The food tray market is expected to be worth US$ 10.041 billion in 2023 and US$ 17.48 billion by 2033, expanding at a 5.7% CAGR from 2023 to 2033.
This expansion is primarily driven by increasing consumer demand for convenient and ready-to-eat meals, which has led to a surge in the use of food trays. The rise in urbanization and the busy lifestyles of consumers further contribute to this trend, as food trays offer a practical solution for quick and efficient meal packaging and consumption.
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Technological advancements in tray manufacturing, including innovations in design and the use of sustainable materials, are also significant drivers of market growth. The push towards eco-friendly packaging solutions has led to the development of biodegradable and recyclable food trays, meeting the growing environmental concerns and regulatory requirements. Additionally, the food industry’s emphasis on hygiene and food safety standards has propelled the adoption of high-quality, durable trays that ensure product integrity and extend shelf life.
The increasing penetration of organized retail and the expansion of the food service industry, particularly in emerging economies, are other key factors boosting the market. The demand for aesthetically appealing and functional packaging to attract consumers and enhance brand image further fuels the growth of the food trays market.
Key Takeaways
- North America to acquire 25.9% of the global market share.
- Europe held a food tray market share of 17.1% from 2023 to 2033.
- The United States may control 23.9% of the food tray industry.
- From 2023 to 2033, Germany retained a 3.3% food tray market share.
- Japan may gain 4.8% of the food tray industry.
- From 2023 to 2033, Australia held a 2.4% market share.
- China’s food tray business is expected to grow at a 6.8% CAGR through 2033.
- Between 2023 and 2033, the India food tray business is expected to grow at a 7.7% CAGR.
- From 2023 to 2033, the United Kingdom’s food tray industry is expected to grow at a CAGR of 2.2%.
- From 2023 to 2033, the Plastic segment of the material category may hold a market share of 52.7%.
- Commercial end-use segment to account for 46.9% of the food tray industry between 2023 and 2033.
Competitive Landscape
The food tray business is very competitive and constantly changing. Several food tray manufacturers, as well as a slew of regional and local businesses, strive for a large market share. In the food tray business, market consolidation is a noticeable trend. Some large corporations buy small enterprises to broaden their product ranges and geographical presence.
Food tray manufacturers must constantly adapt to changing market dynamics, consumer tastes, and sustainability criteria to maintain a prominent position in the business.
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Recent Developments:
Amcor has announced its intention to buy Moda Systems.
Amcor announced its intention to buy Moda Systems, a business specializing in innovative food tray solutions, in May 2023. By combining Moda Systems’ knowledge and increasing its variety of sustainable packaging options, Amcor hopes to boost its position in the food tray business.
Waddington Europe, a thermoforming packaging expert, has introduced recyclable meat trays.
Waddington Europe, a subsidiary of Novolex, one of the top thermoforming packaging experts, launched mono-material recyclable meat trays in January 2022.
Food Trays Market By Category
By Material Type:
- Plastic
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Others (HIPS, HDPE, etc.)
- Paper & Paperboard
- Aluminium
By Tray Type:
- Single Cavity
- Multi Cavity
By Distribution Channel:
- Direct Sales
- Distributors
- Retailers
- E-retail
By Capacity:
- Standard
- Customized
By End Use:
- Manufacturing
- Commercial
- Institutional
- Household
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
- South Asia
- Oceania
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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