The market for food service packaging is growing due to increase in demand from end-use industries such as food & beverages, quick service restaurants, and fast food outlets. Along with the same, the rise in demand for sustainable & recyclable packaging material has fueled the market for food service packaging. Emerging economies such as India, South Africa, Brazil, and oil-centric GCC (Gulf Cooperation Countries) possess a great potential for the food service packaging market.
This market is segmented on the basis of material, packaging type, application, and region. In terms of material, the plastic segment accounted for the largest market share in 2016, in terms of value; this is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the recyclability, cost-effectiveness, easy handling, and light-weight of plastic.
In terms of application, the market is segmented into alcoholic beverages, non-alcoholic beverages, fruits & vegetables, dairy products, bakery & confectionery, meat & poultry, and others (convenience food & processed food). The alcoholic beverages segment accounted for the largest share in the 2016. However, the non-alcoholic beverages segment projected to grow at the highest CAGR during the forecast period. The growth in demand for energy drinks, soft-drinks, and juices has propelled the market for food service packaging.
In terms of region, the market for food service packaging is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The Asia-Pacific region is projected to grow at the highest CAGR among all regions by 2022. This is mainly due to emerging economies such as China, Southeast Asian countries, and India, urbanization, increase in fast food culture; and stable PEST (political, economic, social, and technological) conditions.