Dublin, April 27, 2022 (GLOBE NEWSWIRE) — The report “North America Foodservice Packaging Market Forecast to 2028 – Impact of COVID-19 and Regional Analysis – by Material, Packaging Type and application” has been added to from ResearchAndMarkets.com offer.
Proliferation of Packaging Products Production Capacity to Accelerate North America Foodservice Packaging Market Growth
North America Foodservice Packaging Market was valued at USD 24,502.38 Million in 2021 and is projected to reach USD 34,995.67 Million by 2028. It is expected to grow at a CAGR of 5, 2% from 2021 to 2028.
Foodservice packaging products help protect food products from contamination caused by microorganisms, air and moisture. Catering packaging includes products such as bowls, plates, cups, shells and wraps. The catering packaging market serves the catering industry, which consists of offline and online catering stores that serve a large number of people around the world. The North American foodservice packaging market is primarily influenced by factors such as a significant consumer shift towards ready meals and on-the-go lifestyles.
Additionally, the growing preference for ready-to-eat foods is driving the demand for foodservice packaging in North America. With the growing health awareness of consumers in North America, many food outlets serving nutritious meals have sprung up in recent years. This created the need for proper packaging for catering outlets. The growing demand for sustainable packaging solutions is expected to provide substantial growth opportunities for industry players in the near future.
Based on application, the North America foodservice packaging market has been segmented into beverages, ready meals, fruits & vegetables, bakery & confectionery, dairy and others. The beverage segment held the largest share of the North American foodservice packaging market in 2020.
The beverage sector is among the pioneers, where significant investments are made for business expansion and technological modification. The packaging of carbonated and non-carbonated beverages is a technologically demanding branch in the food processing/packaging industry. Cartons and new plastic containers have now replaced the old and traditional returnable glass bottles. The use of plastic continues to increase as a beverage packaging material due to its low cost and functional advantages, including the ability to be microwaved and heat sealed.
In 2020, the United States held the largest revenue share of the North American foodservice packaging market. The United States is one of the main markets for foodservice packaging products in North America. Factors such as growing consumer preferences for ready-to-eat food products and the growing trend of take-out meals are mainly driving the foodservice packaging market in the United States.
Further, the growth of the domestic foodservice packaging market is attributed to the various strategies adopted by the players in the US foodservice packaging market such as new product launches, expansion, mergers and acquisitions. The country is also engaged in food law harmonization work in coordination with the Codex Alimentarius and various government officials from the Food and Drug Administration (FDA) and the United States Department of Agriculture (USDA).
Amcor plc; Berry Global Inc.; Huhtamaki; Genpak, LLC; WestRock Corporation; Air sealed; Ball Corporation; DS Smith; Graham Packing Company; and Graphic Packaging Holding Company are some of the players operating in the North American foodservice packaging market.
These market players are highly focused on developing high quality and innovative product offerings to meet customer requirements. The players operating in the North America foodservice packaging market are constantly focusing on strategies such as expansion and mergers and acquisitions.
Key market dynamics
- Proliferation of production capacity of packaging products
- Changing customer preferences for standard and premium products
- Complicated nature of supply chain activities
- Significant market attractiveness for recyclable, reusable and environmentally friendly materials
- Evolution of the online food ordering market
- Advent of intelligent and intelligent packaging materials in the food industry
- Amcor plc
- Bay Global Inc.
- Genpak, LLC
- Westrock Company
- air sealed
- ball company
- DS Smith
- Graham Packing Company
- Graphic packaging holding company
For more information about this report visit https://www.researchandmarkets.com/r/22wke3
North American Foodservice Packaging Market