Food Service Packaging market size to cross 67.94 billion by 2027-Market Report
According to market research report, “The global demand for Food Service Packaging market was worth of USD 46.65 Billion in 2020 and is anticipated to reach USD 67.94 Billion in 2027, growing at a CAGR of 5.76% during the forecast period.”
Food service packaging has evolved over a period of time and consists of new packaging products such as bowls, plates, cups, flips, paper packaging etc. food services market, presently, is serving an eclectic range of food service sectors including online and offline food service catering to a large percentage of population. In addition, changing lifestyles is prompting consumers to shift from the convention method of preparing food to opting for packaged products.
Food service packaging is made from recyclable materials, so it requires less resource and less energy; therefore, packaging, and disposable packaging are inexpensive, and most importantly, their retail space is reduced by 35%, which makes it profitable.
The major factors driving the demand for food service packaging are increasing demand for cost effective packaging solutions, shifting preferences of consumers for convenience food and handy products, rapid urbanisation and busy lifestyles that require quick & manageable packaging. Most importantly, fast urbanisation of the world has promoted the rapid development of food packaging industry.