During the forecast period spanning from 2022 to 2032, the trays market is anticipated to experience significant growth at a Compound Annual Growth Rate (CAGR) of 7.3%, with the market value expected to double from US$ 15.6 Billion in 2022 to US$ 31.5 Billion by 2032.
In addition to this, the adoption of retail-ready or shelf-ready packaging stands out as a significant driver in the global trays market. Major players in the electrical and electronics industries, as well as luxury product packaging companies, are strategically focusing on streamlining product delivery times, resulting in cost savings in transportation. Combining tray packaging with transparent lids or lamination not only enhances the visual appeal of the enclosed products but also facilitates direct placement on displays. This, in turn, reduces loading-unloading time and ensures damage-free storage of products, further contributing to the market’s growth.
China stands as a manufacturing powerhouse in the global trays market, with an estimated 7.5% growth rate according to FMI. Plastic Europe’s report highlights China’s dominance, contributing nearly 32% to the world’s plastic production in 2020, with packaging being the primary consumer of plastics. Approximately 41% of total plastic production is dedicated to diverse packaging formats, and this trend is expected to intensify, significantly impacting the demand for tray packaging.
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China’s trays market is further fueled by its robust packaging manufacturing sector and world-leading recycled paper development. The burgeoning demand for takeout and online delivery services is rapidly transforming the dynamics of the food service sector, proving advantageous for the food service disposables market in China.
Meanwhile, the USA trays market, projected to grow at a 6.6% CAGR from 2022 to 2032, presents a substantial opportunity. Fueled by evolving food consumption patterns, increased sales of medical and consumer electronic devices, and a rising demand for cosmetic products, the USA trays market is anticipated to expand almost 1.5 times in 2022. This growth reflects the increasing influence of lifestyle choices and consumer preferences on the trays market in the USA.
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
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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.
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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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