The food service packaging market size is estimated to grow from USD 65.36 Billion in 2017 to USD 84.33 Billion by 2022, at a CAGR of 5.23%. The global food service packaging market is projected to witness decent growth in the next few years due to the changes in consumer demand patterns. The growth in demand for ready-to-eat food, quick service restaurants, and the popularity of using convenient packaging are driving the demand for food service packaging.
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Growth Drivers:
- Cost-effectiveness of food service pacakging
- Downsizing of pacakging
- Rising demand for convenience food
- On-the-go lifestyle to impel the growth of the food service packaging technology & equipment
Cost-effectiveness of food service packaging
There has been a gradual shift in consumer choice from traditional methods of preparing food at home to buying packaged products. Food service packaging mediums require less resources and energy as they are manufactured with recycled material; hence, packaged and disposable packs are available at low cost and importantly, occupy 35% less retail shelf space, making it cost-effective. It also offers a perfect alternative for display by creating more options for eye-catching graphics, ultimately increasing the marketability of the product.
The food service packaging market has a positive outlook due to high growth in the food industry and the beverages sector. It is easy to open food service packaging packs as they are available in the form of both rigid as well as flexible, which makes it convenient for handling the product. Due to busy lifestyles, the demand for convenient products has increased, which has led to a rise in the demand for flexible and rigid packs. Due to this, transport and shipping costs are cheaper for food service packaging. Furthermore, it reduces fuel consumption in terms of transportation.
The global market for the food service packaging markets is dominated by major players of the packaging industry. Amcor Limited (Australia), The Dow Chemical Company (U.S.), Bemis Company, Inc (U.S.), WestRock Company (U.S.), Sealed Air Corporation (U.S.), International Paper Company (U.S.), Reynolds Group Holding Limited (New Zealand), DS Smith Plc (U.K.), Huhtamaki Oyj (Finland) Berry Plastic Corporation (U.S.), Ball Corporation (U.S.), Genpak, LLC (U.S.), Dart Product Europe Limited (U.K.), Anchor Packaging Inc. (U.S.), Vegware Ltd. (U.K.), Sabert Corporation (U.S.), Union packaging (U.S.), Fabri-Kal (U.S.), Excellent Packaging & Supply (U.S.), BSI Biodegradable Solution (Canada), ISAP Packaging SPA (Italy), Landon Bio Packaging (U.K.),Hefei Hengxin Environmental Science & Technology Co., Ltd (China), King Yuan Fu Packaging Co., Ltd. (Taiwan), and Bionatic GMBH & Co. Kg (Germany) are the leading manufacturers operating in the food service packaging market. These players adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the key strategies adopted by the market players to achieve growth in the food service packaging market.
Major Market Developments
- In September 2016, Amcor’s rigid plastic business group acquired the plastic blow molding operation of Sonoco Product (U.S.). The acquisition strengthened the company’s product portfolio and its position in North American market
- In June 2016, Ball Corporation acquired Rexam PLC (U.K.), a producer of beverage cans. The acquisition transaction was approximately worth USD 6.1 billion. The acquisition helped Ball become the largest manufacturer of beverage cans in Europe.
- In July 2015, Amcor acquired Packaging India Private Limited (PIPL) (India) for approximately USD 40 million. It had four flexible packaging plants in West and North India. The acquisition of PIPL expanded Amcor’s business horizon in India and increased the product portfolio.
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