Changing customer preferences for standard and high-quality products are expected to drive the foodservice packaging market to a CAGR of 5.3%
NEW YORK, USA, April 7, 2022 /EINPresswire.com/ — Latest Market Research on “Global Foodservice Packaging Market to 2027 – Analysis and Forecast by Material (Plastic, Metal, Others) ); type of packaging (flexible and rigid); Application (Beverages, Prepared Meals, Fruits and Vegetables, Bakery and Confectionery, Dairy Products, Others)”, The global catering packaging market represents 63,605.3 M US$ in 2018 and is expected to grow at a CAGR of 5.3% over the forecast period 2019-2027, to reach 100,715.0 Mn by 2027. The report includes a key understanding of the factors driving this growth and also highlights the major market players and their developments.
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In 2018, within the materials segment, the others segment accounted for the largest share of the global catering packaging market. Other types of foodservice packaging include paper, glass and others. The glass material is made of various natural and sustainable raw materials. It is one of the most widely used packaging materials to preserve the shelf life and maintain the integrity of food and beverages. Due to its zero rate of chemical interactions, non-porous and impermeable, and its 100% recyclable and reused properties, glass is a widely used packaging material and is considered “generally recognized as safe” (GRAS) by the US FDA.
Packaging plays a vital role in maintaining food quality and safety during handling and transportation. Catering packaging offers marketing support to foodservice providers and helps improve customer satisfaction levels as well as information transmission. Food contact materials and food packaging are essential to providing consumers around the world with safe and nutritious food. It protects food products from contamination caused by microorganisms, air and moisture, and contributes to the catalytic activity of fresh foods. The catering packaging market serves the catering industry, consisting of offline and online catering stores that serve a large number of people across the globe.
Foodservice Packaging Market: Competitive Landscape and Key Developments
Amcor plc., Ball Corporation Berry Global, Inc., DS Smith PLC, Huhtamäki Oyj and Sealed Air Corporation are some of the leading companies operating in the global foodservice packaging market. These market players focus on providing high quality products with different qualities and superior properties. These companies have realized the immense potential of the foodservice packaging market, which forces them to focus on expansion, acquisitions and new product development.
Impact of the COVID-19 Pandemic on the Foodservice Packaging Market
The COVID-19 pandemic has negatively impacted various industries due to shutdowns, travel bans, closure of manufacturing units, and supply shortages. The food and beverage industry has faced operational difficulties caused by the disruption of supply chains, shortage of labor and shortage of raw materials. Additionally, prices for foodservice packaging have dropped significantly due to a drop in demand from various industries, such as food and beverage and personal care. This factor has also affected the profitability of market players and farmers engaged in the cultivation of Food Service Packaging. Thus, the COVID-19 pandemic has significantly affected the growth of the global foodservice packaging market. However, as governments in various countries have eased restrictions and increased vaccination rates, the food and beverage industry is recovering from its losses. The demand for foodservice packaging is expected to increase over the forecast period.
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The global foodservice packaging market by application has been segmented into beverages, ready meals, fruits & vegetables, bakery & confectionery, dairy and others. In 2018, the beverage segment accounted for a larger share of the global catering packaging market. The beverage sector is among the first, where huge and significant investments are made for business expansion and technological modification. The packaging of carbonated and non-carbonated beverages is a difficult technological branch in the food packaging industry. The current trend in the beverage packaging industry is to improve conventional containers, produce cost-effective packaging, extend product shelf life and provide better consumer convenience. The use of cardboard boxes to package liquid products such as juices, milk and other perishable beverages is well established. For example, tetra wraps and airtight wraps are made of high-quality materials and ensure no leakage of liquid food.
On the basis of material, the global foodservice packaging market has been segmented into plastic, metal, and others. In 2018, the foodservice packaging market was dominated by plastic materials with the highest market share and is expected to continue to dominate during the forecast period. Plastic packaging is a flexible form of packaging, which allows foodservice providers to customize its shape, style and size according to their customers’ requirements. It is preferred in the restaurant industry because it is lightweight and does not require a lot of storage space. In addition, plastic packaging products used in food packaging are easy to transport. Due to its properties, such as high durability and resistance to external influences, it contributes to the preservation of packaged food products. Plastic packaging can survive in extreme environments, and it does not easily degrade at high temperatures and therefore retains the integrity and taste of food and beverages. It also protects products from humidity, oxygen, dust, light and odours.
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