Trays are a common primary packaging material since they are inexpensive, lightweight, and long-lasting and can be used by food chains, restaurants, pharma, etc. These are primary drivers in the trays market. Throughout the forecast period, it is anticipated that the worldwide tray market will expand at a CAGR of 7.3%. (2022-2032). According to projections, the market would be worth US$ 31.5 Billion by 2032, up from US$ 15.6 Bn in 2022. At the end of 2021, the trays market had a value of US$ 14.6 billion and had shown growth of 4.5%.
One of the primary growth factors for the trays market is its increasing awareness about the use of hygienic packaging solutions for various food packaging applications. Preference for ready-to-eat food has emerged as a key factor for two fold sales of the trays.
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Additionally, hygiene is the prime concern among consumers and therefore the demand for trays with MAP and intelligent technology based packaging are gaining significant traction. The ready meals trays ensure long-lasting and cost-effective packaging material when compared to other options.
Trays having partition helps to store variety of products within one packaging format and eliminates requirement of multiple packaging. This increases cost-effectiveness of packaging for the end users.
Based on these factors the global trays market is expected to set new benchmark and expand 2.2x till 2032.
List Of Key Players Covered in Trays Market are:
- Sonoco Products Company
- Genpak LLC.,
- Pro-Pac Packaging Limited,
- Pactiv LLC.,
- Winpak Ltd.
- Pack LLC,
- Henry Molded Products, Inc.,
- OrCon Industries Corporation,
- Fibercel Packaging Llc.,
- Faerch A/S,
- Silver Plastics GmbH & Co. KG
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Key Takeaways from Trays Market
- Plastic trays are expected to account for nearly 2/3rd of demand share in the global trays market.
- Around 80% trays are consumed in the food packaging industries. However, the other industries such as electrical and electronics are gradually switching to present their products with the help of molded fiber trays.
- Partition trays or cavity trays will create an incremental opportunity of US$ 18 Bn in next decade.
- South and East Asia are expected to have high demand for trays packaging, thereby increasing the market growth till 7-9% in 2022-2032.
- Sales of trays in North America and Europe are expected to increase at a moderate growth rate in near future.
“To cater with the increasing demand for trays across various industries, manufacturers are planning to increase their production capabilities and involve high end technologies within trays such as vacuum packaging and modified atmospheric packaging.” – says FMI Analyst.
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Global Trays Market By Category
By Material Type:
- Plastic
- Meat, Poultry & Seafood
- Dairy Products
- Fruits & Vegetables
- Ready-to-Eat Meals
- Other Food Products (Bakery, Snacks, etc.)
- Aluminum Foil
- Molded Fiber
- Paper& Paperboard
By End User:
- Food
- Personal Care & Cosmetics
- Pharmaceutical
- Other End Use (Electronics, etc.)
By Product Type:
- With cavity
- Without Cavity
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
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