Ready Meal Trays Market

Ready Meal Trays Market Outlook (2023-2033)

The global ready meal trays market size stands at a value of US$ 1.2 billion in 2023 and is projected to exhibit expansion at a 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 and beverages, and rising consumer awareness regarding food waste are other aspects that could positively impact the evolution of the ready meal trays market.

Food manufacturers are focusing on innovation and investing in R&D to develop novel food packaging 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 environmental conservation among the general people is also predicted to bolster demand for ready meal trays through 2033.

• In January 2018, European Union unveiled its plans to make all plastic packaging recyclable by the end of 2030. Several revisions have been made to this plan since its enforcement and such initiatives are expected to promote sales of recyclable ready meal trays and other sustainable food packaging solutions in the future.

However, the availability of cheap plastic alternatives and a 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	Sonoco Products Company Fibercel Packaging Llc. Faerch A/S ESCO Technologies Inc. UFP Technologies Inc. Pactiv LLC Huhtamaki Oyj DS Smith Plc Brodrene Hartmann A/S OrCon Industries Corporation Tray-Pak Corporation Novolex Quinn Packaging Mondi Group PLC International Paper Co. BillerudKorsnas D&W Fine Pack LLC Amcor PLC Henry Molded Products Inc. Silver Plastics GmbH & Co. KG

How Can Start-ups Make Inroads Into the Global Ready Meal Trays Marketplace?

“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 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.

• In April 2022, TIPA, an Israel-based compostable food packaging start-up announced that it had raised US$ 70 million in a Series C round. The company’s breakthrough technology creates innovative packaging solutions that are adopted by some of the most renowned food and fashion retailers across the world. The funding round was led by Meitav Dash and Millennium Food-Tech.

What’s Attracting Ready Meal Tray Suppliers to Asia Pacific?

“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, which 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.

Country-wise Insights

Which Country Accounts for a Dominant Market Share in North America?

“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 a growing working women population are other prospects that are slated to sculpt ready meal trays market trends in the country across the forecast period.

Will Japan & Korea Emerge as Remunerative Markets in the Future?

“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 tray 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.

Why Should Ready Meal Tray Manufacturers Invest in European 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, the 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.

Category-wise Insights

Which Materials Will Be Popular for Manufacturing Ready Meal Trays?

“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.

Competitive Landscape

Prime ready meal tray providers are also launching novel products to enhance their market presence by maximizing sales potential.

• In June 2022, Huhtamäki Oyj, a consumer packaging organization based in Finland announced the launch of Huhtamäki Fresh, a range of fiber-based ready meal trays in the Nordic market, which is seen as a highly lucrative market in the European region.
• In June 2021, Stora Enso, a renowned Finnish manufacturer of pulp and paper products announced the launch of a new wood fiber-based material called Trayforma that was specifically designed for microwaveable food tray packaging. The material is renewable and PET-free, which was anticipated to drive its popularity and adoption.
• In April 2022, Mondi, a leading multinational paper packaging company announced the launch of two sustainable food tray products at Anuga FoodTec, Cologne, Germany. A paper-based tray and a semi-rigid plastic tray were launched and both were completely recyclable to help food manufacturers attain their food waste reduction goals.

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.

• In June 2022, Confoil, an Australian food packaging supplier, and BASF, a multinational German chemical conglomerate collaborated and developed a new food tray based on paper. The product is made with a certified dual microwaveable and compostable material for food packaging.

Ready Meal Trays Industry Research Segmentation

• By Type :

  • Portioned Trays
  • Perforated Trays

• By Capacity :

  • Up to 250 gms
  • 250-500 gms
  • More than 500 gms

• By Material :

  • Polypropylene
  • Crystallized Polyethylene Terephthalate (CPET)
  • Aluminum
  • Other Materials (HDPE, HIPS, etc.)

• By End Use :

  • QSR & FSR
  • Transportation Catering Services
  • Institutional Catering Services
  • Retail Sales

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA