The global plastic trays market is estimated at USD 7,500 Mn in 2022 and is forecast to surpass USD 11,400 Mn by 2032, growing at a CAGR of 4.3% from 2022 to 2032.
Manufacturers in plastic trays market are focusing exclusively on multiple strategies like product innovation, mergers and acquisition to garner a larger market share. They are emphasizing on developing cost-effective solutions, expanding manufacturing capabilities and facilities, along making strategic alliances with key players and leaders across regions.
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Polyethylene Terephthalate (PET) to Find Largest Application in Plastic Tray Production
Polyethylene Terephthalate (PET) is expected to be one of the largest used materials in the production of plastic trays. PET is projected to expand at a significant rate during the forecast period 2018-2027. By the end of 2018, Polyethylene Terephthalate is expected to bring in more than US$ 2,000 million in terms of revenue, as per the report on plastic tray market by Fact.MR.
High-recyclability property of PET material is leading to the growing popularity in the plastic tray market. Companies in the plastic tray market are using a recycled PET to produce plastic trays as it is lightweight, shatterproof, cost-effective, and saves energy. The packaging industry across the world is using PET material on a large scale. For instance, Europe is witnessing the significant growth of PET trays in the packaging industry in the region.
Food and Beverages Industry to Rule the Plastic Tray Market
Plastic trays are largely used across the food and beverages industry. The demand for plastic tray in the food and beverages industry is expected to grow significantly throughout the forecast period 2018-2027. Rising demand for ready-to-eat and the ready-to-cook food is driving the use of plastic trays.
Competitive landscape:
The global plastic trays market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced plastic trays products.
Fact.MR has provided detailed information about price points of top manufacturers of plastic trays positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report. For instance:
- Huhtamaki in 2019, introduced fibre-based ready meal trays, which can be recycled and is certified for home composting as well. It uses fibre as base material for production, sourced from a Swedish forest company Sodra.
- Berry Global Group Inc. acquired RPC Group Plc in the year 2019. This enhanced size of Berry Global, adding more than 150 factories and 23,000 employees to the company, thus, making it a true global packaging manufacturer.
Global Plastic Trays Market by Category
· By Material Type :
- PVC
- Polypropylene
- Polyethylene Terephthalate
- Polystyrene
· By Form :
- Flexible
- Semi-Flexible
· By End-Use :
- Food & Beverages Industry
- Industrial Goods Industry
- Electronics Industry
- Pharmaceuticals Industry
- Retail Industry
- Cosmetics and Personal Care Industry
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Questionnaire answered in the Market outlook Report of Plastic Tray include:
- What is the key strategy deployed by large players to maximize Plastic Tray Market growth?
- What are the main challenges faced by players in the Plastic Tray market Demand?
- With the advent of technological advancement, how will the Plastic Tray market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Plastic Tray market size?
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