According to FMI, the worldwide takeaway container market will expand at a CAGR of 5.3% between 2022 and 2032, reaching US$ 35.6 billion by the end of that year. In 2022, the market was worth US$21.3 billion.
A major factor in providing consumers with useful options is packaging. Food and beverage goods are packaged to make them more portable, and meal delivery is growing in popularity. The key to success in the food service sector is convenience. As a result of the food industry’s ongoing expansion, takeaway containers have become much more popular. Packaging is thought to be crucial for maintaining the food’s freshness and safety against contamination. Having a longer shelf life allows for food delivery to areas far from restaurants.
Takeaway containers are made from a variety of materials, including plastic, paper & paperboard, metal, glass and others. Customers want eco-friendly packaging choices, hence recycled materials are in high demand for takeaway containers as opposed to the use of fresh materials.
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Several companies are spending a significant amount of money on research and development (R&D) initiatives to increase the shelf life of food. They are also extending the shelf life of the packaging in order to maintain the quality of the product. Quick-service, full-service, and catering services are chosen by consumers over traditional eating options due to changes in consumers’ lifestyles. This preference is anticipated to fuel the demand for takeaway containers during the course of the projection period.
Key Takeaways from Global Takeaway Containers Market
- Based on material, the plastic takeaway containers segment is projected to hold around 57% of the market share by the end of 2022.
- By product type, the bowls and plates segment is estimated to create an incremental value of US$ 4.5 Bn during the foreseeable period.
- By end user, the hotels, restaurants, & cafes segment is likely to generate a share of 33% in the takeaway containers market in 2022.
- The India takeaway containers market is projected to grow at 6.4% CAGR during 2022-2032.
- The U.S. takeaway containers market is expected to create an incremental opportunity of around US$ 1.9 Bn in the forecast period.
“Rapid expansion of the foodservice sector and emergence of various online food delivery platforms worldwide are anticipated to propel the demand for takeaway containers. Besides, eco-friendly takeaway containers made by using paper and paperboard materials are gaining traction owing to rising concerns about the environment, which would aid growth,” says a FMI analyst.
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Expansion of Food Service and Quick Service Restaurants to Boost the Market
Foodservice and quick-service restaurants will exhibit significant growth in the upcoming decade as people are preferring restaurant foods more instead of the traditional method of cooking food at home. It will further increase the demand for takeaway containers. Food packaging products like trays, bowls, and cups are used for the packaging of foods that need to be delivered to consumers.
The number of working people is growing continuously and changes in eating habits would result in the high preference for ready-to-eat food items, as well as restaurant foods. Therefore, demand for innovative packaging is increasing among full-service restaurants, catering services, and quick-service restaurants.
Manufacturers to Innovative Their Existing Product Lines
Packaging plays an important role in the food industry as ready-to-eat food requires a long shelf life. Thus, the packaging industry is innovating different types of solutions. It is also helping them to control inventory & market availability and ensure that the food is not wasted.
Moreover, manufacturers are focusing on developing new products which would meet the tamper-evident criteria. They are launching new takeaway containers that can keep the meal components separate. Rising number of fast food chains across the globe is another vital factor that would aid growth.
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Competitive Landscape: Takeaway Containers Market
Key players operating in the global takeaway containers market are Huhtamaki Oyj, Georgia-Pacific LLC, Winpak Ltd., WestRock Company, Sabert Corporation, Amcor Plc, Sealed Air Corporation, Berry Global Group, DS Smith plc, International Paper Company, Reynolds Group Holding Limited, Detpak, Genpak, LLC, Pactiv LLC, Dart Container Corporation, Fabri-Kal, Vegware US, Karat by Lollicup, and Pappco Greenware among others.
Takeaway Containers Market Outlook by Category
By Product Type:
- Clamshell
- Cartons and Boxes
- Bowls and Plates
- Cups
- Bottles
- Jars
By Material:
- Plastic
- Paper & Paperboard
- Metal
- Glass
- Others (Bagasse, etc.)
By End User:
- Hotels, Restaurants, & Cafes
- Institutional
- Online Food Delivery
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