Food & Beverages Industry Contribute Around 32.7% Share in Global Sales of Plastic Trays

The market for plastic trays is anticipated to reach USD 7,500 million in 2022 and surpass USD 11,400 million by 2032, growing at a CAGR of 4.3% between 2022 and 2032.

 

In 2022, the global plastic tray market will represent 13% of the total plastic market. During the assessment period of 2022–2032, the global plastic tray market is predicted to have an absolute $ opportunity of USD 3,900 Mn.

 

Additionally, the increased concerns about human health brought on by the use of plastic are also inspiring the creation of new products. For instance, businesses have begun selling plastic trays, bottles, containers, and other items that are BPA-free. Additionally, businesses are spending money on developing plastic trays that are secure for use in a variety of fields, including food and drink, personal care, pharmaceuticals, and consumer electronics.

 

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Attributes	Details
Base Year Value (2021A)	USD 7,300 Mn
Estimated Year Value (2022E)	USD 7,500 Mn
Projected Year Value (2032F)	USD 11,400 Mn
Value CAGR (2022-2032)	4.3%
Collective Value Share (US, UK, Germany) 2022: Top 3 Countries	28.9%

 

Black plastic's recyclable nature is boosting the market for plastic trays.

In the food industry, prepared meals are packaged in black plastic trays. However, because black plastic trays contain black carbon pigment and cannot be recycled, manufacturers have stopped using them.

 

The Waste and Resources Action Programme, or WRAP, of the United Kingdom works to increase the recyclable nature of black plastics. According to WRAP, recycling of black plastic packaging is made possible by the use of detectable black colourants during the production of plastic trays.

 

Which geographical area dominates the market for plastic trays?

The plastic tray market in Europe dominates the industry as a whole. It contributes roughly 24.5% of the market share overall and is anticipated to maintain this trend. The European Union announced a new policy agenda that would be completed by 2030. By the end of 2030, it aims to make all plastic packaging in the EU market reusable and recyclable, which will likely result in a 50% increase in demand for the material there.

 

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Leading Companies in the Plastic Trays Market: Competitive Landscape

Due to the presence of numerous domestic and regional competitors, the global plastic tray market is highly fragmented and competitive. Key players use a variety of marketing tactics, including mergers and acquisitions, expansions, collaborations, and partnerships.

 

Additionally, the top businesses use new product development as a strategic approach to enhance their market presence among consumers. Advanced plastic trays products have been incorporated as a result of these strategies.

 

For instance:

·         Huhtamaki introduced fibre-based ready meal trays in 2019, which can be recycled and are also certified for home composting. It sources fibre from the Swedish forest company Sodra as its primary raw material.

·         In 2019, Berry Global Group Inc. purchased RPC Group Plc. Berry Global has grown significantly, adding more than 150 factories and 23,000 workers, making it a true global packaging manufacturer.

 

Key Companies Profiled

·         DS Smith

·         RPC Bebo

·         Huhtamaki

·         Winpak Ltd.

·         EasyPak

·         VisiPak

·         Lacerta Group, Inc.

·         Landmark Plastic Corporation

·         D&V Plastics

·         Placon

·         Sonoco Products Company

 

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Global Plastic Trays Market by Category

• By Material Type :
• PVC
• Polypropylene
• Polyethylene Terephthalate
• Polystyrene

 

• By Form :
• Flexible Plastic Trays
• Semi-Flexible Plastic Trays

 

• By End-Use :
• Food & Beverages Industry
• Industrial Goods Industry
• Electronics Industry
• Pharmaceuticals Industry
• Retail Industry
• Cosmetics and Personal Care Industry

 

• By Region :
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

* This article was originally published here