According to Stratistics MRC, the “Global Food Service Packaging Market” is valued at $63.32 billion in 2016 and is expected to reach $103.51 billion by 2023 growing at a CAGR of 7.33% from 2016 to 2023. Growth in demand for ready-to-eat food, changes in consumer demand patterns towards packaging and prevalence of using convenient packaging are the factors favoring the foodservice packaging market growth. On the other hand, the lack of awareness regarding food service packaging is hampering market growth.
Foodservice packaging is used for packaging processed and semi-processed food products. It protects the food from damage, contamination, pest attacks, tampering during transport, storage, and retail sale. There are various types of food packaging such as glass containers, vacuum packaging, tetra pack containers, plastic packaging, packaging, cardboard packaging, etc. Foodservice packaging provides services in various sectors such as restaurants, fast-food joints, takeaway restaurants, catering services, etc.
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Amongst Packaging Type, The demand for plastic containers packaging is growing at a rapid rate, as it is lightweight, microwaveable, and available in various design options. These products are gaining preference over a glass bottles, jars, containers, and metal containers, owing to their multiple benefits. Moreover, the recent trend and changing consumer preferences 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 a single-sized According to Stratistics MRC, the “Global Food Service Packaging Market” is valued at $63.32 billion in 2016 and is expected to reach $103.51 billion by 2023 growing at a CAGR of 7.33% from 2016 to 2023.
Foodservice packaging is used for wrapping processed and semi-processed food products. It protects the food from damage, contagion, pest attacks, tampering during transport, storage, and retail sale. It helps in upholding the hygiene, quality, and safety of food products. It offers heat resistance, stops the growth of microorganisms, and helps enlarge the shelf-life of the food product. There are various types of food packaging such as glass containers, vacuum packaging, tetra pack containers, plastic packaging, in packaging, cardboard packaging, etc. This packaging provides service in various sectors such as restaurants, fast-food joints, takeaway restaurants, catering services etc. It plays an essential role in maintaining quality and keeping food safe during handling and transportation.
There is an active shift in the utilization pattern of consumers in the food and beverage sector. On an average, online food delivery platforms in emerging countries such as India offer over 40% return on investment. This is foremost to an extreme rivalry across food delivery platforms among food service companies, which offer lucrative opportunities for manufacturers of food disposables. Furthermore, the increase of quick-service order restaurants will also heighten the use of foodservice packaging. The growing number of multinational quick-service restaurants (QSR) worldwide is leading to flow in demand for foodservice disposables. Such food service restaurants do not invest in resources for cleaning and upholding of serving containers. This helps chain operators decrease labor costs and use the existing pool of resources on enhancing the quality of food and to help better and superior customer support, thus benefiting the market in return.
Depending on the Fabrication Process, Thermoforming is one of many manufacturing processes that translate plastic resin into usable everyday products. It is considered to be one of the most cost-effective processes in plastic manufacturing because of the low molding costs and fast molding cycles. Pace and cost-effectiveness are the highlighted traits that thermoforming offers which guide the way for the process to become so important in the industry. Thermoformed products are primarily used in food packaging and serving. With the enlarge in urbanization, altering lifestyle and an increase in per capita income, demand for disposable items has augmented considerably for various events, household applications, food packing in the hotels and restaurants, railways and airlines. The expansion in this sector is very high and will result in high demand for such products.
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By geography, Asia-Pacific is projected to grow at a significant rate, 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 foodservice packaging market due to comparatively higher food and beverage consumption, growing developmental activities and rapid economic expansion. In addition to this, the growing population in these countries presents a large customer base for fast-moving consumer goods (FMCG) products and consumer durables, which in turn is anticipated to lead to the growth of the market. Moreover, in Australia, people spend nearly 32% of their household food budget on eating out and fast food, and the average fast food meal contains about half of an adult's recommended daily energy intake.
Subway, KFC, Hungry Jack’s, Domino’s, Pizza Hut is some of the prominent QRSs in the country that is witnessing rapid growth in their businesses. In the major Indian cities, with urbanization, changing in lifestyle, coping with fast-paced work life, and dependence on online food platforms are rapidly changing the dynamics of the food service industry.
Some of the key players in the market include Huhtamaki Oyj, Linpac Packaging , Pactiv LLC, D&W Fine Pack, Gold Plast SPA, Genpak, LLC , Stanpac Inc., Smurfit Kappa Group, WestRock Company, DS Smith, New Method Packaging, Southern Champion Tray, Magnum Packaging, Golden Box Ltd, Michigan Box Company, International Paper Company.
WestRock Company – Jun, 2017 - WestRock Company has acquired Hanna Group Pty Ltd (Hannapak), one of Australia’s leading providers of folding cartons to a variety of markets, including beverage, food, confectionary, and healthcare. The acquisition will build on WestRock’s established and growing packaging business in the region. This acquisition expands their geographic footprint to better serve global and local customers, and will enable to improve WestRock’s beverage packaging business in the region while expanding the participation to a variety of other attractive end markets.
DS Smith – Aug, 2017 - DS Smith has signed an agreement to acquire 80 per cent of the shares of Interstate Management Resources, Inc. (Interstate) from Indevco. Interstate is a family-owned integrated packaging and paper producer concentrated on the East Coast of the United States. Interstate operates across the entire packaging chain including wood procurement, paper manufacturing, design, packaging manufacturing and customer logistics. DS Smith believes that the acquisition represents a compelling and attractive opportunity for DS Smith to expand its international fibre-based packaging footprint in the US market with a well-established, high quality and reputable independent group with an experienced management team. The acquisition also provides a clear opportunity for DS Smith to further differentiate itself with customers and provides security and cost benefits in relation to fibre and paper supply.
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