The trays market is experiencing significant growth, driven by its widespread use as primary packaging in food chains, restaurants, and pharmaceuticals. With a projected CAGR of 7.3% from 2022 to 2032, the market is set to reach a substantial value of US$31.5 billion by 2032, compared to US$15.6 billion in 2022. In 2021, the trays market was valued at US$14.6 billion, showing a promising year-on-year growth of 4.5%.
The market’s growth is attributed to several key factors. Firstly, the increasing awareness of hygienic packaging solutions for various food applications is boosting the demand for trays. Additionally, the rising preference for ready-to-eat food is driving the adoption of trays, particularly those equipped with modified atmosphere packaging (MAP) and intelligent technology-based solutions, meeting consumers’ hygiene priorities. Ready meal trays offer long-lasting and cost-effective packaging solutions, making them preferable over other alternatives.
Trays with partitions provide versatility, accommodating various products within a single packaging format, reducing the need for multiple packaging materials and enhancing cost-effectiveness for end-users.
Given these factors, the global trays market is poised for remarkable growth, expected to expand 2.2 times by 2032 and set new industry standards
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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
Key Takeaways from the Trays Market:
- Plastic Trays Dominance: Plastic trays are expected to hold a significant demand share, accounting for nearly two-thirds of the global trays market. The versatility, durability, and cost-effectiveness of plastic trays make them a preferred choice in various industries.
- Food Packaging Driving Demand: Food packaging industries contribute to approximately 80% of the trays market demand. However, other industries, such as electrical and electronics, are gradually adopting molded fiber trays for presenting their products.
- Growth in Partition Trays: Partition trays or cavity trays are expected to create a substantial incremental opportunity of US$18 billion in the next decade. These trays offer the ability to store multiple products within a single packaging format, enhancing cost-effectiveness.
- High Demand in South and East Asia: South and East Asia are projected to experience high demand for trays packaging, leading to a robust market growth of 7-9% during the period from 2022 to 2032.
- Moderate Growth in North America and Europe: Sales of trays in North America and Europe are expected to increase at a moderate growth rate in the near future. These regions, while exhibiting steady growth, might be outpaced by the higher growth rates observed in other regions
“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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Advantages of the Trays Market Analysis:
- Porter’s Five Forces Analysis: The report utilizes Porter’s Five Forces analysis to assess the potential of buyers and suppliers, as well as the competitive landscape within the industry. This valuable insight aids in developing effective strategies.
- Regional Revenue Mapping: Major countries in each region are carefully mapped based on their individual revenue contributions to the global/regional market. This mapping provides a clear understanding of market dynamics across different geographical areas.
- Trends and Future Scenario: The report outlines current trends and presents a future scenario of the trays market from 2022 to 2032. This comprehensive analysis helps identify prevailing opportunities and potential investment prospects.
- Key Player Profiles: The report enlists the profiles of key players in the trays market, along with their key strategic developments. Understanding these profiles assists in gauging the competitive landscape and market positioning of each player.
- Impact Analysis of Drivers, Restraints, and Opportunities: The study thoroughly examines the key drivers, restraints, and opportunities in the trays market, providing detailed impact analyses. This comprehensive understanding aids stakeholders in making informed decisions
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.
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.
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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
- East Asia
- South Asia
- Oceania
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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