Some of the major players operating in the food packaging industry are Amcor plc, Sealed Air, Sonoco Products Company, Berry Global Incs, WestRock Company, Mondi, Genpak LLC, Pactiv LLC, Chantler Packages, Winpak Limited and others.
Selbyville, Delaware, Sept. 29, 2022 (GLOBE NEWSWIRE) — The global food packaging market will reach a value of more than USD 186 billion by 2030, according to a new research report from Global Market Insights Inc.
Widespread availability of pocket-friendly food packages is a major driving factor for the market. New food companies are increasingly using food service packages for their convenience, safety and affordability. According to the Foodservice Packaging Institute (FPI), Americans spend close to 50% of their budget on restaurant meals, increasing the need for foodservice packages to package leftovers, order takeout, or request ready-to-eat food. Increased product availability and user-friendliness will also drive the growth of the food packaging industry.
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Increased opportunities in easy-to-eat foods to drive carton packaging growth
Based on the material, the food service packaging market is segmented into plastic, metal, and cardboard. Among them, the paperboard segment is expected to cross a valuation of USD 83 billion by 2030. The growth can be attributed to the increasing availability of convenience foods fueled by on-the-go lifestyles. Also, cardboard packaging is widely used in the packaging of fresh vegetables and drinks.
Strong structural support to increase demand for rigid packages
On the basis of packaging type, the foodservice packaging market is segmented into flexible and rigid packaging. Rigid packaging is known for its strength, which is why it is widely used by food service companies. According to the report, the industry size from the rigid packaging segment will register more than 5% CAGR by 2030. Rigid packaging will continue to witness high demand due to the structural support it offers to perishable items such as fruits and vegetables.
Review key industry insights spread over 350 pages with 334 tables of market data & 34 figures & charts from the report, “Foodservice Packaging Market Size by Material (Plastic, Metal, Cardboard, Other), Packaging Type (Flexible Packaging, Rigid Packaging), Application (Foodservice Outlets, Institutional Food Services, Online Food Ordering), report on Industry Analysis , Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2022 – 2030.” in detail with the content:
Increasing number of QSR outlets to increase share in the food outlet segment
In terms of application spectrum, the industry is divided into food outlets, institutional food services and online food ordering. An increasing number of QSR companies that allow food to be consumed directly from containers and packages, increasing the demand for products in food service outlets. The report states that the industry share of the restaurant segment is expected to exceed USD 100 billion by 2030.
Growing number of grocery chains to boost food packaging market in North America
North America accounted for nearly one-fifth of the food packaging industry share in 2021. The growth can be attributed to the growing number of food chains and restaurants in the region. Another major factor helping North America become a viable revenue center is the exponential consumption of plastics in the United States. According to the report, the food packaging market size in North America could register a CAGR of over 4% by 2030.
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Intensive research and development programs to accelerate product standardization
Some of the key contenders for industry share include Amcor plc, Sealed Air, Sonoco Products Company, Berry Global Incs, WestRock Company, Mondi, Genpak LLC and Pactiv LLC. These companies invest in research and development programs to launch useful and optimized packaging solutions to the market. For example, Mondi recently created a solution for recycling paper packaging with the aim of replacing plastic shrink films. It is specially designed for the transport of PET beverage bottles.
Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and advisory services provider, offering syndicated and customized research reports along with growth advisory services. Our business intelligence and industry research reports offer clients insightful insights and actionable market data that are specifically designed and presented to assist in strategic decision making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.