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Global Molded Fiber Packaging For Food Service or Restaurant-to-go Packaging Market Analysis – 2018-2027
Molded Fiber Packaging products have been used mainly for a variety of purposes such as in the case of handling and packaging of large number of products that have already been manufactured. There is enough protection provided for product shipments, in addition to offering the customers better comfort, apart from other benefits that include cost-efficient packaging and other benefits which are provided to the environment. The molded fiber packaging for food service or restaurant-to-go packaging market was valued at USD 1687 million in the year 2018 and is anticipated to grow at a CAGR of 5.0% during the forecast period 2020-2027. Increasing concern for the environment which is raising the demand for sustainable packaging of products, along with significant growth observed in the food service industry and restaurant-to-go packaging, are some of the factors anticipated to contribute towards the growth of the global molded fiber packaging for food service or restaurant-to-go packaging market during the forecast period. According to the statistics by Eurostat, paper and cardboard packaging material constituted the largest share of 41% of overall generated packaging waste, followed by plastic and glass at 19% each and wood at 16%.
The global molded fiber packaging for food service or restaurant-to-go packaging market consists of various segments that are segmented by mold type, source, product and by region. Thick wall that forms a part of mold type segment registered a value of USD 209 million in the year 2018, is anticipated to register the highest CAGR of 5.7% over the forecast period, owing to factors being these heavy-walled molded products made with the help of recycled paper usage that is mixed with Kraft paper as raw material are being in huge demand for packaging heavy items.
Based on region, the global molded fiber packaging for food service or restaurant-to-go packaging market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific is predicted to register the highest market share of around 36% for molded fiber products for food service or restaurant-to-go packaging market over the forecast period, with the packaging materials using molded fiber products being demanded in large quantities in food services and restaurant-to-go packaging sector which has been observing a steady growth in the region. The markets in North America and Europe are predicted to grow steadily over the next few years, although they are behind Asia Pacific market in terms of growth, with protective packaging experiencing an increase in demand as well as growing awareness on the necessity to protect and preserve environment that has driven retail and food serving sector to change to molded fiber packaging that can be reused and is sustainable that is absent in the case of plastic packaging, which are estimated to boost the growth of the market in the coming years.
Some of the key industry leaders in the global molded fiber packaging market are Heracles Packaging Co. S.A., James Cropper Plc, Huhtamaki, Brodrene Hartmann A/S, Southern Champion Tray, Henry Molded Products, Inc., Buhl Paperform, Enviropak, UFP Technologies and Keiding, Inc.