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.
Key drivers include the rising consumer preference for ready-to-eat and takeaway meals, which necessitate durable and reliable packaging. Additionally, the push towards eco-friendly materials is prompting manufacturers to innovate with biodegradable and recyclable options, catering to environmentally conscious consumers. The food service industry’s expansion, coupled with the growth of online food delivery platforms, further fuels the demand for versatile and functional food trays.
Technological advancements in packaging, such as improved barrier properties and microwave-safe designs, are enhancing product appeal and utility. Furthermore, stringent food safety regulations are encouraging the adoption of high-quality, hygienic packaging solutions.
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Millennials’ Preference for On-the-Go Food and Portion Packs Is Inspiring Key Players to Innovate
Food trays are used in the packaging of meat, confectionery, and pastry products. It improves shelf display, resulting in consumers making quick purchasing judgments. Many food product manufacturers are migrating to tray packaging from bulky and traditional box packaging. It is because food trays in combination with smart and active packaging offer better shelf life to the inside product.
Customer desire for single-serve portion packs and on-the-go food is boosting food tray sales exponentially.
Food tray manufacturers intend to build eye-catching, transparent designs as well as tiny portion meal trays made entirely of recyclable material. They have a huge market impact since it reduces carbon footprints.
Regional Dynamics Analysis: Growth Patterns and Opportunities in the Food Tray Business
The regional outlook for the food tray industry is characterized by a diversified environment with varying growth patterns across different areas. North America and Europe have traditionally dominated the market, owing to the presence of a well-established food service industry and high demand for convenience food packaging.
Asia Pacific, on the other hand, is experiencing tremendous market growth as a result of expanding population, urbanization, and changing consumer habits.
The Middle East and Africa area is also showing strong development potential, driven by a burgeoning food service industry and rising disposable income. Overall, the regional prognosis for the food tray market is positive, with different regions offering unique opportunities to food tray manufacturers.
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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.
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
About Future Market Insights Inc. (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 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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