The takeaway containers market is forecast to experience a growth rate of 5.5% over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 20.5 billion in 2023.
To maintain freshness, extend shelf life, and lower food contamination, takeaway package producers are concentrating on introducing sustainable packaging alternatives. They also offer biodegradable takeaway packaging to lessen their environmental impact. Consumers nowadays favor 100% recyclable and reusable packaging, which has led to surging demand for sustainable packaging. As recycled materials are inexpensive and require fewer resources for production, the packaging industry is utilizing sustainable materials for making takeout food containers.
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New entrants in the market are also coming up with new and green solutions, thereby showing consideration for the planet’s deteriorating health. For instance, OPA provides 100% recyclable, reusable bowls for takeout meals. The start-up has been witnessing drastic demand for these containers, suggesting a huge scope for profit in the future.
Top Highlights from the FMI’s Analysis of the Takeaway Containers Market
- The Indian takeaway container industry is projected to observe a significant CAGR of 4.9% over the forecast period.
- China is projected to trail behind India in terms of CAGR over the forecast period. From 2023 to 2033, the Chinese market is projected to expand at 4.4% CAGR.
- Japan has a market share of more than 4.5% in 2023. The high growth of the packaging sector in the country as manufacturers introduce unique takeaway solutions is anticipated to invite more investments in the market.
- Australia currently holds a 1.5% market share in the global market. However, the market is projected to unfold with many growth prospects for businesses in the future.
- The plastic segment is projected to acquire more than 47.3% value share in 2023 based on material.
- Under the product type, bowls and plates are projected to acquire more than 31.2% market share in 2023.
News Section: Market Developments that are Dictating the Current Trends
- In February 2023, Chuk, which is Yash Pakka’s initiative, introduced 100% compostable delivery containers to eliminate the utilization of single-use plastic for food delivery. Consequently, it fortifies its resolve to work toward a cleaner planet.
- In November 2020, Footprint, which is a sustainable technology firm, announced that it is going to introduce a plant-based clam-shell food container. This PFAS and plastic-free option caters to the high expectations of customers and food providers without sacrificing convenience or quality.
- In October 2019, the Novolex brand launched Blaze containers that enhance the overall experience of takeout and deliveries. The product is a great solution for caterers and restaurants as it ensures customers enjoy their food as much at home as at a restaurant.
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About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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