Across the globe, the demand for convenience in day-to-day life has transformed the packaging market as consumers who are vastly leading busy lifestyles are likely to have a greater influence on the packaging industry than any other existing factor. Attributes such as convenience in storage & handling and ease in usage have largely affected the usage of packaging. Dual Ovenable trays & containers are one of the most influential packaging solutions that have emerged in the past few years. Consumers are readily attracted by the features of ovenable trays as they are suitable for direct use in microwave ovens. They offer the convenience of directly cooking food by putting it in an oven or microwave without affecting quality and taste. Today, the most commonly used packaging format for ovenable packaging is trays. It keeps the oven clean and preserves the food contained in it.
The extraordinary rise in the consumption of ready-to-eat meals is driving the demand for ovenable packaging solutions globally. Several FMCG companies are opting for innovative packaging solutions such as ovenable bags, trays, and bowls, among others for their ready-to-eat meal products to attract consumers. These containers offer a convenient cooking process and a low preparation time for fast food. Also, the hassle-free operation and easy clean-up of the microwave after cooking is an added advantage. Ready-to-eat meals that can be put in ovenable packaging include meat, poultry, seafood, and various pre-prepared dishes. The widespread application of ready-to-eat meals in ovenable packaging is creating the need for further innovation in the ovenable trays and containers market.
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On the basis of material type, the dual-ovenable trays & containers market is segmented into paperboard, C-PET, A-PET, PP, PE, and others. The C-PET segment is expected to dominate the market throughout the forecast period with an estimated market share of 88.7% in 2018. The PP segment is estimated to register a CAGR of 3.3% during the forecast period. The paperboard segment is expected to create an incremental $ opportunity of US$ 28.8 Mn during the forecast period. The C-PET segment is estimated to register a value of US$ 1,378.4 Mn in 2018 and is expected to reach 1,789.4 Mn during the forecast period. The others segment is estimated to register a CAGR of 2.0% during the forecast period.
North America is estimated to account for the largest share of the dual-ovenable trays & containers market due to high adoption of ready-to-eat meals. Europe is expected to hold the second-largest market share in dual-ovenable trays & containers market as the region has the highest per-capita consumption of packaging. The MEA region is estimated to hold a small percentage of the market, however, it is expected to exhibit rapid growth during the forecast period. Growth of the dual-ovenable trays & containers market in Latin America is expected to be moderate during the forecast period.
Some of the key players in the global dual-ovenable trays & containers market include Færch Plast A/S; Sealed Air Corporation; Bemis Company, Inc.; DuPont Teijin Films U.S. Limited Partnership; Sabert Corporation; Genpak, LLC; Sonoco Products Company; Pactiv LLC; Evergreen Packaging, Inc.; Oliver Packaging & Equipment Co.; Portage Plastics Corporation; MCP Performance Plastic Ltd.; Plastic Package, Inc.; Point Five Packaging LLC; CiMa-Pak Corporation; PinnPACK Packaging LLC; PAC Food Pty Ltd.; and Sanplast Ltd.
Dual-Openable Trays & Containers Market to See Rebound in Demand from Online Orders from Restaurants Picking Pace
Dual-ovenable trays & containers are a popular food packaging made of various types of PET plastics are microwaveable or safe for use in microwave ovens. The dual-ovenable trays & containers market has been thriving from the use of these in the hospitality industry. Particularly, these containers find use in restaurants catering to online food ordering in urban and semi-urban areas. The popularity of ready-to-eat food among consumers is becoming a widespread trend in urban regions of the world, spurring the use of dual-ovenable trays & containers. The convenience of reheating the food is one of the value propositions that define the value chain of the dual-ovenable trays & containers market. Over the years, a number of plastic engineering technologies have been used to develop the optimal packaging material to meet the functional requirements of customers in dual-ovenable trays & containers market. One functional attribute manufacturers of dual-ovenable trays & containers focus is the seal strength. Industry players in the ecosystem are working concertedly to explore new consumer value propositions, such as recent initiatives by raw material suppliers, packaging developers, and pioneers of food packaging solutions.
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The still-emerging Covid-19 pandemic has caused some of the massive disruptions across the industries. This has also given rise to new normals for companies operating in the dual-ovenable trays & containers market. Agile players are realigning their business models to improve consumer experience with the food and the packaging brands. Operations and distribution models in some regions have gone overhaul, with new opportunity emerging from partnerships and online food delivery models. These dynamics are likely to alter the landscape of dual-ovenable trays & containers market over the next few months and possibly years. Despite SARS-CoV-2 vaccine development and rollout going on war-footing pace, the business scenario across packaging and hospitality will take time to normalize. COXs meanwhile will ponder on new packaging designs to meet the demand for the hospitality industry. This will also expand the canvas for the dual-ovenable trays & containers market.
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