Foodservice Packaging Market is expected to witness a positive growth rate due to large sales in the food & beverage sector - Persistence Market Research

NEW YORK, Jan. 18, 2021 /PRNewswire/ -- A gradual shift from the tradition of cooking food at home toward buying ready-to-eat food has increased the rate of online food ordering, globally. Foodservice packaging processes require much less energy, owing to the recycled material used for manufacturing. Studies have concluded that packed solutions come at a low price and occupy 35% less space in any retail sector. Furthermore, packaging solutions come with various striking graphics, which, in turn, helps in promoting a brand and increasing the merchantability of the product. 

The foodservice packaging market is expected to witness a positive growth rate due to large sales in the food & beverage sector. Due to the busy schedule and lifestyle of people across the world, demand for easy and convenient products has been surging, which has led to the habit of consuming ready-made products. This, in turn, has increased demand for rigid and flexible packs, which has helped in reducing shipment costs.

 Key Takeaways from Global Foodservice Packaging Market Study

• Among the regions, Asia Pacific is expected to hold the largest share in the global foodservice packaging market by the end of forecast period, and is likely to witness the highest CAGR, owing to high population and rapid consumption of food through online delivery. Growth in the urban population and rising demand for ready-to-eat food are having a strong impact on the foodservice packaging market in the region.
• Flexible and rigid packaging solution manufacturers are investing in research & development to fulfil customer requirements. Manufactures are mainly focusing on paper package labeling, as paper labeling is a more convenient source of getting information about the food. However, the plastic sector is expected to hold the highest market share, and will show almost 1.5 times more percentile than paperboard by the end of 2030.
• Thermoforming sector is expected to hold the largest market share among all the sub-segments by 2030. However, it is apprehended that, the die-cutting segment will witness the highest CAGR through 2030.
• Though it is anticipated that the foodservice outlets segment will project the largest market share in 2030, the online food ordering segment is expected to experience the highest CAGR over the coming years. The latest trend of online food ordering has been identified as one of the major drivers for the growth of the foodservice packaging market.
• Amidst the COVID-19 pandemic, ordering takeaway and ready-to-eat food has surged, which bodes well for the growth of the global foodservice packaging market.

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