The global market for compostable foodservice packaging is forecast to reach US$ 18.9 billion in 2023 and accelerate at a moderate CAGR of 4.5% during the assessment period (2023 to 2033). Overall compostable foodservice packaging sales are predicted to total a valuation of US$ 29.3 billion by 2033.
The surge in online food delivery platforms, fueled by the growth of the foodservice industry and e-commerce, has reshaped how consumers access food, offering convenience and a wider reach. Particularly accelerated by the COVID-19 pandemic, the preference for home delivery to mitigate health risks has bolstered the demand for online food ordering, creating opportunities for compostable foodservice packaging manufacturers.
E-commerce’s efficiency in managing orders has minimized customer queues, enhancing overall satisfaction and providing avenues for feedback. With the increasing presence of e-commerce and the emergence of online food delivery startups, the global compostable foodservice packaging industry is poised for significant growth in the foreseeable future.
Get Your Sample Report – Drive Business Success! 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 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.
Drive Your Business Growth Strategy: Purchase the Report for Key Insights! https://www.futuremarketinsights.com/checkout/3210
“A gradual shift from plastic foodservice packaging to greener material-based paper foodservice packaging has been witnessed in the past year. Biodegradable materials such as wood, corn starch, etc. offer sustainability added with proper packaging. Therefore, they have become ideal for making foodservice packaging,” says an FMI analyst.
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.
Rapid Expansion of Foodservice Industry to Boosting Compostable Foodservice Packaging Market
One of the most thriving and dynamic industries in the world is the foodservice industry. The sector has already unmatched growth, and it continues to generate revenue and create potential jobs. The development of the food production sector and the popularity of portable meals has improved the foodservice packaging sector.
The market for foodservice packaging is being further stimulated by the changing demographics and the increased internet usage among Generation Z. As more young people consume healthy, high-quality food that is packaged in hygienic ways, adoption of packaging solutions such as compostable cups, bowls, trays, etc. is increasing rapidly across foodservice industry.
Who is Winning?
Key players operating in the compostable foodservice packaging market include Huhtamaki Oyj, Stora Enso Oyj, Georgia-Pacific LLC, WestRock Company, Mondi Group, Berry Global Group, Smurfit Kappa Group plc, Pactiv LLC, and Genpak, LLC. Also, the other noticeable players in the market include SEOIL Corporation, Karat Packaging Inc., Kruger Inc., Vegware Ltd., Biopac (U.K.) Ltd. (Duni), Ultra Green Packaging Inc., Eco-Products, Inc., Sabert Corporation, Fabri Kal, and others.
Compostable Foodservice Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global compostable foodservice packaging market, analyzing historical demand from 2017 to 2022 and forecast statistics for 2023 to 2033. The study reveals market growth projections for compostable foodservice packaging based on the packaging type (plates, trays, bowls, cups, clamshells, cutlery, pouches & sachets, and others (wraps, straws, cup carriers, etc.)), material type (plastic (PLA, PHA, PBS, PBAT, starch blends, and other plastics), paper & paperboard (coated unbleached, molded fiber, and other grades), and bagasse & seaweed), and end use (chain restaurants, non-chain restaurants, chain café, non-chain café, delivery catering, independent sellers/ kiosks, and others (FMCG, hotels, and retailers)) across seven regions.
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights Inc. (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 400 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
