Foam trays made from a vast variety of polymers are used across pharmaceuticals, food, and a number of industrial applications. For the food industry, especially, the inexpensive, highly versatile, and easily disposed foam trays have become indispensable. The market has witnessed significant growth in the past few years, however in the near future, the scenario is expected to significantly change.
Awareness regarding the harmful impact of the non-biodegradable varieties of foam trays on the environment is rising at a promising rate and the consumer has started demanding biodegradable products. The focus on the increased production and usage of a variety of bio-degradable products has started gaining strength in response to this trend. The next few years will witness a stark rise in the overall usage of a variety of sustainable substitutes such as paperboard, molded pulp, bagasse based containers, corn plastic containers, and compostable paper containers across a number of application areas.
The global foam tray market will expand at a CAGR of 3.2% over the period between 2018 and 2023, and rise to a valuation of US$3.2 bn by 2023 in terms of revenue. In terms of volume, the market is expected to expand at a 4.4% CAGR over the said period and rise to 57,632.44 mn units by 2023.
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Segmentation by application and analysis of the foam tray market
During 2017, the food packaging segment accounted for the major shares of the foam tray market. The food packaging industry demands the use of foam trays as they are more hygienic than other forms of packaging, such as paper-pulp cartons which were used earlier for packaging of perishable goods especially eggs. These trays are less expensive when compared with other types of packaging and come with the added benefit of being disposable after use. The demand for takeaway foods has fostered the demand for food trays in the foam serving trays market.
Food Industry to Remain Largest Consumer of Foam Trays
Inexpensive, highly flexible, and also sometimes reusable trays made of polymer foams are used mostly for packaging and serving in sectors such as pharmaceuticals, food, and several industrial applications. Of these, the food industry is the most prominent consumer of a variety of foam trays, accounting for over 2/3rd of the total production of the global market in present times. Factors such as busy lifestyles and rising affordability of outside food are leading to a vast surge in quick service restaurants and the practice of parceling and delivering food, especially in emerging economies such as India, China, and Indonesia.
This factor, along with the increased use of foam trays for packaging fruits, vegetables, and other food products, has led to the vast rise in consumption of foam trays in the food industry in the past few years. Over the forecasting horizon as well, the food industry will be the most prominent consumer of foam trays and retain its position as the largest contributor to the global market’s overall revenues.
Flourishing Food Industry in Asia Pacific to Fuel Demand
North America is presently the leading regional market for foam trays in terms of both revenue and volume. The prominent position of the regional market is attributed to the rising demand for larger case-ready, high priced, and recyclable varieties of foam trays in the region. The increase in prices of foam trays is also adding to the revenue prospects of the North America foam tray market. However, bans on non-biodegradable foam tray varieties in the region will dent the growth prospects of the market significantly in the next few years. Asia Pacific, on the other hand, will emerge as the most promising regional market. The flourishing food industry in the region and rising consumption of packaged and outside food will aid the increased demand for foam trays in the region.
Global Foam Tray Market: Key Players
Major Player operating in the market are Anchor Packaging, Berry Global, Coveris, Dart Container Corporation, D&W Fine Pack, Ecopax, Genpak, Placon, and Sirap Gema SpA.
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