The scope of our recent study on the "Compostable Foodservice Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Trays, Cups and Plates, Cutlery, Clamshell, Bowls, Pouches and Sachets, and Others) and Material [Paper and Paperboard, Compostable Plastic (Bio-Plastic), and Others]" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The compostable foodservice packaging market was valued at US$ 17,291.24 million in 2022 and is projected to reach US$ 23,272.61 million by 2028; it is expected to register a CAGR of 5.1% from 2022 to 2028. Compostable packaging materials are those materials that do not cause any harm to the environment and can easily compost. These types of packaging materials are composed of organic matter and do not involve using fossil fuels in production. This serves as one of the potential benefits for the market's growth as there is minimum or no need to create a burden on fossil fuels. With the growth of the foodservice industry and a rise in inclination toward environmentally friendly packaging materials, the use of compostable packaging materials in foodservice has risen considerably. With rising concerns about the depletion of natural resources and growing focus on sustainability and zero waste, the use of a compostable form of plant-based material is expected to gain traction in the foodservice industry. Players operating in the market are competing with each other based on product quality, price, and product differentiation. The global compostable foodservice packaging market is segmented based on product type, material, and geography.
Based on material, the global compostable foodservice packaging market is segmented into paper and paperboard, compostable plastic (bio-plastic), and others. The compostable plastic (bio-plastic) segment held the largest share of the global compostable foodservice packaging market in 2022. Polylactic acid (PLA), a conditionally compostable bio-plastic, is used to make shopping bags, transparent cups, 3-D printing material, and other products. As it can be derived from plant materials such as corn sugar, potato, or sugarcane, it can reduce the demand for fossil fuels used to make conventional plastics. PLA is recyclable, biodegradable, and compostable.
The global compostable foodservice packaging market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the global compostable foodservice packaging market in 2022. The growing foodservice sector is the major factor driving the compostable foodservice packaging market in Asia Pacific. China, Japan, and India are among the major countries in Asia Pacific for the food service packaging market. The countries such as China, India, and South Korea have the highest penetration of full service restaurants. Food service is one of the major segments of the Indian economy. The changing consumer dynamics, coupled with the increasing market proliferation of brands in the country, is boosting the food services sector's growth. This is further fueling the market growth in the region.
Impact of COVID-19 Pandemic on Compostable Foodservice Packaging Market
The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing countrywide lockdowns, which directly impacted the growth of service sectors. The packaging industry faced challenges in procuring compostable materials. Moreover, supply constraints significantly raised the costs of compostable foodservice packaging products. The COVID-19 pandemic significantly impacted the biodegradable packaging industry across the globe, with a decline in the production process. However, the compostable packaging market recovered due to the rising demand for foodservice.
The report includes the segmentation of the global compostable foodservice packaging market as follows:
By product type, the global compostable foodservice packaging market is segmented into trays, cups and plates, cutlery, clamshell, bowls, pouches and sachets, and others. Based on material, the global compostable foodservice packaging market is segmented into paper and paperboard, compostable plastic (bio-plastic), and others. By geography, the global compostable foodservice packaging market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The compostable foodservice packaging market in North America is further segmented into the US, Canada, and Mexico. The compostable foodservice packaging market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The compostable foodservice packaging market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The compostable foodservice packaging market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.
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