Projected for substantial growth, the global trays market is set to experience a robust Compound Annual Growth Rate (CAGR) of 7.3% from 2022 to 2032, according to the latest forecast. Forecasts indicate a noteworthy escalation in market value, surging from US$ 15.6 billion in 2022 to an estimated US$ 31.5 billion by 2032. This growth is fueled by the increasing demand for trays across various industries, including food and beverage, healthcare, and electronics, driven by their versatility and convenience. As the market continues to evolve, the projected CAGR underscores the trays market’s pivotal role in meeting diverse packaging needs globally.
Combining tray packaging with transparent lids or lamination not only enhances the visual appeal of the enclosed products but also provides an attractive aesthetic. Moreover, these packaging options can be directly showcased on displays, leading to efficient loading and unloading processes, as well as ensuring damage-free storage of the items.
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.
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Plastic Trays to Account for Over 65% of Global Trays Market
Plastic dominates the tray market, constituting more than 65% of global production. Companies within the plastic trays sector are actively pursuing market expansion through product innovation, mergers, and acquisitions, striving to enhance their market share.
Their primary focus revolves around delivering cost-effective solutions, augmenting manufacturing capacities, establishing strategic partnerships with major corporations and regional leaders, and further developing their facilities to meet the evolving demands of the market.
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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Market Drivers:
- Growing Food and Beverage Industry: The trays market is often linked to the food and beverage industry, and an increase in demand for packaged and convenience foods can drive the need for trays for packaging and serving purposes.
- E-commerce Growth: The rise of e-commerce has led to an increased demand for packaging solutions, including trays, for safe and efficient transportation of goods. Trays play a crucial role in protecting products during shipping.
- Sustainability Trends: With the growing awareness of environmental issues, there’s a trend towards sustainable and eco-friendly packaging solutions. Trays made from recycled materials or those designed for easy recycling can gain traction.
- Customization and Branding Opportunities: Trays offer opportunities for branding and product differentiation. Customized trays with unique designs and branding can attract consumers and contribute to the overall marketing strategy of a product.
Market Restraints:
- Environmental Concerns: While there’s a demand for sustainable trays, some materials used in tray production might still have environmental implications. Restrictions on certain materials due to environmental concerns or regulations can pose challenges.
- Cost Factors: The cost of materials and production processes can impact the pricing of trays. Economic fluctuations and increased costs of raw materials can be a restraint, particularly for smaller businesses.
- Regulatory Compliance: Compliance with various regulations and standards in different regions can be a challenge for tray manufacturers. Changes in regulations related to packaging materials can impact the market.
- Alternatives and Substitutes: The availability of alternative packaging solutions, such as flexible packaging or biodegradable options, may pose a challenge to traditional tray markets.
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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