According to a study by Future Market Insights, during the projected period, the global market for pet food trays is anticipated to generate US$ 310.5 million in 2023 and will continue to grow at a CAGR of 4.5% to reach US$ 482.2 million by 2033. The top 3 nations are estimated to control about 30–35% of the market in 2022, which is expected to boost sales of PET food trays.
The surge in the need for rigid packaging solutions in the food producers & processors industry pushes the demand for single-cavity PET food trays. By the end of 2023, the same market segment is anticipated to control close to 68% of the market value share. It is gaining importance due to its low cost compared to other thermoplastic materials. PET food trays have become the first preference among the different product types available for packaging food products. It is necessary to dry PET granules before processing as it could get hydrolyzed at high temperatures due to the presence of moisture content.
Thermoforming is the major production process used for the production of PET food trays. PET food trays are safe for contact with food and beverages products by the FDA (Food & Drug Association) and health safety-agencies located across the world.
Also, the material does not contain any harmful substances such as phthalates (plasticizers) and bisphenol-A (BPA) in it. Some of the latest innovation in the PET food trays market is the introduction of high-quality lightweight PET food trays to reduce material as well as energy consumption.
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PET Food Trays Market: Market Dynamics
Growth in the consumption of packaged food products in developed as well as developing countries will substantially increase the demand for PET Food Trays during the forecast period. This is primarily due to the busier lifestyles leading to a high inclination towards convenience products.
PET food trays are increasingly used by food processors and quick-service restaurants to meet their packaging requirements. However, it is noticed that the demand for PET food trays may decline due to new and existing rules and regulations over the use of plastic packaging products globally.
Government authorities all over the world are planning to cut the usage of plastic packaging products due to their lower rate of recycling and harmful effects on the environment. Although PET is a highly recyclable material, there is still lack of infrastructure and resources in major economies of the world. In the U.S., it is estimated that the recycling rate of PET stood at 28.4% in 2016.
The major challenges faced by the recycling companies is the collection and sorting of the PET packaging products such as PET food trays, PET bottles, etc. However, still, no major alternative to PET food trays has emerged in the food packaging market.
Some of the products such as paper bags, foam trays, and biodegradable packaging are gaining importance but there is still a long way to go for these products to establish their presence over PET food trays in the market. Due to high technological advancements and product evolution, the PET Food Trays has emerged as the first packaging preference for the majority of fruit processing companies over the traditional polyethylene based packaging.
PET Food Trays Market: Regional Overview
On the basis of region, the PET Food Trays market is segmented as North America, Latin America, Eastern Europe, Western Europe, APEJ (Asia-Pacific Excluding Japan), Middle East & Africa, and Japan. North America and Europe lead the market in terms of consumption due to the very high usage of packaged food products in these regions.
Also, the demand for PET food trays is expected to further increase due to the introduction of more and more food products in the packaged food category. The Asia Pacific and Latin America PET food trays market is expected to grow substantially in the next few years due to consumer inclination towards convenience food products due to busier lifestyles.
Growth in disposable incomes of the middle-class households boosted the demand for ready-to-eat meals food products in the region which will further increase the demand for PET food trays in these regions. China, India, and Brazil PET food trays market offer substantial growth opportunities for the new entrants.
Also, the global companies are planning to establish their presence in the market to leverage opportunities generated through the high demand for PET food trays.
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PET Food Trays Market: Market Players
Some of the key players in the PET Food Trays market are Tray-Pak Corporation, NNZ, Inc., Point Five Packaging, LLC, Form Tight Inc., Sabert Corporation, Genpak, LLC, Sealed Air Corporation, Bemis Company, Inc., DuPont Teijin Films U.S. Limited Partnership, Sonoco Products Company, Pactiv LLC, Coveris Holdings S.A., CKF INC., ALAI PLASTIC SOLUTIONS, Argee Corporation, Mpact Limited, Visipak, Inc., Marinucci Australia Pty Ltd., and D&W Fine Pack.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Regional analysis includes
- North America PET Food Trays Market
- Latin America PET Food Trays Market
- Western Europe PET Food Trays Market
- Eastern Europe PET Food Trays Market
- Asia Pacific excluding Japan (APEJ) PET Food Trays Market
- Japan PET Food Trays Market
- Middle East & Africa (MEA) PET Food Trays Market
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PET Food Trays Market: Market Segmentation
PET Food Trays Market Segmentation: By Material Type
- PET
- C-PET
- A-PET
- R-PET
PET Food Trays Market Segmentation: By Tray Design
- Rectangular PET Food Trays
- Oval PET Food Trays
- Others
PET Food Trays Market Segmentation: By End-Use
- Frozen & Chilled Food
- Ready-to-eat Meals
- Snacks and Dry Food
- Fruits & Vegetables
- Bakery & Confectionary
- Others
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