Compostable foodservice packaging is engineered or developed from a combination of various recycled, plant-based materials such as wood pulp, potato starch, bagasse and palm leaves. It is eco-friendly packaging that has gained popularity across foodservice industry. The increase in demand for compostable packaging in food service industry is driven by stringent government regulations.
The foodservice industry is anticipated to grow during the forecast period due to the improvements in the economic conditions of developing countries, rapid urbanization, and fast-paced lifestyles. The on-the-go meal trend is increasingly rising across a lot of countries. The compostable foodservice packaging growth is driven by the expansion in quick-service restaurants that rely massively on compostable foodservice packaging. A rise in consumers who prefer to order food online has increased drastically. In the case of pizza, the home delivery system has been another primary driver for the industry. Online platforms to order food for delivery have been successful concepts due to the ease of choosing food items and convenient payment procedures. Rising demand for customization and innovation in food menu options is among the key factors driving the global foodservice industry. Consumers are provided with various alternatives to customize their meals according to their taste, dietary, and budget preferences. Millennials and working professionals are the key target consumers for the market due to their increasing importance for hassle-free, nutritious, and hygienic food readily available.
Additionally, commercial restaurants and cafes have emerged as a convenient place for teenagers, families, and young professionals to socialize and relax, thus catalyzing the growth of the foodservice industry. Moreover, the development of e-commerce/online platforms and on-the-go food services coupled with innovations in packaging, the introduction of low-fat beverages, gluten-free products, etc., are also contributing significantly to the growth of the foodservice industry. Moreover, factors such as a rising number of working women, reduced preparing home-cooked meals, increasing disposable incomes, improving distribution channels, etc., are also driving the growth of the market.
Some of the players operating in the compostable foodservice packaging market are Genpak, LLC; Good Start Packaging; Dart Container Corporation; Graphic Packaging International, LLC; WestRock Company; Be Green Packaging; Pactiv LLC; Anchor Packaging; Biobag Americas Inc; ECO PRODUCTS INC; amongst few others.
