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 thousand tons in 2018, equaling revenues worth US$ 16.7 Billion. 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.
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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.
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 5% through 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.
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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.
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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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.
For additional insights on the compostable foodservice packaging landscape, write to the analyst at press@futuremarketinsights.com
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help