Plastic Ready Meal Trays Market To Witness Exponential Growth By 2024

May 11, 2021

Plastic Ready Meal Trays Market: Introduction

Transparency Market Research delivers key insights for the plastic ready meal trays market in its published report, which include global industry analysis, size, share, growth, trends, and forecast for 2020–2028. In terms of revenue, the global market is projected to grow at a CAGR of 4.6% during the forecast period, owing to several factors, about which TMR offers detailed insights and forecasts in the plastic ready meal trays market report.

Plastic ready meal trays are high quality trays that possess strength, elegance, uniformity coupled with durability and ecofriendly properties. These lightweight and recyclable plastic ready meal trays are predominantly used in food and foodservice sector for packaging during storage and transit of a wide range of food products. TMR team segmented the analysis of plastic ready meal trays market based on various factors such as material, molding technology, tray type, and demand from end users across five regions. As per TMR analysis, by tray type, multi cavity segment in the plastic ready meal trays is expected to account for major market share and is expected to lead the overall plastic ready meal trays market throughout the forecast period.

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Shifting Inclination toward Reusable and Recyclable Plastic Ready Meal Trays Supplement Sales

Fully recyclable ready meal trays are becoming increasingly popular across different sectors. Recycling of plastic is considered the next viable and technically feasible option to tackle issue presented by the ever-growing volume of plastic waste. Moreover, end use consumers across the globe prefer recyclable plastic packaging products, attributable to the increasing awareness of the need for proper management of plastic waste. The European Union also recently announced its new policy agenda with the aim of making all plastic packaging in the EU market reusable and recyclable by 2030. Manufacturers operating in the plastic ready meal trays market are attracting significant portion of environmentally conscious customer base by manufacturing plastic ready meal trays made from recyclable and recycled plastic. For instant, Sonoco Products Company, one of the leading plastic ready meal trays manufacturer design and manufacture ready meal tray made up of CPET recyclable material.

Demand for Convenience Packaging Solutions to Boost Demand for Plastic Ready Meal Trays

Consumers show a high preference for products in portable packaging that is perfect for on-the-go consumption. This increasing preference for products in convenient packaging over those in conventional packaging, especially from the younger generation contributes to the demand for plastic ready meal trays. The global food service industry exhibited healthy growth over the last few years, and this is expected to continue in the foreseeable future. This remarkable growth is not only limited to mature markets of North America and Europe, but is also expected to occur in the highly potential markets in Asian countries. Increasing disposable income and expenditure on food consumption in countries such as India and China is bolstering the demand for such convenience packaging solutions including plastic ready meal trays. Furthermore, the growing popularity of ready-to-eat meals and processed food is anticipated to be significant aspect behind the growth of the plastic ready meal trays market.

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Environmental Hazards of CPET to Restrict Market Growth

The material mainly used for the production of the ready meal trays are plastics such as polypropylene (PP) and crystallized PET (CPET). CPET requires several years to degrade, which is a major restraint in the plastic ready meal trays market. The high density and large sized trays require more time to biodegrade, which may affect environmental conditions for a long periods of time. When exposed to sunlight, polyethylene polymer chains become fragile, and then turn into microscopic granules. Some scientists doubt whether these granules ever decompose fully. This may adversely affect marine and terrestrial environments, and pose a risk of infiltration of plastic particles in the food chain. In order to overcome this challenge, some of the companies have already started manufacturing CPET trays from recycled PET material. However, despite being a highly recyclable material, PET is still not fully recycled in even the most developed countries.

Plastic Ready Meal Trays Market: Competition Landscape

The global plastic ready meal trays market is projected to witness strong competition among key players. This market includes many well established market participants. Besides this, many other local players and start-ups are entering into plastic ready meal trays market attributing to significant revenue creation with the raising demand of eco-friendly plastic ready meal trays. Some of the key players operating in the global plastic ready meal trays market are Sonoco Products Company, Amcor plc, DS Smith Plc, Huhtamäki Oyj, Faerch A/S, Omniform Group, MCP Performance Plastic Ltd, Silver plastics GmbH & Co. KG among others.

The tier structure is formulated on the basis of segmental revenue and market share of the company. As per tier structure, Amcor plc and DS Smith Plc are the tier 1 players in the plastic ready meal trays market. These leading packaging giants are adopting key strategies such as acquisitions and products launch to reinforce their position in the plastic ready meal trays market. Moreover, tier 2 players are Huhtamäki Oyj, Sonoco Products Company and Faerch A/S.

Global Plastic Ready Meal Trays Market Segmentation

Plastic Ready Meal Trays Market by Material