The market for food trays was worth US$ 1.0 billion in 2021 and is projected to grow to US$ 1.7 billion by the year 2032, with a CAGR of 4.6% from 2022 to 2032.
By the end of 2032, the market for food trays is anticipated to generate additional opportunity worth US$ 618.4 Mn due to rising packaged food consumption. Plastic food trays are expected to be consumed at a large rate on the global market. The continuously rising demand for moisture-proof and spill-proof packaging solutions is what’s causing the surge in demand for plastic food trays.
Surge in online food delivery during extended period of lockdown in 2020-2021 helped the market to stay afloat. FMI however forecasts sales to recover, as restaurants and cafes begin operating worldwide without any COVID-19 induced restrictions.
These trays are among the best-selling items in the packaging industry, and demand is anticipated to grow at a CAGR of 5.2% from 2022 to 2032, up from the 2.8% CAGR seen from 2015 to 2021. Based on end use, it is anticipated that demand for food trays in the restaurant and cafe sector would increase at a CAGR of 4.5% over the assessment period.
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Key Takeaways from Food Tray Market
- Plastic is the most used material for manufacturing food trays and it holds a market share of almost 5%.
- Multi cavity trays/partition trays are creating buzz in the global market driven by the increasing consumption of ready to eat food among millennials.
- Restaurants and cafes will remain the chief end-use category, exhibiting a CAGR of 4.5% between 2022 and 2032.
- The China food trays market projected to register a CAGR of 9% during the forecast period.
“To reduce carbon footprint, instead of manufacturing single-use plastic trays, manufacturers are now producing reusable plastic trays, which is expected to increase plastic tray sales by exponentially over the next decade,” – says a FMI Analyst
Millennials Inclination towards On-the-Go Food and Portion Packs Inspiring Key Players for Innovation
Food trays are primarily consumed in meat and confectionery & bakery products packaging. It enhances shelf display and thus results in quick purchase decisions among consumers. As food trays in combination of smart and active packaging offer better shelf life to the inside product, many of the food product manufacturers are switching to trays packaging from the bulky and tradition box packaging. Besides this, consumer demand for single consumed portion packs and on-the-go food propelling exponential sales of food trays.
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On the back of aforesaid market trend, manufacturers are planning to create eye catchy, transparent looks, and small portion food trays made up of complete recyclable material. This has significant impact on the global food trays market, as this step is minimizing carbon footprints.
Sustainable and Green Manufacturing is the New Face of Food Tray Market
Paper trays, fiber-based trays, sugarcane trays, palm leaf trays, corn-starch trays, bagasse trays, and even plant-based polymers are key alternatives to plastic trays and provide a significant challenge to the plastic trays sector, reducing its growth. Because it integrates low-density polypropylene and contains minimal levels of polyethylene thermoplastic, reusable plastic trays are gaining appeal in a number of industries due to rising environmental concerns among consumers of plastic trays.
Food Tray Market Landscape
Some of the leading players included in the food trays market are players like Amcor PLC, Sonoco Products Company, Huhtamaki Oyj, DS Smith Plc, Mondi Group PLC, International Paper Co, Brodrene Hartmann A/S, ESCO Technologies Inc., UFP Technologies, Inc., Pactiv LLC, Tray-Pak Corporation, Novolex, BillerudKorsnas, D&W Fine Pack LLC, Henry Molded Products, Inc., OrCon Industries Corporation, Fibercel Packaging Llc., Faerch A/S, Silver Plastics GmbH & Co. KG and Quinn Packaging.
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Food Tray Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for Food Tray Market by Material Type (Plastic, Paper & Paperboard), Tray Type (Single Cavity and Multi Cavity), End Use (Food Producers & Processors, Restaurants & Cafes, Catering Services, Food Courts and Online food Delivery) across seven regions.
Food Trays Market By Category
By Material Type, Food Trays Market is Segmented as:
- Plastic
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Others (HIPS, HDPE, etc.)
- Paper & Paperboard
By Tray Type, Food Trays Market is Segmented as:
- Single Cavity
- Multi Cavity
By End Use, Food Trays Market is Segmented as:
- Food Producers & Processors
- Restaurants & Cafes
- Catering Services
- Food Courts
- Online Food Delivery
By Region, Food Trays Market is Segmented as:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
Related Links –
https://hissme.com/read-blog/42834
https://wineart24.com/read-blog/19707
https://www.pickmemo.com/read-blog/112006
https://ai.wiki/read-blog/65930
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