Title: Compostable Foodservice Packaging Market Reflecting a CAGR of ~5% During the Forecast Period 2019- 2029
1Packaging
Report Id REP-GB-3210 Published On
July-2019 Category Packaging
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3Research Methodology (1/2)
- Systematic Research Approach
In-depth secondary research is used to ascertain overall market size, top industry players, top products, industry associations, etc.
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4Compostable 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.
5Compostable 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.
6Compostable 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.
7Compostable 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
8Compostable Foodservice Packaging Market Analysis
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view of the competitive framework and future
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