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Food Service Packaging Market to Witness a Steady Growth by 2022 – Top Key Players are Amcor, Dow Chemicals, Bemis Company, WestRock, Sealed Air, International Paper, Reynolds Group, DS Smith, Huhtamaki, Berry Plastics, Ball Corporation

10-10-2019 06:08 PM CET | Energy & Environment

Press release from: MarketsandMarkets.com

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

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

Food Service Packaging Market is expected to reach USD 84.33 billion by 2021, at a CAGR of 5.23% from 2017 to 2022. Food service packaging is used to package processed and semi-processed food products. It caters to service sectors such as restaurants, fast-food joints, takeaway restaurants, and catering services. It helps in maintaining the hygiene, quality, and safety of food products. It provides heat resistance, prevents the growth of microorganisms, and helps extend the shelf-life of the food product.

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Market 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

The non-alcoholic beverage sector is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the increase in the consumption of energy drinks, fruit juices, and soft drinks. Additionally, the growth in demand for food from quick service restaurants, fast food outlets, and hotels has fostered the demand for food service packaging in a variety of segments.

In 2016, the Asia-Pacific region contributed a major market share in the global food service packaging market. It is also projected to register the highest growth from 2017 to 2022, while India is projected to be fastest-growing country-level market in the region for the food service packaging market. North America is projected to grow at the second-highest rate between 2017 and 2022, with the U.S. registering the highest growth rate in the region. Emerging economies such as UAE, Brazil, Saudi Arabia, and other countries in the Middle East are projected to grow at moderate CAGRs between 2017 and 2022.

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.

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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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