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The global trays
market is expected to grow at a CAGR of 7.3% during
the forecast period (2022 to 2032). The market value is projected to increase
from US$ 15.6 Billion in 2022 to US$ 31.5 Billion by
2032. The trays market was valued at US$ 14.6 Billion at the
end of 2021 and recorded y-o-y growth of 4.5% in 2020 to 2021.
Trays are a common primary packaging material since they are
inexpensive, lightweight, and long-lasting and can be used by food chains,
restaurants, pharma, etc. These are primary drivers in the trays market.
One of the primary growth factors for the trays market is
its increasing awareness about the use of hygienic packaging solutions for
various food packaging applications. Preference for ready-to-eat food has
emerged as a key factor for two fold sales of the trays.
Additionally, hygiene is the prime concern among consumers
and therefore the demand for trays with MAP and intelligent technology based
packaging are gaining significant traction. The ready meals trays ensure
long-lasting and cost-effective packaging material when compared to other
options.
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Trays having partition helps to store variety of products
within one packaging format and eliminates requirement of multiple packaging.
This increases cost-effectiveness of packaging for the end users.
Based on these factors the global trays market is expected
to set new benchmark and expand 2.2x till 2032.
Key Takeaways from Trays Market
- Plastic
trays are expected to account for nearly 2/3rd of
demand share in the global trays market.
- Around 80% trays
are consumed in the food packaging industries. However, the other
industries such as electrical and electronics are gradually switching to
present their products with the help of molded fiber trays.
- Partition
trays or cavity trays will create an incremental opportunity of US$
18 Billion in next decade.
- South
and East Asia are expected to have high demand for trays packaging,
thereby increasing the market growth till 7-9% in 2022-2032.
- Sales
of trays in North America and Europe are expected to increase at a
moderate growth rate in near future.
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
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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.
How is the Demand Outlook for Asia Pacific Trays Market?
China and India have around 40% of market share of global
trays market, Asia Pacific dominated the worldwide global trays market and is
anticipated to continue to do so throughout the forecast period.
Moreover, throughout the forecast period, the market is
expected to develop at the highest rate. Export growth from rising markets such
as China and India are boosting market value. The fastest-growing region in the
worldwide s tray food packaging market is expected to be Asia-Pacific, owing to
the area’s rapid expansion in the food and beverage sector, as well as its
expanding population and rising disposable income.
Furthermore, throughout the forecast period, India is
expected to have the highest growth rate in the worldwide tray packaging market
in the region, owing to rising consumer health consciousness.
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.
Trays Market Report
Future Market Insights, in its new report, offers an
unbiased analysis of the global trays market, analyzing historical demand from
2015-2021 and forecast statistics for 2022-2032. The study reveals market
growth projections on the trays based on material type (plastic, aluminium
foil, molded fiber, and paper & paperboard), product type (with cavity and
without cavity), end use (food, personal care & cosmetics, and
pharmaceutical) across seven regions.
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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