Foodservice Packaging Market is Expected to Expand by 6% CAGR Through 2034
A recent industry report by Fact.MR estimates the global foodservice packaging market size to be valued at US$ 67.9 billion in 2024. The market is projected to grow at a compound annual growth rate (CAGR) of 6%, reaching US$ 121.7 billion by 2034.
Due to shifting customer preferences and the ever-changing demands of the food sector, the market has experienced substantial development and evolution. This market includes a broad range of packaging options made to specifically address the need of different foodservice businesses, such as cafes, restaurants, fast-food outlets, and catering services.
The need for easy and environmentally friendly packaging solutions is being driven by the growing trend of on-the-go dining and the expansion of online food delivery services. As environmental concerns have grown, sustainable packaging materials—such as compostable and biodegradable options—have become more popular.
Advancements in packaging technologies, such as barrier coatings and intelligent packaging, are contributing to the market’s expansion. The global foodservice packaging market is characterized by a competitive landscape where key players are focusing on innovation, product differentiation, and sustainability to gain an edge.
Key Takeaways from Market Study:
- The global foodservice packaging market is forecasted to expand at a CAGR of 6% through 2034.
- Global sales of foodservice packaging products are estimated at US$ 67.9 billion in 2024.
- The market is projected to reach US$ 121.7 billion by 2034-end.
- The North American market is projected to expand at a CAGR of 6.1% through 2034.
- Polyethylene terephthalate is estimated to account for 29.9% market share in 2024.
- East Asia is projected to account for 20.3% of the global market share by 2034.
“Technological advancements in the foodservice packaging market are enhancing consumer convenience and driving product sales by offering sustainable solutions,” says a Fact.MR analyst.
Market Developments:
Key foodservice packaging manufacturers are Pactiv LLC, Gold Plast SPA, Anchor Packaging Inc., Berry Global Inc., and Novolex Packaging. Key companies in the industry are joining forces by merging and acquiring other companies. They are also launching new products to make their position stronger and grab a larger share of the market.
- In 2022, Sabert Corporation revealed its latest product line, the Kraft Collection. This collection comprises a diverse range of food packaging solutions crafted from corrugated and paperboard materials. Notably, these packaging options are designed to be recyclable and compostable, featuring post-consumer fiber content, aligning with Sabert’s enduring dedication to sustainability.
- In 2022, Amcor introduced a new series of paper-based packaging products called AmFiber. This platform underscores Amcor’s commitment to consumer-centric and adaptable innovation. AmFiber seeks to redefine the capabilities of traditional paper packaging by offering a broader range of features and functional benefits, addressing the evolving needs of consumers.
Market Insights: Global Trends and Dynamics in Foodservice Packaging Industry:
According to a recent analysis by Fact.MR, a leading provider of market research and competitive intelligence, East Asia is anticipated to capture a significant 20.3% share of the global market by 2034. The presence of foodservice packaging producers across various regions globally, including Southeast Asia, Central and South America, and Australia, has enabled market players to cater to the growing demand while reducing reliance on specific sourcing locations.
In North America, the United States dominates the foodservice packaging market, accounting for a substantial 89.9% market share. Economic conditions play a pivotal role in shaping consumer spending habits and overall demand for packaged food. Additionally, regulatory frameworks and environmental policies drive producers towards sustainable and compliant packaging solutions. Evolving consumer preferences, particularly a rising demand for convenient on-the-go packaging options, further influence market dynamics.
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