The market is expected to generate an incremental $ opportunity of US$ 11.1 Bn between 2022 and 2030
Category: Packaging Published Date : July 2022 ID: CVC-00154-PKG Format: PDF Pages: 305
Compostable Foodservice Packaging Market Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Compostable Foodservice Packaging Market Market was worth US$ 20.0 Bn and is expected to grow at a CAGR of 5.7% over the forecast period. The market is expected to hit US$ 31.2 Bn by 2030 end.
Compostable packaging is made of organic materials that do not include plastic, making it biodegradable. Compostable food service packaging was a viable alternative, constructed from plant-based materials that degrade with waste products and transform into compost. Because of their sustainability and low waste, these materials are gaining appeal in the food service business.
What are the causes driving the demand increase for Compostable Foodservice Packaging Market?
Changing consumer habits are impacting packaged meal consumption and driving sales worldwide for the biodegradable food service packaging market.
The primary factors likely to fuel the growth of the biodegradable food service packaging market during the projected period include an increase in the number of food service establishments. Furthermore, the increased adoption of sustainable materials is expected to drive the growth of the biodegradable food services packaging market.
With the rising need to decrease pollution and waste, manufacturers are progressively transitioning away from traditional packaging solutions and toward eco-friendly, bio-based alternatives
What are the opportunities in the Compostable Foodservice Packaging Market Market?
To preserve freshness, extend food shelf life, and decrease contamination, foodservice disposable producers focus on creating sustainable packaging solutions. Companies are now producing biodegradable food service disposables to lessen the environmental effect. Companies have begun commercializing a 100% bio-degradable plastic-like substance manufactured from starch extracted from maize, corn, or trash.
Customized and specialized items are the market’s main trend. Manufacturers focus on delivering items designed to meet customer needs and have multifunctional features to broaden their consumer base.
The environmental benefits of biodegradable foodservice packaging will allow the compostable foodservice packaging market to expand in the future.
Because of the onset of the covid-19 pandemic, regulatory agencies and national governments instituted a lockdown to prevent the virus from spreading further. Furthermore, all manufacturing and conversion activities were forced to cease due to a disruption in the supply chain.
The production and supply of food, drinks, and pharmaceutical supplies were restricted due to the growth in demand for food packaging, which substantially influences the need for biodegradable foodservice packaging globally. However, due to the pandemic crisis, global sales suffered a setback.
Why is the Compostable Foodservice Packaging Market for Trays and Cups predicted to expand at the quickest CAGR?
Trays and cups are expected to account for more than 45.0% of total biodegradable foodservice packaging sold globally in 2022.
The usage of biodegradable trays in a wide range of applications ranging from on-the-go foods to snacks, confectionaries, and a variety of other applications makes it the most popular packaging type in the worldwide compostable foodservice packaging category.
Increased use of bio-degradable trays across various small and medium-sized food service organizations and end-user convenience provided by trays are considered to drive sales across all areas.
Why is the paper and paperboard material segment likely to grow rapidly throughout the forecast?
About 50.0% of the biodegradable foodservice packaging items are comprised of paper and paperboard throughout the anticipated period.
Paper & paperboard are the most desired material type by biodegradable foodservice packaging makers all over the world because of their low cost and little environmental impact. The increasing number of important industry participants transitioning to paper & paperboard for generating disposable food service packaging goods might be one of the reasons for the increased demand.
Why is Europe cementing its global dominance in the Compostable Foodservice Packaging Market Market?
Europe is expected to have the highest sales of biodegradable food service cutlery among all other areas in the world. The growing awareness of the adverse impacts of pollution on the environment and customer preferences for sustainable packaging materials have made it the largest market for disposable foodservice packaging.
Sales of biodegradable foodservice packaging are likely to increase across Europe as the European Union increases its efforts to reduce waste created by food packaging in the area.
Why does Asia-Pacific have such promising opportunities in the Compostable Foodservice Packaging market?
Because of rapidly rising urbanization, particularly in emerging economies, the Asia Pacific region is predicted to lead the worldwide foodservice packaging market share. Consumers’ changing tastes and preferences and increased use of takeout from hotels and restaurants are driving market expansion.
The market is consolidated with local and regional firms responding to domestic and urgent demands. In contrast, prominent players with significant regional presence account for a very modest part of the market.
Manufacturers in the global packaging industry are continually inventing in the foodservice packaging market to improve consumer convenience and capitalize on the enormous foodservice packaging market potential.
To keep ahead of their competition, globally famous biodegradable foodservice packaging manufacturers are working on extending their international footprint by developing various new disposable foodservice packaging solutions.
Key companies in the foodservice packaging market are developing environmentally friendly packaging forms composed of natural polymers that are readily biodegradable.
Some of the key developments that have taken place in the Compostable Foodservice Packaging Market Market include:
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Packaging Type:
By Material Type:
By Region and Country:
Global Compostable Foodservice Packaging Market Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Billion for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Packaging Type, Material Type, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|