Plastic Tray Market
Plastic Tray Market Analysis by Material Type (PVC, Polypropylene, Polyethylene Terephthalate, Polystyrene), by Form (Flexible Plastic Trays, Semi-Flexible Plastic Trays), by End-use, by Region, Global Forecast 2022-2032
Global Plastic Trays Market Outlook
The global plastic trays market is estimated at USD 7,500 Mn in 2022 and is forecast to surpass USD 11,400 Mn by 2032, growing at a CAGR of 4.3% from 2022 to 2032.
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)
Collective Value Share (US, UK, Germany) 2022: Top 3 Countries
Key Companies Profiled
The global plastic trays market accounts for ~13% of the global plastic market in 2022. The global plastic trays market is estimated to have an absolute $ opportunity of USD 3,900 Mn during the assessment period of 2022-2032.
2017-2021 Global Plastic Trays Market Outlook in Comparison to 2022-2032 Growth Forecast
The market demand for plastic trays is witnessing an upsurge by 1.7x as it finds multiple applications in several industries such as food & beverages, pharmaceuticals, cosmetics etc. for carrying things and serving food items.
Manufacturers in plastic trays market are focusing exclusively on multiple strategies like product innovation, mergers and acquisition to garner a larger market share. They are emphasizing on developing cost-effective solutions, expanding manufacturing capabilities and facilities, along making strategic alliances with key players and leaders across regions.
Launching new and advanced products made up of different materials like PVC encompass unique features and let its producers to stand out from the crowd. Thus availability of such advanced plastic trays is poised to provide gain of 235 BPS during forecast period of 2022-2032.
According to the Journal of Cleaner Production, 1Kg of plastic tray generates more than 1.5Kg of CO2 in its entire lifecycle. Thus, makers instead of producing single-use plastic trays, are producing reusable plastic trays to reduce carbon footprint, which is likely to boost sales of plastic trays by 2.5X during upcoming decade.
Fact.MR projects the market to witness exhibiting growth of 4.3% CAGR during 2022-2032 which is almost twice in comparison to a CAGR of 2.9% posted in 2017-2021.
Reusable Plastic Trays Gaining Momentum
Reusable plastic trays are gaining immense popularity across multiple industries as it contains low-density polypropylene and has low levels of polyethylene thermoplastic.
Better locking system, use of polyethylene in production that ensures food safety for a longer time is attracting producers in the food industry towards greater adoption of reusable plastic trays. Factors such as improved supply chain performance and enhanced safety are poised to contribute to 3/5th of market demand during the assessment period of 2022-2032.
Producers of red meat, dairy and poultry products are emphasizing using reusable plastic trays, which not only are sustainable and optimize the supply chain but also reduce operating expenses by 0.7x, is poised to support market growth.
Recyclability of Black Plastic Driving Plastic Trays Market Growth
Black plastic trays are used to package ready meals in the food industry. However, the presence of black carbon pigment in black plastic trays has made manufacturers stop using them as these cannot be recycled.
The Waste and Resources Action Programme i.e. WRAP of the U.K works to improve the recyclability of black plastics and says that the use of detectable black colorants in the plastic trays manufacturing process enables recycling of black plastic packaging.
RECOUP, a group of packaging manufacturers, trade associations and retailers, introduced new detectable pigment and advanced technology solutions to sort materials for black plastics, which is expected to trigger plastic trays market growth by 265 BPS during the forecast years of 2022-2032.
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Alternatives to Plastic Trays Hampering Market Growth
Consumers are increasingly becoming environmentally conscious and are getting involved in sustainability. They are in turn demanding greener products that have less or no damaging impact on the environment.
According to United Nations Environmental Programme (UNEP), more than 8.5 million tonnes of plastic end up in the ocean every year. Considering the negative impacts that plastic has on the environment, manufacturers are turning towards the adoption of sustainable alternatives to plastic trays.
Alternatives like paper trays, fibre-based trays, sugarcane trays, palm leave trays, and cornstarch trays, bagasse trays and even plant-based plastics are providing threat and hampering the growth of plastic trays market by 0.6x.
Freezer safe and microwave-safe paper trays are also being developed along with the incorporation of advanced technologies such as modified atmosphere packaging, thermoforming etc.
Research is also underway to develop bioplastics that are not only energy-efficient to produce but is also biodegradable along with fibre-based food trays which are gaining popularity amongst consumers and end-use industries due to their biodegradable nature.
Which is the dominant region for the Plastic Trays Market?
Europe plastic trays market is dominant in the overall market. It contributes approximately 24.5% to the overall market share and is poised to continue on the same trajectory. European Union declared a new policy agenda intending to be fulfilled by 2030. It focuses on making all plastic packaging, reusable and recyclable in the EU market by the end of 2030 which is likely to place 50% more demand in the region in coming years.
What is the market scenario in the Asia-Pacific?
East Asia and South Asia plastic trays markets are contributing nearly 19.7% and 18.5% to the overall market share, respectively and are likely to provide 2/5th of the overall revenue of the plastic trays market during the assessment period of 2022-2032.
Asia Pacific region is becoming a manufacturing hub for electronics industries and is also witnessing high growth in end-use industries of meat & poultry, agriculture etc. which will primarily drive plastic trays in this region in coming years.
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Which material type contributes maximum market share in the Plastic Trays Market?
Plastic trays are made from different materials under which polyethylene terephthalate (PET) is expected to find the largest application in the production of plastic trays. Polyethylene Terephthalate contributes nearly 35.3% to the overall plastic trays market share.
Properties of being highly recyclable, shatterproof, lightweight, cost-effective, in addition to saving energy, are leading to enhanced popularity of PET plastic trays to be used by companies, thus, placing additional demand from this segment and is likely to bring in more than 1/3rd in terms of revenue during the assessment years of 2022-2032.
Which end-use industry of Plastic Trays is projected to show maximum growth?
The food and beverage industry makes greater use of plastic trays and is the holder of 32.7% of the global plastic trays market share. The regulations regarding the materials to make plastic trays inducing manufacturers to use thermoformed plastic trays along with rising demand for ready-to-eat and ready-to-cook food are expected to boost the use of plastic trays in food & beverage industry by 1.6x during the assessment period of 2022-2032.
Competitive Landscape: Top Companies in Plastic Trays Market
The global plastic 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 plastic trays products.
Fact.MR has provided detailed information about price points of top manufacturers of plastic trays positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report. For instance:
- Huhtamaki in 2019, introduced fibre-based ready meal trays, which can be recycled and is certified for home composting as well. It uses fibre as base material for production, sourced from a Swedish forest company Sodra.
- Berry Global Group Inc. acquired RPC Group Plc in the year 2019. This enhanced size of Berry Global, adding more than 150 factories and 23,000 employees to the company, thus, making it a true global packaging manufacturer.
Global Plastic Trays Market by Category
By Material Type :
- Polyethylene Terephthalate
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
- East Asia
- South Asia
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