Foam Trays Market – Snapshot
Foam trays are primarily used in food packaging applications. They help prevent liquids from leaking in packaged food and beverages. Foam trays are ideal for usage for fruits, vegetables, meat, and poultry. These trays are usually made from polystyrene, which is a highly compact foam. Foam trays are available in various shape and sizes. These trays are also employed in various other applications such as food service, meat packaging, test tube holders, and small tools packaging. Low cost and convenient usage of foam trays are driving the demand for these trays in various applications in food packaging industry verticals. Foam trays protect the food from chemical, biological, and physical hazards.
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The global foam trays market is anticipated to expand at a significant pace during the forecast period, primarily due to the rise in demand for cost effective foam trays and rise in concerns regarding food safety. The process involved in the production of foam trays is not complex. It consists of fewer number of phases vis-à-vis production of plastics through the polymerization process. The labor cost involved in the production of foam is also low. This ultimately lowers the overall cost of foam trays. Concerns regarding the safety of food are increasing day-by-day. Foam trays protect food from environmental effects. The foam trays market was valued at around US$ 2.5 Bn in 2018 and is expected to expand at a CAGR of more than 3.8% during the forecast period. However, non-biodegradable nature of foam is restraining the foam trays market. Foam breaks down slowly and may sit at the landfills for more than 500 years. Furthermore, availability of bio-based products can hamper the foam trays market.
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Key players operating in the foam trays market need to focus on manufacturing bio-based products and promoting these accordingly. Major players are engaged in establishing new facilities and entering into acquisitions and mergers to develop and launch new products. On January 17, 2019, Tekni-Plex’s subsidiary Tri-seal expanded its closure liner offerings with the addition of three cost effective, co-extruded foam products. Tri-seal is known for closure liners and seal products manufactured from polyethylene foam, which is used to package food, cosmetics, pharmaceuticals, health care, agriculture, and chemical products. On May 1, 2018, Tekni-Plex acquired Commodore Plastics and Commodore Technology under a newly-formed subsidiary: Dolco LLC. Commodore Plastics offers a wide range of traditional and custom polystyrene (PS) foam trays, which include padded food processors, industrial trays, and supermarket display trays. Commodore Plastics is expected to become a part of Delco Packaging, which is the largest producer of foam egg carton trays. It comprises innovative technologies of additive manufacturing of sustainable decoration solutions as well as novel technology for resalable packaging.
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Based on region, the global foam trays market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe are key consumers of the global foam trays market. The U.S. is the largest consumer of foam trays in North America, led by the high demand for packaged food and home delivered food in the country. The foam trays market in Italy and France in Europe is anticipated to expand at a rapid pace during the forecast period, owing to the rise in demand for packaged food in these countries. China is a prominent consumer of foam trays in Asia Pacific. China is also a major producer of foam trays, due to the low cost of production in the country. Middle East & Africa and Latin America are emerging regions of the global foam trays market.
Key players operating in the global foam trays market include Tekni-Plex, Sirap Gema S.p.a., Placon, NOVIPAX, Cascades Inc., Dart Container Corporation, Ecopax LLC, Genpak, LLC, D&W Fine Pack LLC, COVERIS, PROTECH, Anchor Packaging Inc., Berry Global Inc., Reynolds Group Holdings Limited, Groupe Guillin SA, and Sealed Air Corporation.
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