The global market for compostable foodservice packaging is anticipated to reach US$ 18.9 billion in 2023 and grow at a moderate CAGR of 4.5% from 2023 to 2033, according to Future Market Insight. By 2033, it is anticipated that global sales of biodegradable foodservice packaging will reach a value of US$29.3 billion.
Rising demand for eco-friendly and sustainable packaging solutions across diverse end-use industries to reduce environmental pollution levels is a key factor driving the global compostable foodservice packaging market forward.
Similarly, rising awareness levels, growing need for achieving the sustainability goal among the brands, and implementation of stringent government regulations on the usage of single-use plastic products are expected to push the demand for compostable foodservice packaging.
Rising industry standards and the introduction of technology solutions into the paper market are creating future growth prospects for the compostable foodservice packaging market.
Get Sample Report to learn about recent in the Compostable Foodservice Packaging Market observed:https://www.futuremarketinsights.com/reports/sample/rep-gb-3210
Initially, waste was generated by paper producers due to a lack of adequate paper making machinery. Owing to technological advancements, waste created may now be repurposed as a raw material for creating paper or other products, which was previously not feasible due to a lack of required technologies.
Key Companies Profiled:
- Huhtamaki Oyj
- Stora Enso Oyj
- Georgia-Pacific LLC
- WestRock Company
- Mondi Group
- Berry Global Group
- Smurfit Kappa Group plc
- Pactiv LLC
- Genpak, LLC
- Karat Packaging Inc.
- Clearwater Paper Corporation
- Kruger Inc.
- Vegware Ltd.
- Ultra Green Packaging Inc.
- Verterra Dinnerware Private Limited
- SEOIL Corporation
- Biopac (United Kingdom) Ltd. (Duni)
- Eco-Products, Inc.
- Sabert Corporation
- Fabri Kal
Key Takeaways from Compostable Foodservice Packaging Market
- By material type, paper & paperboard segment is expected to expand at 5.5% CAGR during the forecast period.
- The molded fiber sub-segment of paper & paperboard category is projected to register a CAGR of 6.9% between 2023 to 2033 due to its 100% biodegradable and compostable feature.
- Based on product type, cups and trays segments collectively are estimated to account for around 48% of the market value share by the end of 2033.
- By end use, delivery catering segment is anticipated to expand at 1.6 times the current market value during the forecast period.
- Western Europe holds a significant portion of the global compostable foodservice packaging industry owing to the presence of strict recycling laws.
- The USA compostable foodservice packaging market is forecast to create a growth opportunity of US$ 582.7 million during the assessment period.
- Demand for compostable foodservice packaging across Germany is poised to increase at 3.1% CAGR throughout the forecast period.
Increased Consumption of Pre-Packaged Food Augmenting Sales of Compostable Foodservice Packaging
Pre-packaged food is packed food whose contents cannot be accessed without tampering with the package, which makes it a safe and hygienic food choice for customers. Factors like convenience, lower prices, busy lifestyles, and low effort are responsible for the growth of pre-packaged and ready-to-eat food, which is shaping the compostable foodservice packaging market.
Pouches and sachets are highly suited to pre-packaged food. The rise in portion-size food packs and healthy packaged foods is shaping the growth of pre-packaged foods. High-end machines and fast food processing and packaging equipment are responsible for the fast-paced growth of packaged food.
FMCG companies are hopping on the RTE (ready-to-eat) bandwagon and providing healthier varieties of existing snacks like cookies, chips, and candy. This is increasing the demand for pre-packaged food. The preference of customers for hygienic packaging is making brands shift towards more sustainable packaging materials. A recent example could be aseptic carton ready-to-drink beverages and replacing plastic straws with paper straws.
Request the Full Report Methodology Now: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-3210
Compostable Foodservice Packaging Industry by Segmentation:
By Packaging Type:
- Plates
- Trays
- Bowls
- Cups
- Clamshell
- Cutlery
- Pouches & Sachets
- Others (Wraps, Straws, Cup Carriers, etc.)
By Material Type:
- Plastic
- PLA
- PHA
- PBS
- PBAT
- Starch Blends
- Other Plastics
- Paper & Paperboard
- Coated Unbleached
- Molded Fiber
- Other Grades
- Bagasse & Seaweed
By End Use:
- Chain Restaurants
- Non-Chain Restaurants
- Chain Café
- Non-Chain Café
- Delivery Catering
- Independent Sellers/ Kiosks
- Others (FMCG, Hotels, Retailers)
By Region:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan Countries
- Baltic Countries
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
