Paper Trays Market
Paper Trays Market Analysis by Source (Virgin Fiber Paper Trays, Recycled Fiber Paper Trays), by Material (Corrugated Boards, Boxboards/Cartons, Molded Pulp), by End-use, by Region - Global Forecast 2022-2032
Global Paper Trays Market Outlook
The global paper trays market is estimated at USD 5,300 Million in 2022 and is forecast to surpass USD 8,900 Million by 2032, growing at a CAGR of 5.4% during 2022-2032.
Base Year Value (2021A)
USD 5,100 Million
Estimated Year Value (2022E)
USD 5,300 Million
Projected Year Value (2032F)
USD 8,900 Million
CAGR Value (2022-2032)
North America Market Share in 2021
Collective Value Share (US, UK, Germany) 2022: Top 3 Countries
Top 5 Companies Market Share
Key Companies Profiled
The global paper trays market accounts for ~2% of the global paper products market in 2022. The global paper trays market is estimated to have an absolute $ opportunity of USD 3,600 Million during the assessment period of 2022-2032.
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2017-2021 Global Paper Trays Market Outlook in Comparison to 2022-2032 Growth Forecast
Paper trays are gaining immense popularity amongst consumers due to the global war against plastic and are economical and sustainable. Recycled content offered by global leaders in paper tray market is gaining sustainable consumer base. These trays are manufactured using boxboards, molded pulp, or corrugated boards etc. and find extensive applications in, but not limited to retail, healthcare, food and beverages, personal care industries etc.
Escalating focus on sustainability and reducing plastic packaging waste is leading to augmented adoption of recyclable packaging solutions, which is likely to contribute 1.5X to the overall paper trays market demand.
Manufacturers in paper trays market are investing heavily in offering sustainable paper trays because of growing consumer preference towards them. Offering a variety of designs of paper trays as part of product differentiation strategy is poised to escalate profits by more than 3/5th. Additionally, the need for greener packaging solutions offers lucrative opportunities for manufactures to capture white space in the market.
Producers are focusing on new product launches, expansion of production facilities and making strategic alliances as key strategies to establish a strong foothold in the paper tray market. Additionally, the Asia-Pacific region presents growing opportunities for them, in terms of rising and unfulfilled demand where new players can acquire nearly 1/4th market share in the emerging economies of the region.
Fact.MR projects the paper trays market to witness exhibiting growth at 5.4% CAGR between 2022 and 2032 in comparison to a CAGR of 3.0% posted between 2017 and 2021.
Supermarkets Preferring Paper Trays
Supermarkets worldwide are influencing sales of paper trays by 1/5th as sustainable paper trays are entering into supermarkets on the back of ongoing plastic bans across regions. This has not only transformed the packaging landscape but has also allowed companies to leverage the ban in their favor, expected to enhance revenue by more than 25%. Moreover, manufacturers are collaborating with supermarkets and other sales chains to promote their products amongst consumers.
An Adaptive Approach to Modern-day Research Needs
Incorporating Technology in Paper Trays
Use of advanced technologies like modified atmosphere packaging technology, thermoforming are being incorporated by manufacturers in production process, which is bound to attract 2/5th additional demand for paper trays.
Investments are being done to offer freezer-safe and microwave-safe paper trays that carry the ability to satisfy rising demand for frozen food products amongst millennials in coming years.
Alternatives to Paper Trays
Plant-based plastic trays have emerged as an alternative to paper trays, focusing on solving plastic problems. These trays claim to feature high strength in addition to having a less damaging impact on the environment as it uses cornstarch as raw material. This is likely to restrict the growth of paper trays by 0.4X.
However, plant-based plastic is a type of bioplastic created from agricultural scraps. These scraps can be sugarcane, wheat, and corn or food waste. For plastic to be labelled as plant-based, 20% of the components need to be renewable while the rest 80% can be fossil fuels. This means, that the resulting plastic is likely to behave in a non-biodegradable manner making it challenging to degrade. Thus, this alternative cannot hamper paper trays market growth much as it is not so green after all.
