Site icon Fact.MR Blog

Food Service Packaging Market is Expected to Reach Almost US$ 97 Billion by 2031 End

According to Fact.MR, the global food service packaging market will expand at a CAGR of around 6% from 2021-2031, surpassing US$ 97 Bn 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$ 54 Bn by 2020. 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.

To remain ‘ahead’ of your competitors, request for a sample –

Key Segments Covered

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.

Exit mobile version