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/EIN News/ -- Rockville, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, the global food service packaging market will expand at a CAGR of around 6% from 2022-2032, surpassing US$ 107.58 Billion in revenue at the end of the aforementioned forecast period. Manufacturers are increasingly capitalizing on recyclable packaging trends to acquire a competitive edge in the forthcoming decade.

Historically, the market surged at above 5% CAGR, reaching over US$ 56.95 Billion by 2021. Growth was further accelerated with the advent of COVID-19. Mandatory quarantines issued by governments to contain infection spread led to an uptick in online ready-to-eat foodstuffs deliveries, providing a major nudge to the market.

Food services packaging is used in various applications such as foodservice outlets, bakeries, takeaway meals, on-the-go breakfast, institutional food services, online food ordering, dairy products, alcoholic beverages, and other applications.

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Platforms for online food ordering have increased the demand for food packaging materials in the food service packaging industry. In light of increasing awareness that plastics are damaging the environment, paper is increasingly being used as an alternative to plastic in the packaging industry.

Key Takeaways from Market Study

"The growing demand for reusable plastic products in the food service sector has sent the packaging industry on a search for new technologies and sustainable packaging strategies," says a Fact.MR analyst.

Competitive Landscape The development of sustainable products in the market has led to higher revenue and market share. New recyclable products will contribute to a more sustainable environment.

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Fact.MR's, in its new offering, presents an unbiased analysis of the packaging markets, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.

The study divulges essential insights on the market based on product type (plates, shallow trays, cups, bowls, bottles, cans, single serve portion packs, clamshell containers, two piece containers, and others), application (foodservice outlets, bakery products, takeaway meals, on the go breakfast, institutional food services, online food ordering, dairy products, alcoholic beverages, ready to drink beverages and other applications), fabrication type (thermoforming, die cutting and injection molding) and packing material (polyethylene terephthalate (PET, PETE, PETG or polyester), high density polyethylene (HDPE), polyvinyl chloride (PVC), low density polyethylene (LDPE), polypropylene (PP), polystyrene (PS), aluminum, clay coated cardboard and molded fiber) across seven major regions (North America, Latin America, Europe, East Asia, South

Check out more related studies published by Fact.MR Research: 

Food Service Utensils Market: The food service utensils are mainly used for serving food in hotels, cafeteria, and catering services. The food service utensils can be made from numerous materials based on their enduse. The demand for food service utensils is expected to increase in the forecast period owing to increasing numbers of hotels worldwide. The significantly growing tourism industry is further fueling the market growth of food service utensils at a greater extent.

Catering and Food Service Market: In recent years there have been a shift in demand for catering and food services market due to changing lifestyle and urbanization across the globe. Catering and food service industry offers services on contractual basis or single event basis. Catering and food service includes catering services for banquet halls, airline services, canteen catering, etc. Compostable Food Service Tray Market: Compostable food service tray is an ideal choices for single-use food service packaging at quick-serve restaurants and grocery stores that sell fresh produce and poultry. Manufacturers are switching from petroleum-based plastic foam to biodegradable and compostable food service tray , which has resulted in a reduction in the generation of green-house gas.

Commercial Foodservice Equipment Market: Commercial foodservice equipment find their application in the preparation, serving and storage of food and beverage products in commercial set ups related to hospitality and aviation sector. Commercial foodservice equipment are used in hotels, restaurants, fast food joints, catering kitchens and other commercial areas such as aviation.

Fortified Dairy Products Market: The fortified dairy products market has been witnessing the introduction of an extensive range of dairy products in the recent past. In addition to dairy-based products, creamy products such as yogurts, cheese, cream cheese, fromage frais, milkshakes and flavored milk, are witnessing immense popularity. Increasing consumer interest in health food is giving an uptick to sales of popular dairy foods such as yogurts.

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