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I AgreeAnalysis of Ready Meal Trays market covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global ready meal trays market stands at a value of US$ 1.2 billion in 2023 and is projected to exhibit expansion at 6.9% CAGR over the next ten years. By the end of 2033, worldwide demand for ready meal trays is estimated to amass a market valuation of US$ 2.35 billion.
A high focus on plastic waste reduction has led to the adoption of recyclable and eco-friendly packaging solutions across the world, which is forecasted to primarily influence sales of ready meal trays in the future. Bans on single-use plastic, advancements in food packaging, implementation of strict food safety regulations, high demand for ready-to-eat foods & beverages, and rising consumer awareness regarding food waste are other aspects that could positively impact market evolution going forward.
Food manufacturers are focusing on innovation and investing in R&D to develop novel food packing products that satisfy consumer demands in the most eco-friendly way possible. The aforementioned factor opens up new avenues of opportunities for established as well as upcoming ready meal tray companies in the global landscape. Microwaveable meal trays, dinner trays, and ready meal boxes are some of the popular products that are expected to witness a hike in sales through 2033.
Governments and regulatory authorities across the world are implementing strict norms to promote the use of sustainable and recyclable packaging to conserve the environment and combat climate change. Increasing awareness of sustainability and environment conservation among general people is also predicted to bolster ready meal trays demand through 2033.
However, the availability of cheap plastic alternatives and lack of awareness among consumers in some regions are expected to inhibit shipments of ready meal trays over the next ten years.
A more detailed analysis of the drivers and restraints affecting market development on a global and regional level has been discussed in this latest ready meal trays market survey by skilled analysts at Fact.MR, a market research and competitive intelligence provider.
Report Attributes |
Details |
Ready Meal Trays Market Size (2023) |
US$ 1.2 Billion |
Projected Market Value (2033F) |
US$ 2.35 Billion |
Global Market Growth Rate (2023-2033) |
6.9% CAGR |
Key Companies Profiled |
|
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“New Companies Should Focus on Sustainable Innovation to Improve Market Presence”
Aspiring food packaging manufacturers are increasing their investments in the research and development of novel products that help them fulfill the demand for sustainable packaging. New ready meal tray suppliers can also collaborate with food manufacturers to develop and manufacture new types of ready meal trays and other food packaging solutions that help food manufacturers minimize their food waste contribution. Aspiring ready meal tray providers are also focusing on raising new capital to finance their expansion efforts and compete with established market players.
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“Rising Disposable Income and Growing Popularity of Ready-to-eat Foods”
The APAC region is home to some of the world’s fastest-growing economies and this makes it a highly attractive market for almost all products and services. Increasing urbanization, a rapidly rising population, a growing number of working women, changing standards of living, increasing per capita disposable income, and high penetration of food service establishments are some prime aspects that are predicted to supplement market development in this region.
India, Japan, China, and Korea are anticipated to be the leading markets in this region owing to the increasing population and rapidly evolving consumer preferences. Supportive government initiatives, rising awareness regarding eco-friendly food packaging, and increasing penetration of several new food retail outlets are forecasted to be other determinants that could bolster sales of ready meal trays in the aforementioned countries throughout the forecast period.
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“United States Accounts for Majority of Regional Ready Meal Tray Sales”
Hectic lifestyles have led to increased consumption of packaged foods and convenience foods in the U.S. and this is anticipated to be a prime factor driving shipments of ready meal trays over the coming years.
Rising focus on sustainability, bans on single-use plastics, growing demand for sustainable food packaging, strict food safety mandates, and growing working women population are other prospects that are slated to sculpt ready meal tray demand trends in the country across the forecast period.
“Growing Establishment of Foodservice Restaurants and Rising Influence of Globalization on Dietary Preferences”
Globalization has resulted in increased western influence on the traditional diets of Japanese and Korean people, which has subsequently stirred up demand for packaged foods. Adoption of increasingly hectic modern lifestyles, the growing availability of ready-to-eat food and beverages, increasing establishment of new food retail outlets, rising number of product launches, and changing dietary preferences of people are other factors that are projected to carve ready meal trays shipments in Asia countries such as Japan and Korea going forward.
The high senescent population in Japan is also expected to play a major role in driving the demand for convenience foods and ready-to-eat meals. Increasing awareness about sustainability is also anticipated to augment demand for recyclable and eco-friendly food packaging through 2033 in the aforementioned Asian countries.
“High Focus on Sustainability and Presence of Key Food Manufacturers”
Strict regulations for packaging and food safety have been implemented in the European region owing to the rising focus on climate change and increasing plastic waste. Government incentives and initiatives to promote the use of sustainable food packaging and the focus of food manufacturers on minimizing food waste are also anticipated to boost demand for ready meal trays in European countries such as Germany, France, the United Kingdom, and Spain.
Changing consumer preferences, adoption of hectic lifestyles, rising establishments of food service restaurants, and advancements in food packaging are other aspects that are anticipated to sculpt the ready meal tray demand outlook in most European countries over the coming years.
“Recyclable & Eco-friendly Materials to Witness Hike in Demand”
Based on material, the market for ready meal trays is segmented into polypropylene, crystallized polyethylene terephthalate (CPET), aluminum, and other materials (HDPE, HIPS, etc.).
Traditionally, ready meal trays are made from Styrofoam, paperboard, and aluminum but this trend is changing as manufacturers opt for more sustainable food packaging. Demand for recyclable materials such as polyethylene terephthalate (PET) and polypropylene is anticipated to witness a robust hike over the next ten years owing to bans on single-use plastics and stringent food packaging mandates implemented by governments.
Prime ready meal tray providers are also launching novel products to enhance their market presence by maximizing sales potential.
Leading ready meal tray manufacturers are also eyeing collaborations, partnerships, and acquisitions to increase their market share and gain a competitive advantage over other market players.
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The global ready meal trays market accounts for a valuation of US$ 1.2 billion in 2023.
By 2033-end, worldwide sales of ready meal trays are forecasted to reach US$ 2.35 billion.
Shipments of ready meal trays are estimated to rise at 6.9% CAGR over the next ten years.
Asia Pacific is estimated to emerge as a highly rewarding regional market over the decade.
Novolex, Quinn Packaging, Mondi Group PLC, International Paper Co., and BillerudKorsnas are key manufacturers of ready meal trays.