Study: On-the-go food packaging market to witness CAGR growth of 6.3% by 2026
By the end of 2026, the global on-the-go food packaging market is expected to register a valuation over $1 billion.
As the demand for on-the-go foods continues to soar across multiple regions, consumers demand innovative packaging solutions. That’s why estimates from Fact.MR, Rockville, Md., show the global demand for on-the-go food packaging will soar during the assessment period of 2017-2026. In fact, by the end of 2026, the global on-the-go food packaging market is expected to register a valuation over $1 billion. The report further observes that during the forecast period, the global market will register a volume CAGR of 5.8%.
With respect to packaging materials, polyethylene terephthalate is expected to register the highest consumption. In 2017, more than 1,650 thousand tons of on-the-go food packaging products made of polyethylene terephthalate were sold globally. High density polyethylene and aluminum are also observed as key packaging materials, and are expected to register high volume CAGRs over the forecast period.
In 2017, over 500 thousand tons of on-the-go food packaging trays were sold in the global market. The report estimates a robust demand for trays as a key type of on-the-go food packaging. The report further reveals that rigid boxes will represent the leading packaging type segment, registering a volume CAGR of 6.3% over the forecast period.
By the end of forecast period, over 3,800 thousand tons of on-the-go food packaging products will be used for convenience food applications worldwide.
In 2018 and beyond, majority of on-the-go food packaging products will be developed with thermoforming fabrication.
The report further reveals that the United States and Canada are collectively the largest marketplace for on-the-go food packaging. By the end of 2026, North America’s on-the-go food packaging market is estimated to register sales of over 1,900 thousand tons.
The report also reveals that the Asia-Pacific excluding Japan (APEJ) region will be the key region for manufacturing on-the-go food packaging products. Over the forecast period, the APEJ on-the-go food packaging market is estimated to register a volume CAGR of 6.1%.