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Food Service Packaging Market Size

Report ID: GMI5348
Published Date: Jan 2024
Report Format: PDF

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Food Service Packaging Market Size

Food Service Packaging Market was valued at USD 131.48 billion in 2023 and is anticipated to register a CAGR of over 4.9% between 2024 and 2032. Rising demand for convenience food, busy lifestyles and increasing disposable income are driving the demand for convenient food options like takeout, delivery, and frozen meals. This increased consumption necessitates effective and sustainable food service packaging.

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Growing environmental awareness is pushing consumers and businesses towards eco-friendly packaging solutions. This includes the use of biodegradable materials, compostable options, and recyclable packaging. According to a 2022 report by The World Bank, food packaging waste accounts for 8-10% of global waste generation. Additionally, Advancements in packaging technology, like active and intelligent packaging, offer features like extended shelf life, temperature control, and improved tamper detection. This increases food safety and reduces waste.

Food Service Packaging Market Report Attributes
Report Attribute	Details
Base Year:	2023
Food Service Packaging Market Size in 2023:	USD 131.48 billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.9%
2032 Value Projection:	USD 202.66 billion
Historical Data for:	2018 – 2023
No. of Pages:	300
Tables, Charts & Figures:	188
Segments covered:	Material, Packaging type, Application
Growth Drivers:	Cost-effectiveness of food service packaging Rising demand for convenience food
Pitfalls & Challenges:	Stringent governments regulations, especially on plastic packaging usage

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Ongoing innovations in packaging design, such as tamper-evident seals, resealable options, and microwave-safe packaging, contribute to market growth. Customizable packaging solutions offer opportunities for branding and marketing, allowing food service providers to differentiate their products. These are the factors that are boosting growth of food packaging services market.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Global market size for food service packaging was valued at USD 131.48 billion in 2023 and is anticipated to register over 4.9% CAGR between 2024 and 2032 due to the rising demand for convenience food, busy lifestyles, and increasing disposable income.

Rigid packaging segment accounted for over 70% market share in 2023 and is projected to grow through 2032 as it provides excellent protection against external elements, ensuring the freshness and quality of food products during storage, transportation, and display.

North America Food Service Packaging Market was over USD 26.29 billion in 2023 and will grow significantly through 2032 driven by the busy lifestyles of consumers, leading to a preference for convenient, on-the-go food options.

Amcor plc, Sealed Air, Sonoco Products Company, Berry Global Inc, WestRock Company, Mondi, Genpak LLC, Pactiv LLC, Chantler Packages, and Winpak Limited.