, germs, or contamination etc.
Asia Pacific region is anticipated to have a large market share and is expected to grow significantly during the forecast period. As it is the most widely populated region in the world, countries such as India and China are expected to witness high growth in the food service packaging market due to the growing developmental activities and rapid economic expansion.
Market Dynamics
Drivers
- Increased Demand from End-Use Industries Such as Food, Beverages and Grocery Stores
- Corporate Work Culture with Changing Home Food Habits
- Increasing Demand for Durable and Recyclable Products
- The Growth in the Takeaway and Drive-Away Culture in the Food Service Sector
Restraints
- Stringent Rules & Regulations for Food Service Packaging
Opportunities
- Growing Demand for Sustainable Packaging Solutions
- Emphasis on Modern Technologies in Packaging Industry
- Emerging Markets
Company Profiles
- TE Connectivity Ltd
- Amcor Limited
- Bemis Company, Inc.
- The DOW Chemical Company
- Westrock Company
- Huhtamaki OYJ
- Sealed Air Corporation
- Berry Plastic Corporation
- Reynolds Group Holding
- Paper Company
- DS Smith PLC
For more information about this report visit https://www.researchandmarkets.com/r/t8lyjj
