Future Market Insights
Packaging is utilized as a part of an extensive range of industries across food and beverage, healthcare, beauty care and personal care. Packaging systems have emerged as a fundamental requirement across these industries wherein its utilization is growing comprehensively in accordance with the worldwide economy. With increasing cognizance among the consumers for packaged food and environmental concerns gaining momentum all over the world, there has been an increased demand for compostable as well as safe foodservice packaging products. Such favorable factors has led to a boom in the compostable foodservice packaging market. Compostable food service packaging differs slightly from the biodegradable food service packaging in terms of the end product which is generated from their decomposition. In addition to that, compostable foodservice packaging is also supposed to increase the food scrap diversion as well as reduce the food contamination. They are intended for single use after which they are recycled. Food and beverage packaging have more than 50% share in the global packaging industry which in turn will boost the compostable foodservice packaging market all over the world. Compostable foodservice packaging market is a small segment of the global packaging industry which is in its growing phase and is expected to rise steadily over the forecasted growth period.
Compostable Foodservice Packaging: Market Dynamics
A high growth rate is expected for the compostable foodservice packaging market owing to an increasing concern among the consumers for more environmentally safe choices for food packaging. Changing lifestyle of individuals is also a factor which is fuelling the compostable food service packaging market. Along with it, the declining accessibility of fossil fuels is likewise driving the market. The popularity of packaged food is also a key driver for the compostable food packaging market. Cost is rather an inhibiting component for the compostable food service packaging market as the products are priced higher. Restricted supply of the raw materials utilized is also restraining the growth of this market.
Further technological advancement in the packaging market will support developments in the compostable food packaging market in term of packaging products with innovative designs. A key trend of this market is the novel packaging design formulations for sustainable packaging to have a competitive edge over others. The increasing demand of packaged food products and increasing food scrap diversion is likely to create an opportunity for the compostable foodservice packaging market.
Compostable Foodservice Packaging: Market Segmentation
The compostable foodservice packaging market is segmented on the basis of raw material used, the product type, end use, packaging type and geography. On the basis of raw material used, the market can be segmented into paper and cardboard, mixture of polymers and starch/cellulose, bionanocomposites such as polylactic acid and polyhydroxybutyrate. On the basis of product type, the compostable food service market can be segmented into utility trays, food trays, bowls and cups, and plates. On the basis of end use, the compostable foodservice packaging market can be segmented into restaurants such as limited service restaurants, full service restaurants, bars and confectioneries.
Compostable Foodservice Packaging: Regional Outlook
Geographically, the compostable foodservice packaging market has been segmented into North America, Latin America, Asia Pacific (APAC), Europe and Middle East and Africa (MEA). North America stands out as the largest market for compostable foodservice packaging industry due to a large consumer base for packaged foods followed by Europe. Asia-Pacific is expected to grow at the highest rate over the forecast period owing to a large population as well rising awareness among the consumers.
The key players in this sector are Eco Products Inc. (USA), Biosphere Industries LLC (U.S.), International Paper Company (U.S.), Cereplast Inc. (U.S.), BioBag Canada Inc., and Penley Corporation (U.S.).
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