Trays Market Soars: Projections Point to a Staggering Surge to US$ 31.5 Billion by 2032 | Report By FMI

Anticipated to exhibit a robust compound annual growth rate (CAGR) of 7.3% from 2022 to 2032, the trays market is poised for substantial expansion, with a projected surge in market value from US$ 15.6 Billion in 2022 to a noteworthy US$ 31.5 Billion by 2032.

Combining tray packaging with transparent lids or lamination not only enhances the visual appeal of the enclosed products but also provides an attractive aesthetic. Moreover, these packaging options can be directly showcased on displays, leading to efficient loading and unloading processes, as well as ensuring damage-free storage of the items.

Meanwhile, the USA trays market, projected to grow at a 6.6% CAGR from 2022 to 2032, presents a substantial opportunity. Fueled by evolving food consumption patterns, increased sales of medical and consumer electronic devices, and a rising demand for cosmetic products, the USA trays market is anticipated to expand almost 1.5 times in 2022. This growth reflects the increasing influence of lifestyle choices and consumer preferences on the trays market in the USA.

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Plastic Trays to Account for Over 65% of Global Trays Market

Plastic dominates the tray market, constituting more than 65% of global production. Companies within the plastic trays sector are actively pursuing market expansion through product innovation, mergers, and acquisitions, striving to enhance their market share.

Their primary focus revolves around delivering cost-effective solutions, augmenting manufacturing capacities, establishing strategic partnerships with major corporations and regional leaders, and further developing their facilities to meet the evolving demands of the market.

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 the Trays Market:

1. Plastic Trays Dominance: Plastic trays are expected to hold a significant demand share, accounting for nearly two-thirds of the global trays market. The versatility, durability, and cost-effectiveness of plastic trays make them a preferred choice in various industries.
2. Food Packaging Driving Demand: Food packaging industries contribute to approximately 80% of the trays market demand. However, other industries, such as electrical and electronics, are gradually adopting molded fiber trays for presenting their products.
3. Growth in Partition Trays: Partition trays or cavity trays are expected to create a substantial incremental opportunity of US$18 billion in the next decade. These trays offer the ability to store multiple products within a single packaging format, enhancing cost-effectiveness.
4. High Demand in South and East Asia: South and East Asia are projected to experience high demand for trays packaging, leading to a robust market growth of 7-9% during the period from 2022 to 2032.
5. Moderate Growth in North America and Europe: Sales of trays in North America and Europe are expected to increase at a moderate growth rate in the near future. These regions, while exhibiting steady growth, might be outpaced by the higher growth rates observed in other regions

Will Growing Sustainability Concerns And Green Manufacturing Affect The Sales In Trays Market?

Paper trays, fiber-based trays, sugarcane trays, palm leaf trays, corn-starch trays, bagasse trays, and plant-based polymers serve as substitutes for plastic-based food trays, posing a significant challenge to the growth of the plastic trays industry.

In response to growing environmental awareness, there is a notable rise in the adoption of reusable plastic food trays, as they utilize low-density polypropylene and contain minimal amounts of polyethylene thermoplastic. This has led to increased popularity of reusable plastic trays across various sectors.

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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.

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.

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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

About Future Market Insights (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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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