Compostable Foodservice Packaging Market Competitive Analysis By 2029 | Huhtamaki Oyj, WestRock Company, Stora Enso, Georgia Pacific LLC, Be Green Packaging
Future Market Insights in its new offering outlines growth avenues for compostable foodservice packaging market for the period of 2019 and 2029. According to the report, global sales of compostable foodservice packaging reached approximately 6,400,000 tons in 2018, representing revenue worth US$16.7 billion. As end users’ quest for sustainable packaging intensifies, manufacturers are likely to experience a period of sustained demand in the future.
The expansion of the restaurant industry, as well as the emergence of “take-out” and “take-out” services will continue to offer potential market growth prospects. However, the production price of compostable materials for packaging continues to be higher than the conventional variants, which is likely to pose a threat to the growth of the compostable foodservice packaging market.
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Technological innovations are underway to reduce the price of compostable foodservice packaging, and the IMF study assesses that global efforts to become a more sustainable society will be instrumental in creating new growth opportunities for foodservice suppliers. market.
Trays continue to be preferred over other packaging formats
According to the study, the composite packaging for catering market is expected to grow at a CAGR of around 5% through 2029. One of the major growth drivers is a notable increase in the number of quick service restaurants (QSRs) , especially in developing countries, which correspond to today’s convenience and mobile culture. Furthermore, the growing adoption of disposable foodservice products, given the rise in demand for pre-packaged foods, has set the stage for the penetration of compostable foodservice packaging.
The study reveals that compostable trays continue to represent a relatively large share of manufacturers’ bottom lines, while more emphasis has been placed on increasing the production of compostable cups, as the category sees growing demand for a multitude of end-use sectors. As the search for sustainable solutions intensifies, companies operating in the packaging industry are beginning to release a number of products made entirely from plant-derived materials, including mushroom roots, bagasse, algae and corn-derived starch.
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According to the study, the wave of “personalization” is also approaching in the compostable foodservice packaging space. To meet individual packaging needs while promoting sustainability, manufacturers aim to offer customized products of all sizes, ensuring food safety and minimizing leakage.
Demand from non-chain restaurants continues to influence growth strategies and, as the IMF study identified, market players are tapping into opportunities from cafe chains and independent restaurant operators. The rapid expansion of international coffee chains in developing countries as well as the growing consumer preference for eating out, particularly at food trucks and street stalls, should also work well with the growth strategies of manufacturers.
Top Key Players Covered –
- Huhtamaki Oyj,
- WestRock Company,
- Stora Enso,
- Georgia Pacific LLC,
- Be green packaging
- Berry Global, Inc.
- Pactiv LLC
- TIPA compostable packaging
- Genpak, LLC.
- Virosac S.r.l.
- Lollipop United States
- Clearwater Paper Corporation
- Kruger inc.
- Vegware Ltd.
- Biopac (UK) Ltd.
- Ultra green packaging. Inc.
- Eco Products Inc.
- Sabert Company
- Fabri Kal
- Vertera Ltd.
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Compostable Foodservice Packaging Market by Category
By type of packaging:
- Pouches & Bags
By type of material:
- Polylactic acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Polybutylene adipate terephthalate (PBAT)
- Starch mixtures
By end use:
- Restaurant chains
- Non-chain restaurants
- Coffee chain
- Coffee without chain
- Delivery Catering
- Independent Vendors/Kiosks
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
The growth prospects for compostable food service packaging, as the report indicates, are high in the EU5 and the United States. . Additionally, market consolidation in Asia-Pacific, particularly in the southern region, will remain a key to gaining a distinct competitive advantage, as catering and online ordering trends have increased across the region.
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The Business Intelligence report also offers an incisive view of the competitive landscape by analyzing key developing strategies of market players. According to the study, the market shows a high level of consolidation, with local and regional players responding to national and urgent demands, while major players with a strong regional presence account for a relatively small share of the market.
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Future Market Insights (FMI) is a leading market intelligence and advisory firm. We provide syndicated research reports, custom research reports and consulting services of a personalized nature. FMI offers a comprehensive packaged solution, which combines current market insights, statistical trivia, technological inputs, valuable growth insights, and an overhead view of the competitive framework and future market trends.
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