The May 2017 State of the Industry Survey, conducted by Foodservice Packaging Institute (FPI), revealed strong projected growth in sales and profit for the foodservice packaging industry. FPI president, Lynn Dyer, commented on the forecast, stating that the outlook for the industry looked very promising.
The survey results included information taken from numerous sectors and occupations, including raw material suppliers, foodservice distributors and converters. Figures included 75 percent volume growth from foodservice packaging manufacturers and suppliers, as well as an increase in business development from almost 60 supply chain partners.
Additional positive growth indicators for the industry include:
- 60 percent of North American manufactures plan on the construction of new plants and facilities to follow corporate expansion.
- A 30 percent increase (to 80 percent) from North American converters planning to purchase machinery.
- A plethora of project-expanding markets, including the fast-casual sector, catering and delivery services.
Other predictions made based on the survey results include a major expansion by convenience/grocery stores, competing with the increasingly popular self-service and food-delivery style businesses. Factors which could potentially alter this growth over time include the increasing costs of raw materials and public perception of packaging as a whole. However, with growth projected across numerous industries, new opportunities for foodservice packaging will continue to rise, as companies strive to fulfill the changing and expanding needs of consumers.
This article was adapted from Packaging World.