Those involved in food service packaging feel good these days, according to a new survey.
The Foodservice Packaging Institute’s annual survey of members and invited guests show that two-thirds of the respondents expect volume to increase this year. And 60 percent expect profits to grow as well, the trade group said.
The survey gathered more than 80 responses, including FPI members and invited guests along with members of FPI sister association Pack2Go Europe.
Nearly 60 percent of the food service packaging manufacturers and suppliers saw increased volume last year. Nearly 50 percent saw increased profits, FPI reported.
More than half of the manufacturers in survey, both North American and European, reported plans to grow through the construction of new facilities, expansion of current sites and through mergers and acquisitions, the Falls Church, Va.-based group said.
Convenience stores, fast casual dining and quick-service restaurants are seen as driving growth during the next five years.
But converters and supplier respondents said the industry is not without its challenges. They include increasing raw material costs, margin compression, public perception of packaging as waste, global economic recession and recovery, and mergers and acquisitions, FPI said.