Online Retail Portals are Gaining Popularity in Europe
Key manufacturers in Europe incurred huge losses due to the pandemic, with the shutting down of several stores in 2020. Europe is home to many fashion capitals that have streets full of retail outlets. The stores suffered the blow of the pandemic due to non-existent footfall in the first half of the year.However, due to the widespread adoption of e-commerce by traditional stores, the manufacturers witnessed a steady recovery in terms of sales and production. Many stores have also reopened with keeping in-store health and safety measures in check and are experiencing average footfall.
As consumers are getting comfortable with online retail portals, the retail industry is witnessing a gradual recovery with prospects for expansion in the future.
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The paper trays market is likely to grow at a healthy 3.9% value CAGR throughout 2027, according to a latest Fact.MR study. The momentum in the paper trays market can be attributed to growing focus on sustainability, which includes reducing packaging waste and adopting recyclable packaging materials.
The Fact.MR study opines that industrial applications of paper trays in food & beverage products collectively account for more than 40% revenue share in the paper trays market. The Fact.MR study remains bullish on burgeoning demand for environmentally-friendly paper trays in the food & beverage industry, leading retail chains and foodservice brands’ commitment to phase out plastic in food packaging. The report also sheds light on increasing demand for paper trays in the consumer electronics industry, which is likely to remain a less-explored end-user industrial sector in the paper trays market.
Soaring Popularity of Frozen Food Products Driving Innovation in Paper trays Market
A majority of paper trays manufacturers are launching microwave-safe and freezer-safe paper trays addressing the soaring popularity of frozen food products among younger consumers. Market players are incorporating advanced technologies, such as modified atmosphere packaging technology, and manufacturing processes, such as thermoforming, to introduce unique features of paper trays suitable for food & beverage products.
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Additional Questions Answered
Apart from aforementioned findings, the report on paper trays market also provides additional answers to questions such as:
- Which is the most attractive region apropos to sales of paper trays?
- Would molded pulp paper trays demand translate into sales surpassing those of paper trays from corrugated boards in the forthcoming years?
- Which is the most lucrative end use application area that manufacturers of paper trays can leverage during the assessment period to gain profits?
- To what extent does revenue from sales of paper trays from recycled fibers contribute to the overall paper trays market growth?
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According to Fact.MR, paper trays manufacturers are also focusing on penetrating the lucrative Asia Pacific market. For instance, Huhtamaki Oyj recently acquired packaging companies in Asia Pacific, including International Paper’s foodservice packaging operations in China, Ajanta Packaging’s business in India and Tailored Packaging – a foodservice packaging distributor in Australia. With the market leaders establishing a stronger foothold in emerging economies, the paper trays markets in developing nations is expected to witness positive growth in the upcoming years.
Key Players
- Mondi Group Plc
- International Paper
- Huhtamaki Oyj
- Pactiv LLC
- UFP Technologies Inc.
- Billerud AB
- Stora Enso Oyj
- CS Packaging Inc.
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