At 4.7% CAGR, the North America compostable foodservice packaging market is projected to be worth US$ 6,244.44 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America compostable foodservice packaging market was valued at US$ 4,742.39 million in 2022 and is expected to reach US$ 6,244.44 million by 2028, registering a CAGR of 4.7% from 2022 to 2028. Advancement and development in the packaging industry and growing demand for foodservice industry are the critical factors attributed to the North America compostable foodservice packaging market expansion.

Packaging food materials ensure smooth logistics, also provides adequate product protection, and significantly influences consumer purchasing behavior. Packaging, therefore, fulfils many different functions, plus it also meets an endless diversity of customer requirements. The recent increase in incomes in developed countries has led to a rise in living standards that includes significantly higher consumption of packaged, and convenient foods. As a result, food safety guidelines have been more stringent than ever. Since packaging first became a “vital” on the internet of most searched things, its role in the customer journey has extended far beyond the shelf. This has had a transformative effect in several ways, including smart, and sustainable packaging, which helps cut down food waste in global supply chains. Technology is also improving the packaging industry. Advancements in plastic and paper chemistry now allow recycling to be more comfortable and more convenient than ever. Hence, major manufacturers are extensively taking strategic initiatives in order to fulfil the consumers needs and demands, and to protect environment. Thus, advancement and development in the packaging industry by the key players have boosted the North America compostable foodservice packaging market in the forecast period.  

On the contrary, high price of compostable materials for packaging hurdles the growth of North America compostable foodservice packaging market.

Based on product, the North America compostable foodservice packaging market is segmented into trays, cups and plates, cutlery, clamshell, bowls, pouches and sachets, and others. The cups and plates segment held 29.3% share of North America compostable foodservice packaging market in 2022, amassing US$ 1,390.18 million. It is projected to garner US$ 1,881.21 million by 2028 to expand at 5.2% CAGR during 2022–2028.

Based on material, the North America compostable foodservice packaging market is segmented into paper and paperboard, compostable plastic {bio-plastic}, and others. The compostable plastic segment held 70.4% share of North America compostable foodservice packaging market in 2022, amassing US$ 3,338.07 million. It is projected to garner US$ 4,434.69 million by 2028 to expand at 4.8% CAGR during 2022–2028.  

Based on country, the North America compostable foodservice packaging market is segmented into the U.S., Canada, Mexico. Our regional analysis states that the U.S. captured 87.5% share of North America compostable foodservice packaging market in 2022. It was assessed at US$ 4,151.36 million in 2022 and is likely to hit US$ 5,492.20 million by 2028, exhibiting a CAGR of 4.8% during the forecast period.  

Key players profiles in the North America compostable foodservice packaging market report Anchor Packaging Pty Ltd; Be Green Packaging LLC; BioBag Americas Inc; Dart Container Corp; Eco Products Inc; Genpak LLC; Good Start Packaging Inc; Graphic Packaging Holding Co; Pactiv LLC; and WestRock Co, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com