Compostable Foodservice Packaging Market Reflecting a CAGR of ~5% During the Forecast Period 2019- 2029

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Packaging

• July 2019

Report Id REP-GB-3210 Published On
July-2019 Category Packaging
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Research Methodology (1/2)

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In-depth secondary research is used to ascertain overall market size, top industry players, top products, industry associations, etc.
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Compostable Foodservice Packaging Market Analysis

• Recent research Compostable Foodservice
  Packaging Market  is expected to grow at a CAGR
  of 5 by 2019 - 2029
• VALLEY COTTAGE, New York, July 29,
  2019 /PRNewswire/ -- Future Market Insights, in
  its new offering, outlines the growth trails of
  'compostable foodservice packaging' market for
  the period 2019 and 2029. According to the
  report, worldwide sales of compostable
  foodservice packaging reached approximately 6,400
  tons in 2018, equaling revenues worth US 16.7
  million. As end users' quest for sustainable
  packaging intensifies, manufacturers are likely
  to witness a period of sustained demand in the
  future.
• Expansion of foodservice industry, along with the
  emergence of 'takeaway' and 'grab-and-go'
  services will continue to provide potential
  growth prospects of the market. However, the
  price of producing compostable materials for
  packaging continues to be higher than the
  conventional variants which is likely to
  represent a threat to the growth of the
  compostable foodservice packaging market.
• 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 Market Analysis

• Trays Continue to Gain Preference Over Other
  Packaging Format
• According to the study, the composite foodservice
  packaging market is estimated to grow at a CAGR
  of approximately 5through 2029. One of the key
  growth drivers is a notable spike in the number
  of quick service restaurants (QSRs), especially
  in developing countries, which align with todays'
  convenience and on-the-go culture. In addition,
  surging adoption of foodservice disposables, in
  the view of an increase in the demand for
  pre-packed food, has been preparing the grounds
  for compostable foodservice packaging
  penetration.
• The study finds that compostable trays continue
  to account for relatively large share of
  manufacturers' bottom lines, while more focus has
  been placed on increasing the production of
  compostable cups, as the category is witnessing
  rising demand from a multitude of end-use
  sectors. As the search for sustainable solutions
  scales up, companies operating in packaging
  industry are starting to launch a number of
  products made entirely from plant-based materials
  including mushroom roots, bagasse, seaweed, and
  starch derived from maize.

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Compostable Foodservice Packaging Market Analysis

• As per the study, the wave of 'customization' is
  also approaching in the compostable foodservice
  packaging space. To fulfill the individual
  packaging needs while promoting sustainability,
  manufacturers are targeted towards offering
  custom products of all sizes, ensuring food
  safety and minimizing leakage. Demand from
  non-chain restaurants continues to influence
  growth strategies, and as identified by the FMI's
  study, market stakeholders are tapping into
  opportunities in chain café and independent
  foodservice operators. Rapid expansion of
  international chain café in developing countries
  along with growing consumer preference to eat
  out, especially from food trucks and street
  stalls, is also likely to work well with the
  manufacturers' growth strategies.
• Growth prospects of the compostable foodservice
  packaging, as the report opines, are high in EU5
  and the U.S. Greater awareness and easy access to
  innovative solutions along with favorable
  regulatory framework and higher availability of
  compost facilities in these regions have worked
  to the advantage of the stakeholders. In
  addition, market consolidation in Asia Pacific,
  particularly in the southern region, will remain
  a key to gaining distinct competitive advantage,
  as trends of eating out and online ordering have
  spiked across the region.

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Compostable Foodservice Packaging Market Analysis

• The business intelligence report also offers an
  incisive outlook on competitive landscape by
  analyzing the key development strategies of the
  market players. According to the study, the
  market shows a high level of consolidation, with
  local and regional players catering to domestic
  and urgent demands, while leading players with
  strong regional presence account for relatively
  small share in the market.
• More Related Press-release-
• Polypropylene Packaging Films Market to Reach at
  a CAGR of 6 by 2029
• Steel Drums IBCs Market to Grow at a CAGR of 4
  During 2019 to 2029
• Rigid Industrial Packaging Market is Expected to
  Grow at a CAGR of 4 During the Forecast Period
  2019 to 2029

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Compostable Foodservice Packaging Market Analysis

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  intelligence, statistical anecdotes, technology
  inputs, valuable growth insights and an aerial
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  market trends.
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