Sales of compostable food service packaging products made from biodegradable plastics are expected to increase 1.4 times between 2022 and 2029
IMF estimates that global compostable foodservice packaging sales are expected to grow at an astonishing CAGR of 5.5% between the forecast period of 2022 and 2029, compared to the CAGR of 4.0% recorded in 2014 and 2021
NEWARK, Del., October 6, 2022 /PRNewswire/ — The World compostable foodservice packaging market worth US$19.9 billion in the current scenario and should reach US$29.3 billion by 2032 at a CAGR of 6.1% from 2022 to 2032.
Compostable packaging materials, as the name suggests, are made from organic substances. In other words, they are biodegradable. The major driver for the growth of the compostable catering packaging market is the growth in the number of various catering establishments. Additionally, sustainable materials are gaining more and more acceptance in the food and beverage market.
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Compostable foodservice packaging has been identified as a favorable solution because it includes plant-based materials that break down into compost. “Zero Waste Gain Traction” is the cornerstone of the compostable foodservice packaging market. The use of oil is out of the question here. The environmental friendliness associated with compostable foodservice packaging is another factor that is expected to take the compostable foodservice packaging market by storm in the near future.
Excessive demand for ready-to-eat foods is also expected to catalyze the compostable foodservice packaging market. This could be attributed to urbanization, hectic lifestyles and improving financial conditions in emerging economies. This requires disposable serving items incorporating single-use cups, bowls and meal trays. With QSRs (Quick Service Restaurants) on the go, compostable foodservice packaging is actually something to consider. Future Market Insights in the form of its latest market study titled “Compostable Foodservice Packaging Market” has touched on these concrete details with future prospects.
Key Takeaways from the Compostable Foodservice Packaging Market
- The United States dominates the market for compostable foodservice packaging. In fact, it is expected to be worth US$5.1 billion by 2032. According to the Foodservice Packaging Institute, the year 2021 saw half of Americans use single-use items at least once a week and the trend continues to this day.
- Come to the Asia Pacificcompostable restoration packaging is expected to provide a growth opportunity of nearly US$753.1 million from 2022 to 2032, that too, at a breakneck pace CAGR 8.4%.
- Paper and cardboard are the most sought-after materials for making compostable foodservice packaging because it eliminates environmental risks. Also, it should provide an additional opportunity of 4.9 USD Bn in the forecast period.
- Europe expected to represent the highest sales of compostable foodservice covered due to growing awareness of the harmful effects of pollution. Europeoverall, is expected to grow 1.5 times from 2022 to 2032, as the EU makes constant efforts to reduce the waste generated by food packaging.
- Compostable trays are preferred for serving confections, on-the-go snacks, and several other uses.
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“With biodegradability being the top priority, the compostable foodservice packaging market is expected to witness multiple growth over the forecast period,” says an analyst from Future Market Insights.
- Board packing in carton, in November 2021, conferred “Innovative Design Excellence Award” to Westrock Company. He was the recipient of 13 additional awards.
- Huhtamaki Oyjin September 2021completed the acquisition of Elif. The latter was known as one of the leading suppliers of various sustainable products soft packaging products to brand owners around the world.
- Caribbean Containers Inc. recently filed Ecopack. It presents itself as a wide range of 100% non-toxic products. These containers are biodegradable – 3 months after use. Demand for foam and plastic packaging has taken a back seat in the wake of environmental issues related to their use.
What does the report cover?
- Future Market Insights offers an exclusive perspective and various real-time information on the Compostable Foodservice Packaging market in its latest study, presenting a historical demand assessment from 2016 to 2021 and projections for 2022 to 2032.
- The research study is based on the type of packaging (plates, trays, bowls, cups, shells, cutlery, pouches and sachets, and others), by type of material (plastic (polylactic acid (PLA), polyhydroxyalkanoate (AHP), polybutylene succinate (PBS), polybutylene adipate terephthalate (PBAT), starch blends, etc.), paper and board (unbleached coated, molded fiber and other grades) and others), and by end use (chain restaurants, non-chain restaurants, chain cafes, non-chain cafes, delivery catering and independent vendors/kiosks).
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Compostable Foodservice Packaging Market by Category
By type of packaging:
- Pouches & Bags
By type of material:
- Polylactic acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Polybutylene adipate terephthalate (PBAT)
- Starch mixtures
- Paper and cardboard
- Unbleached coating
- Molded fiber
- Other qualities
By end use:
- Restaurant chains
- Non-chain restaurants
- Coffee chain
- Coffee without chain
- Delivery Catering
- Independent Vendors/Kiosks
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. USP/Product Features
See related research reports from Packaging
Biodegradable packaging market size: The global market for biodegradable packaging should benefit from an valuation of US$448.2 billion in 2022
Flexible wrapping paper market share: The flexible packaging paper market is on track to grow at an estimated CAGR of 4% during the period 2022-2032
Hinged Lid Compostable Container Market Trends: Hinged lid container provides more convenience in transportation. Due to government actions against the use of plastic, a hinged lid compostable container is introduced to the market
Market analysis of paper bags for catering: Growth in the catering paper bag market is driven by growing environmental concerns over the use of plastic and the consequent implementation of stringent guidelines restricting its adoption
FMCG Packaging Market Outlook: The Global FMCG Packaging Market is Expected to Reach US$418.8 billion 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 and Market Research Firm, Member of the Greater New York chamber of commerce and whose head office is at Delaware, United States. Recipient of the 2022 Clutch Leaders Award for high customer score (4.9/5), we have partnered with global companies on their business transformation journey and helped them realize their business ambitions. 80% of the Forbes 1000 largest companies are our clients. We serve global clients across all leading and niche market segments in all major industries.
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