Foam Trays Market to rise at a CAGR of 3.8% during 2019-2027
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.
Food producers world over have harnessed new array of materials in foam trays for superior barrier protection. Growing application of such packaging solutions in the packaging of meat, poultry, and fruits foam is propelling the strides in the foam trays market. Advances in material sciences have led to expanding array of foam tray materials that can prevent the packaged food from range of chemical, biological, and physical hazards. Growing demand for foam trays in other applications such as cosmetics, health care, agriculture, chemical products, and pharmaceuticals is also boosting the foam trays market. They are increasingly being used in the protection of fragile parts in these applications.
Over the past few years, foam trays are emerging as safe, cost-effective options for packaging for variety of food. The foam trays market stood at worth of US$2.5 bn in 2018 and is projected to rise at 3.8% CAGR from 2019 to 2027.
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Players Consolidating their Geographical Footprints by Expanding Product Lines
Advent of new automated equipment has helped players develop inexpensive products. Proliferating use of foam trays in the packaging of myriad food items as is evident in supermarkets, and the trend has caught traction in emerging economies, most notably in countries of Asia Pacific. Countries at the forefront on the lucrative growth avenues are China, India, and Japan.
On the other hand, developed market of North America has seen surge in investments in food packaging, where foam trays have witnessed a marked degree of commercialization. The region has been attractive for globally prominent food packaging companies in the foam trays market and will likely remain so in the next few years. This means that numerous key players in recent years have strengthened their manufacturing units. Some of the players in the North America foam trays market are also engaging in mergers and acquisitions, with the focus on consolidating their product lines. This means that they are also seeing new avenues in emerging markets, and are making moves to tap into the untapped potential in Asia Pacific.
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Focus on Biodegradability Pave Way to New Revenue Streams
Prominently, efforts are ongoing to reduce the environmental footprint of foam trays. Of note, most products in the market have abysmally low biodegradable quotient—a key aspect that is now becoming a telling concern for consumers, world over. This has also been a key restraining factor for the foam trays market for some time now. Hence, a large numbers of industry efforts are ongoing to adopt biodegradable and environmentally friendly packaging materials to meet the changing needs in end-use industry. Challenge now is to make them inexpensive as well to bolster new opportunities in the foam trays market. Stridently, this will pave way for product innovations in the foam trays market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Foam Trays Market (Material - Polyethylene, Polypropylene, Polyester, Polystyrene; Application - Pharmaceuticals, Food Packaging (Meat and Poultry, Dairy Products, Food Service (Clamshells), Fruits and Vegetables, Bakeries, Organized Food Chains), Industrial Packaging, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027”
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