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.
During the forecast period (2022 to 2032), the worldwide tray market is anticipated to expand at a CAGR of 7.3%. According to projections, the market would be worth US$ 31.5 billion by 2032, up from US$ 15.6 billion in 2022. At the end of 2021, the trays market had a value of US$ 14.6 billion and had grown by 4.5% year over year.
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.
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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.
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.
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 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 Bn 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.
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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.
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
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