Sales of Compostable Foodservice Packaging Products Made Up of Bio-Degradable Plastics Are Expected to Grow 1.4X Between 2022 And 2029 | Future Market Insights, Inc.
FMI estimates, the global sales of compostable foodservice packaging to witness growth at an astounding 5.5% CAGR between the forecasted period of 2022 and 2029, in comparison with the CAGR of 4.0% recorded during 2014 and 2021
NEWARK, Del., Oct. 6, 2022 /PRNewswire/ — The global compostable foodservice packaging market is worth US$ 19.9 Bn in the current scenario and expected to reach US$ 29.3 Bn by the year 2032 at a CAGR of 6.1% from 2022 to 2032.
Compostable packaging materials, as the name suggests, are made from the organic substances. In other words, they are biodegradable. The major factor driving the growth of compostable foodservice packaging market is growth in the number of various food service establishments. Moreover, sustainable materials are being increasingly accepted by the food & beverages market.
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Compostable foodservice packaging has been identified as a conducive solution as it comprises plant-based materials that decompose for turning into compost. “Zero Waste Gain Traction” is the cornerstone of compostable foodservice packaging market. Use of petroleum is out of question over here. The environmentally-friendliness associated with compostable foodservice packaging is another factor expected to take the compostable foodservice packaging market by storm in the near future.
Excessive demand for “ready-to-eat” food is also expected to catalyse the compostable foodservice packaging market. This could be credited to urbanization, fast-paced lifestyles, and enhancements in financial conditions of the emerging economies. This calls for disposable service ware incorporating single-use cups, bowls, and meal trays. With QSRs (Quick Service Restaurants) on the go, compostable foodservice packaging is actually something to reckon with. Future Market Insights, in the form of its latest market study entitled “Compostable Foodservice Packaging Market”, has mentioned about these nitty-gritties with future perspectives.
Key Takeaways from the Compostable Foodservice Packaging Market
- The US dominates the compostable foodservice packaging market. It is, in fact, expected to be worth US$ 5.1 Bn by the year 2032. As per The Foodservice Packaging Institute, the year 2021 witnessed half of the Americans make use of single-use items atleast once in a week and the trend continues till date.
- Coming to the Asia-Pacific, compostable foodservice packaging is expected to offer growth opportunity of close to US$ 753.1 Mn from 2022 to 2032, that too, at a whopping CAGR of 8.4%.
- Paper & paperboard is the most sought-after material with respect to manufacturing compostable foodservice packaging as it does away with environmental hazards. Also, it is expected to provide an incremental opportunity of US$ 4.9 Bn in the forecast period.
- Europe is expected to account for the highest sales of compostable foodservice cutlery due to growing awareness pertaining to ill-effects of pollution. Europe, on the whole, is expected to grow 1.5X from 2022 to 2032, as the EU is making relentless efforts for reducing waste generated via food packaging.
- Compostable trays are preferred to serve confectioneries, on-the-go snacks, and several other uses.
“With biodegradability being the top priority, the compostable foodservice packaging market is likely to grow manifold in the forecast period”, says an analyst from Future Market Insights.
- Paperboard Packaging Council, in November 2021, conferred upon “Innovative Design Excellence Award” to Westrock Company. It was a recipient of 13 additional awards.
- Huhtamaki Oyj, in September 2021, completed acquisition of Elif. The latter was known as a prime supplier of various sustainable flexible packaging products to the brand owners worldwide.
- Caribbean Containers Inc., of late, tabled Eco Pak. It comes across as a broad range of 100% non-toxic products. These containers are biodegradable – 3 months after utilization. The demand for foam and plastic packaging has taken a backseat in the wake of environmental issues related to their usage.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the compostable foodservice packaging market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on packaging type (plates, trays, bowls, cups, clamshell, cutlery, pouches & sachets, and others), by material type (plastic (plylactic acid (PLA), polyhydroxyalkanoate (PHA), polybutylene succinate (PBS), polybutylene adipate terephthalate (PBAT), starch blends, and likewise), paper & paperboard (coated unbleached, molded fiber, and other grades), and others), and by end-use (chain restaurants, non-chain restaurants, chain café, non-chain café, delivery catering, and independent sellers/kiosks).
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Compostable Foodservice Packaging Market by Category
By Packaging Type:
- Pouches & Sachets
By Material Type:
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Polybutylene Adipate Terephthalate (PBAT)
- Starch Blends
- Paper & Paperboard
- Coated Unbleached
- Molded Fiber
- Other Grades
By End Use:
- Chain Restaurants
- Non-Chain Restaurants
- Chain Café
- Non-Chain Café
- Delivery Catering
- Independent Sellers/ Kiosks
Table of Content
1. Executive Summary
1.1. Global Market Overview
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Definition
2.2. Market Coverage
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
Have a Look at Related Research Reports of Packaging
Biodegradable Packaging Market Size: The global biodegradable packaging market is set to enjoy a valuation of US$ 448.2 Bn in 2022
Flexible Packaging Paper Market Share: The flexible packaging paper market is on track to grow at an estimated CAGR of 4% during 2022-2032
Hinged Lid Compostable Container Market Trends: Hinged lid container provide more convenience in terms of transportation. Because of the government’s actions against usage of plastic, hinged lid compostable container introduced in the market
Foodservice Paper Bags Market Analysis: The growth of the foodservice paper bags market is the rising environmental concerns regarding the usage of plastic and the consequential implementation of stringent guidelines limiting its adoption
FMCG Packaging Market Outlook: The global FMCG packaging market is expected to reach US$ 418.8 Bn in 2022, with sales growing at a CAGR of 5.7% through 2032
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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