PET-based food service packaging gains traction
According to an ESOMAR-certified market research and consulting firm, the global food service packaging market will expand at a CAGR of around 6% from 2021-2031, surpassing US$ 97 Bn in revenue at the end of the aforementioned forecast period. Manufacturers are increasingly capitalising on recyclable packaging trends to acquire a competitive edge in the forthcoming decade.
Historically, the market surged at above 5% CAGR, reaching over US$ 54 Bn by 2020. Growth was further accelerated with the advent of COVID-19. Mandatory quarantines issued by governments to contain infection spread led to an uptick in online ready-to-eat foodstuffs deliveries, providing a major nudge to the market.
Food Services Packaging is used in various applications such as foodservice outlets, bakeries, takeaway meals, on-the-go breakfast, institutional food services, online food ordering, dairy products, alcoholic beverages, and other applications.
Platforms for online food ordering have increased the demand for food packaging materials in the food service packaging industry. In light of increasing awareness that plastics are damaging the environment, paper is increasingly being used as an alternative to plastic in the packaging industry.
Key Takeaways from Market Study
- By product type, single serve portion packs to accrue 30% revenue through 2031
- By material, PET food service packaging to expand at a CAGR of approximately 6%
- Food service packaging for bakery products acquiring significant traction by application
- U.S food service packaging market likely to expand at 5% CAGR through 2031
- East & South Asia to jointly contribute 50% of the global food service packaging demand
- India and China to represent most significant expansion opportunities by country
“The growing demand for reusable plastic products in the food service sector has sent the packaging industry on a search for new technologies and sustainable packaging strategies,” says a Senior Research Analyst.
The development of sustainable products in the market has led to higher revenue and market share. New recyclable products will contribute to a more sustainable environment.
- Huhtamaki created a fibre lid that is used every day by millions of people to sip on their drinks while on the go. The lids are sustainable alternatives to plastic lids.
- This type of container is made from regenerative plant fibres, contains no plastic coating, and offers a sustainable way to drink warm and chilled beverages.
- With high-quality functional designs that have unique secure lid fittings that are suitable for paper cups and are available in different sizes, this lid helps in spill prevention.
These insights are based on a report on Food Service Packaging Market by Fact.MR.