Foam trays are disposable trays utilized for packing food products and in other types of packaging purposes. They find their application primarily in test tube packaging, meat packaging, and small tools packaging, among others. Foam trays are employed for packaging mainly because they are convenient to use and cost-friendly in nature. These advantages associated with foam trays will fuel the growth of the global foam trays market. In addition, the cost of labor involved in the manufacture of foam trays is low, which lowers their cost of production, thus boosting the growth of the market.
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Adverse Environmental Impact of Foam Trays may Restrain Growth of Market
The growing demand for expanded polystyrene (EPS) foam trays will also provide impetus to the development of the global foam trays market. On the other hand, factors such as the rising price-based competition and the adverse environmental impact of foam trays may restrain the growth of the market. However, this problem is being overcome by the use of biodegradable foams and the increasing technological developments in the foam recycling field.
Polystyrene Foam Trays Led Market by Volume and Revenue in 2014
In terms of type, the global foam trays market is segmented into polypropylene, polyethylene, polystyrene, polyesters, and others. Amongst these, on the basis of both volume and revenue, the segment of polystyrene led the market in 2014 owing to the soaring demand for expanded polystyrene (EPS) foam trays globally. Polypropylene foam trays are predicted to trail polystyrene and hold the second largest share in the market on the basis of both volume and revenue by 2021. This is because of the rising demand for polypropylene within developing markets.
Demand for Foam Trays Highest in Packaging Sector
By application, the market for foam trays is categorized into food packaging, pharmaceutical, industrial packaging, and others. Amongst these, the segment of food packaging is further segmented into dairy products, meat and poultry, food service, bakeries, food chains, and fruits and vegetables. The easy customizability and low cost of foam trays are responsible for their widespread use in food packaging applications. On the other hand, foam trays are also being highly demanded in takeaway restaurants and food services, propelling the growth of the global foam trays market.
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North America held Largest Revenue Share of over 30% in 2014
Geographically, the global foam trays market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, on the basis of revenue, the North America foam trays market held the largest share of over 30% in 2014. The growing demand for foam trays in organized food chains, school lunch programs, and takeaway food services is fuelling the growth of this market in North America. On the other hand, by volume, Asia Pacific led the market with a share of over 33% in the same year. The growing demand for foam trays from Indonesia, China, and India is fuelling the growth of this market in Asia Pacific.
Pactiv, LLC (U.S.), Placon Corporation, Inc. (U.S.), Coveris Holding, S.A. (Luxembourg), Groupe Guillin SA (France), Ecopax, LLC (U.S.), and Sirap Group (Italy), among others, are the chief players dominant in the global foam trays market.