Trays Market Size, Share, and Growth Analysis (2023-2032) |...

Trays Market Size, Share, and Growth Analysis (2023-2032)

Posted 2023-10-12 10:06:34

Introduction

Welcome to a detailed exploration of the Trays Market. In this comprehensive guide, we will delve into the diverse world of trays, from their history and manufacturing to the latest market trends and eco-friendly alternatives. Whether you’re a consumer, business owner, or simply curious about trays, this article is your go-to resource.

Trays Market Overview

Trays, versatile and functional, have been an essential part of our lives for decades. From serving food to organizing clutter, trays come in various forms, materials, and sizes. The Trays Market encompasses a wide array of products, catering to diverse needs and preferences.

During the forecast period spanning from 2022 to 2032, the trays market is anticipated to experience significant growth at a Compound Annual Growth Rate (CAGR) of 7.3%, with the market value expected to double from US$ 15.6 Billion in 2022 to US$ 31.5 Billion by 2032.

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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:

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.
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.
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.
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.
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

“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.

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: