Foam trays find application in food services, test tube holders, small tools packaging, and meat packaging. Foam trays are being increasingly adopted by players operating in the food and beverages industry. Rising demand for takeaway food, packaged food, and ready-to-eat food has helped the global foam tray market considerably. The rising demand for takeaway food in nations such as China, India, and Indonesia has helped leading companies in introducing many new products.
Low weight, cost-effectiveness, low-cost labor, flexibility, and durability are some of the attributes that can be credited for the growing demand for foam trays in the food and beverages industry. In terms of revenue, the global foam tray market stood at US$2 bn in 2009 and is expected to reach US$3 bn by 2021, progressing at a 3.20% CAGR from 2009 to 2021. By volume, the global foam trays market stood at 31.7 bn units in 2009 and is predicted to reach 52.8 bn units by 2021, exhibiting a CAGR of 4.40% from 2009 to 2021.
Food Packaging Held 80% of Global Foam Trays Market in 2014
Polyethylene, polypropylene, polyester, and polystyrene foam trays are popularly used across many industries. In the food packaging industry, foam trays are increasingly being used for packaging dairy products, poultry products, fruits and vegetables, and bakery products. In 2014, the food packaging application segment accounted for a dominant share of 80% in the global foam trays market. Factors such as cost-effectiveness, flexible nature, and the increasing adoption of foam trays by various multi-national food chains are predicted to propel the food packaging application segment. Going forward, the rising use of foam trays by various takeaway food chain vendors and food services is expected to boost the global market.
The global foam trays market is regionally divided into Asia Pacific, Europe, North America, and Rest of the World. In 2014, Asia Pacific accounted for 33% of the global foam trays market. In the same year, North America held 30% of the global foam trays market, staying in the second position. The increasing use of foam trays in school lunch programs and takeaway foods is expected to drive the market in North America.
Demand for Recyclable Foam Trays Continues to Increase
The rising scope of the global foam trays market has attracted many new manufacturers, which has provided significant competition to the established names. Some of the leading companies currently operating in the global foam trays market are Sealed Air Corporation, Anchor Packaging, Inc., Placon Corporation, Inc., Genpak LLC, Ecopax, LLC, Dart Container Corporation, Pactiv, LLC, D&W Fine Pack, LLC, Coveris Holding, S.A., Berry Plastics Group, Inc., Groupe Guillin SA, and Sirap Group.
Browse Full Global Foam Trays Market Report with TOC:http://www.mrrse.com/global-foam-trays-market
Leading players are concentrating on manufacturing recyclable foam trays, which is why they have become an alternative to plastics. The demand for disposable foam trays is also expected to increase in the coming years, which is another major factor benefiting the global market.
Even though the global foam trays market is expected to expand smoothly in the coming years, it is likely to face certain challenges. Price-based competition is predicted to add pressure on the key manufacturers to minimize the prices of foam trays. Environmental concerns are also predicted to further hamper the growth of the global foam trays market.