Food Service Packaging Market To Report Impressive Growth, Revenue To Surge To US$ 89.98 Billion By 2024

Sarasota, FL -- (SBWire) -- 01/29/2019 --With the presence of a large pool of participants, the Global food service packaging market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Golden Box Ltd., Huhtamaki OYJ, Smurfit Kappa Group, Stanpac Inc., and WestRock Company are some of the key vendors of food service packaging across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the food service packaging market study.

In a major tide of events witnessed across food service packaging market, in September 2018, Huhtamaki Oyj—a key player across food packaging sector—decided to renovate as well as expand its paperboard food service packaging establishment in Hämeenlinna in Finland. Reportedly, the planning & construction work for the innovative project will culminate by the end of next year. Analysts project that the strategic move is aimed at enhancing occupational safety as well as ergonomics

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In another key move, in August 2018, Graphic Packaging International LLC decided to purchase the food service business of Letica Corporation for USD 95 million with the deal projected to be finalized in third quarter of this year.

As estimated in this report, the global food service packaging market stood at US$ 61.45 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2024, the revenue in this food service packaging market is expected to reach US$ 89.98 billion by the end of the forecast period. The main types available in this food service packaging market are paper & paperboard, flexible plastic, rigid plastic, beverages cans and others. Among them, the demand for paper & paperboard is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

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Flourishing Food Sector To Leverage Growth Of Food Service Packaging Market

"Rise in intake of healthy diet has resulted in the escalating demand for packaging of food products in these outlets, thereby inflating the scope of food service packaging in the years ahead," says the author of this study. Apart from this, thriving food service sector is likely to spur the demand for food service packaging market in the years ahead.

Shifting Consumer Trend Towards Frozen Food To Aid Europe's Dominance

Regionally, Europe has been leading the worldwide food service packaging market and is anticipated to continue on the dominant position in the years to come, states the food service packaging market study. Shifting consumer preference from frozen food products to packaged products is the main factor behind the dominance of the Europe food service packaging market. The rise in the number of consumers preferring off-the-shelf packaged food in Europe is another significant factor that is supporting the growth of this regional food service packaging market.

In addition, enforcement of strict regulations pertaining to safety of food & beverages for food & drink packaging firms is likely to provide impetus for food service packaging market in the coming years.

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The global food service packaging market is segmented as follows:

By Material

Plastic
Metal
Others
By Type

Paper & Paperboard
Flexible Plastic
Rigid Plastic
Beverage Cans
Others