The food and drink packaging market will grow by $20 billion in five years
A booming non-alcoholic beverage sector and growing consumer demand in the Asia-Pacific region are two main factors behind soaring growth of the food service packaging market.
The market is projected to witness decent growth in the next few years due to the changes in consumer demand patterns, with a new report saying it will be worth $84.33 billion by 2022, up from the current value of $65.36 billion.
The growth in demand for ready-to-eat food, quick service restaurants, and the popularity of using convenient packaging are driving the demand for food service packaging.
The non-alcoholic beverage sector is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the increase in the consumption of energy drinks, fruit juices, and soft drinks. Additionally, the growth in demand for food from quick service restaurants, fast food outlets, and hotels has fostered the demand for food service packaging in a variety of segments.
In 2016, the Asia-Pacific region contributed a major market share in the global food service packaging market. It is also projected to register the highest growth from 2017 to 2022, while India is projected to be fastest-growing country-level market in the region for the food service packaging market. North America is projected to grow at the second-highest rate between 2017 and 2022, with the US registering the highest growth rate in the region. Emerging economies such as UAE, Brazil, Saudi Arabia, and other countries in the Middle East are projected to grow at moderate CAGRs between 2017 and 2022.
The full report can be accessed via: www.marketsandmarkets.com/Market-Reports/food-service-packaging-market-171454776.html