Food Trays Market expanding at a healthy 4.6% CAGR, at projected to total US$ 1.7 Bn by 2032, Says FMI

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A comprehensive analysis on the Food Trays market by Future Market Insights (FMI) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Material Type, Tray Type, End Use and Region over the next 10-years.

DUBAI, UAE, March 7, 2022 /PRNewswire/ -- The food tray market size stood at US$ 1.0 Bn in 2021 and is expected to total US$ 1.7 Bn by the year 2032, accelerating at a CAGR of 4.6% from 2022 till 2032.

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Due to the advent of appealing, user-friendly applications, and tech-enabled driver networks, as well as evolving customer expectations, ready-to-eat food delivery has emerged as a vital business.

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.

Key Takeaways from Food Tray Market

• Plastic is the most used material for manufacturing food trays and it holds a market share of almost 66.5%.
• 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 5.9% 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

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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.

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.

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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.

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

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Key Questions Answered in the Report

• How big is the Food Tray Market?
• How Much Does Restaurant & Café Segment Contribute Towards Food Trays Sales?
• Which Region is expected to Hold Maximum Food Trays Market Share?
• Who Are the Leading Players in the Food Trays Market?

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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SOURCE Future Market Insights