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Which is the dominant region in Paper Trays Market?
North America paper trays market is the dominant region in the overall market. It contributed approximately 23.1% to the overall market share in 2021 and is poised to continue on the same trajectory for upcoming half-decade.
Tier 1 companies holds 15% of overall paper trays market share and have established their strong foothold in North American region. Additionally, they are tapping on huge growth potential in emerging economies by a combination of expansion of manufacturing facilities, strategic alliances, and new product launches. Thus, the market is projected to expand at a CAGR of approximately 3.9% during the assessment years of 2022-2032.
What is the market scenario in the Asia-Pacific?
East Asia and South Asia paper trays markets are contributing nearly 20.6% and 19.5% to the overall market share. Asia-Pacific paper trays market is likely to gain 320 BPS during the forecast years of 2022-2032 as it presents lucrative opportunities for manufacturers to tap into. For instance, food packaging industry and food retail sector is witnessing an immense growth in the region. The food service packaging market is expanding due to growth in tourism sector and improving lifestyles of consumers.
Thus, manufactures are focusing to establish grounds in emerging economies of Asia-Pacific such as India and China to expand their business footprints. These markets represents huge growth potential in terms of paper trays sales by nearly 50% because of changing food retail scenario due to the presence of supermarkets and hypermarkets in the region.
Which source segment contributes maximum market growth in the Paper Trays Market?
Paper trays are segmented into virgin fiber and recycled fiber under the source segment. The recycled fiber paper trays segment contributes nearly 53.7% to the overall paper trays market.
Recycled fiber is used to produce paper products such as trays, cartons and corrugated boxes from post-consumer or post-industrial recycled materials. Being sustainable and environment-friendly tempts manufacturers to make extensive use of recycled fibers to make paper-based trays.
However, multiple recycling cycles end up in low-quality and inconsistencies of recycled fibers products. Therefore, a blend of virgin fibers and recycled fibers is used by manufacturers to enhance quality, strength and performance. This sub-segment is likely to bring in additional 1/3rd revenue during the assessment years of 2022-2032.
Which material type is likely to gain momentum in forecast years?
Molded fiber paper trays endure high strength and provide high resistance against dampening. They are cost-effective and accounts for minimum warehouse and inventory costs. Thus, this segment is likely to gain momentum and is projected to grow at an attractive CAGR of 4.9% during the forecast years of 2022-2032.
Which end-use industry of Paper Trays is projected to show maximum growth?
The application of paper trays in the food & beverage industry accounts for approximately 42.3% of the global paper trays market share. Demand for eco-friendly paper trays in the food & beverage industry to phase out plastic is expected to boost the use of paper trays by 1.6X during the assessment period of 2022-2032.
In addition to this, the use of paper trays in the healthcare sector is poised to witness ~4.1% CAGR in coming years as it ensures the safety of medical devices and equipment’s during packaging, loading and transportation.
Competitive Landscape: Top Companies in Paper Trays Market
The global paper trays market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.
Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced paper trays products.
Fact.MR has provided detailed information about price points of top manufacturers of paper trays positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
- International Paper in March 2021, bought two state-of-the-art corrugated box plants located in Spain. It has grown its production capabilities in areas of Madrid and Catalonia to offer high-quality packaging solutions for applications in industrial and e-commerce segments.
- Graphic Packaging International in 2021 launched a sustainable paper packaging solution range Produce Pack for fresh produce. The paper bags can be used for a variety of applications and preserve fresh produce. It is hygienically protected as the produce is prepacked and narrow down handling from field to store.
Global Paper Trays Market by Category
By Source :
- Virgin Fiber Paper Trays
- Recycled Fiber Paper Trays
By Material Type :
- Corrugated Boards
- Molded Pulp
By End-Use :
- Retail Industry
- Food & Beverage Industry
- Personal Care & Cosmetics Industry
- Healthcare Industry
- Consumer Durables and Electronics Industry
By Region :
- North America
- Latin America
- East Asia
- South Asia
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