Compostable Foodservice Packaging Market Global Industry Overview and Competitive Landscape till 2029

 The global sales of compostable foodservice packaging is estimated at US$ 19.9 Bn in 2022 and is projected to reach US$ 28.8 Bn by 2029, with a  CAGR of 5.5% between 2022 to 2029.Among all the packaging types used in compostable foodservice packaging, trays and cups are anticipated to account for more than 45% out of total compostable foodservice packaging sold across the globe in the year 2022.


The European region is anticipated to account for almost 1/3rd of the total sales of compostable foodservice packaging valued at US$ 6 billion in the year 2022.


As per material type, almost ½ of the compostable foodservice packaging products are made up of paper & paperboard material throughout the forecasted period.


Global sales of compostable foodservice packaging products made up of bio-degradable plastics are expected to grow 1.4X between 2022 and 2029.


The global compostable foodservice packaging constitutes around 34% of the foodservice packaging market worth US$ 58 billion in 2022.Fueled by the expansion of the chain and non-chain restaurants across all the regions of the globe, FMI estimates, the global sales of compostable foodservice packaging to witness growth at an astounding 5.5% CAGR between the forecasted period of 2022 and 2029, in comparison with the CAGR of 4.0% recorded during 2014 and 2021.Manufacturers operating in the global packaging market are constantly innovating in the foodservice packaging market for improving consumer convenience and tapping huge foodservice packaging market potential. The global market for consumer packaging is witnessing a paradigm shift toward untapped markets in emerging economies.


Changing consumer lifestyles in the region is also influencing the consumption of packaged meals and boosting the sales of the global compostable foodservice packaging market. China & India are lucrative markets for international food franchises mainly due to the increasing number of tourists.


How Trends of Sustainable and Innovative Foodservice Packaging Impact The Global Compostable Foodservice Packaging Market?

Food service disposable manufacturers are focused on introducing sustainable packaging solutions to retain freshness, increase shelf life of food and reduce contamination. Furthermore, to reduce environmental impact, companies are also manufacturing biodegradable foodservice disposables. Companies have started to launch a hundred per cent bio-degradable plastic-like material, which is made from starch derived from maize, corn or waste. 


More info@https://www.futuremarketinsights.com/reports/compostable-foodservice-packaging-market

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