Green Revolution: Compostable Foodservice Packaging Market Set to Soar, Projected to Reach a Staggering $29.3 Billion by 2033

Introduction

In recent years, the foodservice industry has witnessed a significant shift towards eco-friendly practices, and compostable foodservice packaging has taken center stage. This innovative approach addresses the growing concern of plastic waste and its adverse effects on the environment. Compostable packaging materials are designed to break down naturally, reducing the burden of waste accumulation in landfills and oceans.

Compostable Foodservice Packaging Market: Understanding the Concept

Compostable foodservice packaging refers to packaging materials that are biodegradable and can be broken down into natural elements through composting. These materials are typically derived from renewable sources such as cornstarch, sugarcane, and potato starch. Unlike traditional plastics, which can take centuries to decompose, compostable packaging breaks down within months, releasing valuable nutrients back into the soil.

Anticipated to be valued at $18.9 billion in 2023, the worldwide compostable foodservice packaging market is poised not only for substantial expansion but also for a compelling compound annual growth rate (CAGR) of 4.5% spanning from 2023 to 2033. Envisioned to achieve a remarkable worth of $29.3 billion by 2033, this market is on track to a lucrative future.

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Key Takeaways from Compostable Foodservice Packaging Market

1. By material type, paper & paperboard segment is expected to expand at 5.5% CAGR during the forecast period.
2. 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.
3. 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.
4. By end use, delivery catering segment is anticipated to expand at 1.6 times the current market value during the forecast period.
5. Western Europe holds a significant portion of the global compostable foodservice packaging industry owing to the presence of strict recycling laws.
6. The USA compostable foodservice packaging market is forecast to create a growth opportunity of US$ 582.7 million during the assessment period.
7. Demand for compostable foodservice packaging across Germany is poised to increase at 3.1% CAGR throughout the forecast period.

The Growing Demand for Sustainable Packaging Solutions

The Compostable Foodservice Packaging Market has witnessed a surge in demand in recent years due to increasing awareness among consumers and businesses regarding the detrimental impact of single-use plastics on the environment. This shift in demand has been fueled by various factors, including government regulations promoting sustainable practices, corporate social responsibility initiatives, and a change in consumer preferences towards eco-friendly products.

The Market Key Players Are:

1. Huhtamaki Oyj
2. Stora Enso Oyj
3. Georgia-Pacific LLC
4. WestRock Company
5. Mondi Group
6. Berry Global Group
7. Smurfit Kappa Group plc
8. Pactiv LLC
9. Genpak, LLC
10. Karat Packaging Inc.
11. Clearwater Paper Corporation
12. others

With plastics becoming one of the biggest challenges in the world right now, brands prolifically using such materials will need to act quickly to find reliable alternatives. Technological innovations are being made to reduce the price of compostable foodservice packaging, and FMI's study assesses that the global efforts to become a more sustainable society will be instrumental in creating new growth opportunities for the market vendors.

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Compostable Foodservice Packaging Industry by Category

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)

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.