Because they are affordable, lightweight, and durable, trays are frequently utilised as major packaging materials by food chains, eateries, pharmaceutical companies, etc. These are the main factors influencing the trays market.
The growing awareness of the utilisation of hygienic packaging solutions for various food packaging applications is one of the main driving reasons for the trays market. The preference for ready-to-eat meals has come to light as a major cause in the trays’ two-fold increase in sales.
The demand for trays with MAP and intelligent technology-based packaging is growing significantly because hygiene is the top concern among customers. Comparing the ready meal trays to other possibilities, they guarantee durable and affordable packaging material.
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Partitioned trays make it possible to store a variety of goods in a single packing type, which eliminates the need for additional packaging. As a result, packaging is more affordable for consumers.
Based on these variables, it is anticipated that the worldwide tray market would create new records and grow 2.2 times until 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
- Quinn Packaging.
- Kari-Out Company
- Cascades Inc
- Huhtamaki Oyj
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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.
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“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.
Zero Waste Edible Trays Creating Buzz and Turning Up Sales of Trays Market
In spite of the numerous benefit of plastic trays, consumers are looking for the alternate packaging formats that are sustainable and greener. In the recent past, edible trays are gaining more popularity as it results in zero waste and safe for consuming after use. The trays made of sugarcane, palm leaf, corn-starch, bagasse, etc. are emerging as edible trays that are uplifting overall sales of the trays market. It is predicted that these edible trays will lead to effective packaging alternative over tradition trays as it fulfils all packaging requirements of the consumers.
Besides this, paper trays or fiber based trays are easy to recycle and minimizing waste ratio. The paper based packaging formats can be recycled 7-8 times. Hence, the volume of waste tray landfills is decreased drastically in the recent past.
By penetrating such sustainable and green trays, manufacturers are planning to create sustainable revenue generating opportunities in the global trays market.
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How is the Demand Outlook for Asia Pacific Trays Market?
China and India have around 40% of market share of global trays market, Asia Pacific dominated the worldwide global trays market and is anticipated to continue to do so throughout the forecast period.
Moreover, throughout the forecast period, the market is expected to develop at the highest rate. Export growth from rising markets such as China and India are boosting market value. The fastest-growing region in the worldwide s tray food packaging market is expected to be Asia-Pacific, owing to the area’s rapid expansion in the food and beverage sector, as well as its expanding population and rising disposable income.
Furthermore, throughout the forecast period, India is expected to have the highest growth rate in the worldwide tray packaging market in the region, owing to rising consumer health consciousness.
Trays Market Landscape
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 & Quinn Packaging are some of the key participants of the global trays market.
Trays Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global trays market, analyzing historical demand from 2015-2021 and forecast statistics for 2022-2032. The study reveals market growth projections on the trays based on material type (plastic, aluminium foil, molded fiber, and paper & paperboard), product type (with cavity and without cavity), end use (food, personal care & cosmetics, and pharmaceutical) across seven regions.
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
- East Asia
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