Inclination towards Fresh, Ready-to-Eat/Ready-to-Cook Food Products to drive the foodservice Packaging Market
Published On : Jun 08, 2021
The ongoing trend is that of demand for fresh products having superior quality and extended shelf-life. On the other hand, the demand for improvised food packaging solutions in wake of time constraints faced by the people along with demand for semi-processed, processed, and frozen foods also drives the foodservice packaging market. There are also ready meal kits available with microwavable film.
The developing economies are more into preferring economic packages, so as to foster consumers’ convenience regarding budget. Rigid packaging is preferred where long distance comes into picture. Material-wise, the foodservice packaging market comprises metal, plastic, and others. Out of these, plastic witnesses the highest demand due to convenience and being lightweight. Also, factors like rusting are out of the question. Moisture could also be kept at bay. Plastic packaging also renders flexibility. In all, foodservice packaging (plastic in particular) is there to stick around going forward.
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Foodservice Packaging Market Segregation
The foodservice packaging market, by type of product, spans corrugated boxes, glass bottles, wraps and bags, plastic containers, and likewise. Application-wise, its meat, seafood, and poultry, vegetables and fruits, beverages, processed food, and others. Growing demand for ready-to-cook and ready-to-eat food products is keeping the cash registers for foodservice packaging market ringing.
North America and Europe have already reached the saturation point with regards to foodservice packaging market. However, in future, the Asia-Pacific will be the region to look for. The densely populated countries like China and India speak volumes about consumption of food and beverages. Research states that those based in Australia spend close to 30% of their entire household budget on fast food and eating out. This is evident from the proliferation of QSRs like Pizza Hut, Domino’s, Subway, KFC herein.
By way of Competing
The key players in the foodservice packaging market include Georgia-Pacific LLC, Dart Container Corporation, Anchor packaging Inc., Pactiv LLC, D&W Fine Pack, Gold Plast SPA, Berry Global Group Inc., DOpla S.p.A., Smurfit Kappa Group, WestRock Company, Huhtamaki Oyj, New WinCup Holdings, Inc., Linpac packaging Ltd., Graphic Packaging Holding Company, Coveris Holdings S.A., Novolex Holdings, Inc., Be Green Packaging, Genpak, LLC, GRACZ, Inc., and Southern Champion Tray, LP.
On the developments’ front, Sealed Air Corporation, in May 2019, did enter into a decisive agreement for acquiring Automated Packaging Systems, Inc. (a leading producer of automated, highly reliable bagging systems costing US$ 510 Mn). Also, Macor, in April 2019, did come up with Amite Ultra Recyclable. It is the very first product made out of its high-barrier polyolefin film. It claims to reduce the carbon footprint of the pack by nearly 64%.
Global Market Study on Foodservice Packaging: Rising Consumer Demand for Pre-packed Food Complementing GrowthView Report