Food service packaging is a technology utilized to pack semi-processed and processed food products. It is majorly dominant in the industries like fast-food joints, restaurants, takeaway restaurants, and catering services. It ensures to maintain safety, quality, and hygiene of food products. It also protects food from heat, prevents microorganism growth, and improves the shelf-life of the product.
The global food service packaging market is significantly supported by the rising demand for proper food packaging, attributable to the high popularity of processed, packed, and ready to eat foods. The food service packaging includes materials like metals, cardboard, and plastic. The minimal expenses of these materials are additionally propelling the development of the global food service packaging market. The market is also supported by the rising number of takeaway facilities and restaurants across the world.
The global food service packaging market is widely divided into the material, packaging type, application, and region. In terms of material, the market is segmented into metal, plastic, and others. Based on packaging type, the global market is bifurcated into rigid and flexible. On the basis of application, the market is classified into prepared meals, beverages, fruits & vegetables, confectionery & bakery, and others.
Geographically, Asia Pacific is estimated to lead the global food service packaging market within the coming years with the highest market share. The exceptional development in the Asia Pacific packaging market is a significant factor boosting the market growth. Expansion in buying ability of the buyers in the nations like Indonesia, India, and China have supported the demand for great quality packaged and processed food. The surging number of hypermarkets is additionally estimated to drive the demand for service packaging items. Thailand, India, China, and Japan are the most noteworthy supporter of the Asia Pacific market. China represents the biggest market share in the area, chiefly because of rapid urbanization, solid monetary development, and expansion in shopping activities.
Moreover, the region is trailed by North America owing to the rising demand for consumer goods items just as packed foods. High development in the drug business of North America is boosting the market development further. Additionally, North America is a center of significant retail online business organizations like eBay and Amazon, which impacts the development of the market. The U.S. is a significant contributor to regional growth.
The leading players operating in the global food service packaging market are Mondi Group, Amcor Ltd., Smurfit Kappa Group, Georgia-Pacific Corporation, Bemis Company Inc., ITC Ltd., International Paper, Cascades Inc., Graphic Packaging International Inc. Crown Holdings, Inc., AptarGroup Inc., Graphic Packaging International Inc., Sonoco Products Company, Nippon Paper Industries Co. Ltd., and so on.
A while ago, Hotpack Packaging Industries declared investing around US$ 61 million to set up a plant in the U.K. The plant is expected to be well accommodated with the latest manufacturing and packaging technology. It also promises to generate 250 job vacancies in the European and UK region.