Feeding the Boom: Global Food Trays Market Set to Reach $15.13 Billion by 2032 Amid Soaring Demand for Foodservice Solutions
Food Trays Market
Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) — The “Food Trays Market Share, Size, Trends, Industry Analysis Report, By Material Type, By Tray Type, By End Use, By Region, Segment Forecast, 2023 – 2032” report has been added to ResearchAndMarkets.com’s offering.
The global food trays market is on track to achieve a substantial market size of USD 15.13 billion by 2032. This comprehensive report provides detailed insights into current market dynamics and offers an in-depth analysis of future market growth prospects.
The foodservice industry, which includes restaurants, cafes, fast-food chains, and catering services, continues to thrive, catering to an ever-expanding customer base. As these establishments serve a larger clientele, the demand for food trays for serving and packaging food has witnessed a significant surge.
Consumer preferences for dining out, takeout, and food delivery, combined with a growing emphasis on standardized and hygienic packaging solutions, are driving the expansion of the food trays market. This growth has also spurred innovation in the industry, leading to the development of new and improved food tray solutions that align with the evolving needs of the foodservice sector.
The increasing adoption of online food delivery services is a key driver of the food trays market’s growth. With more people opting for the convenience of ordering food online, the demand for suitable packaging solutions, including food trays, has experienced a substantial increase. Data from TradingPlatforms.com reveals that in 2023, more than 2.85 billion individuals, an increase of 350 million compared to 2018, are projected to use online food delivery services.
The rising reliance on online food delivery platforms has resulted in a notable uptick in delivery orders. Consequently, restaurants and delivery services require dependable packaging solutions to ensure that meals are delivered safely and in optimal condition. Food trays offer a practical and efficient option for packaging a variety of food items, meeting the specific requirements of delivery services. As takeout and on-the-go consumption continue to rise, food trays provide a convenient solution for packaging meals that can be easily transported and consumed outside of traditional dining settings.
Drivers and Opportunities:
- The growing trend of acquisitions in the food trays market is driving the overall industry growth.
- The increasing demand for moisture-proof and spill-proof packaging solutions is boosting the demand for plastic food trays.
Restraints and Challenges:
- Competition from rigid and flexible packaging alternatives may pose a challenge to product demand.
Food Trays Market Report Highlights:
- Plastic Segment: The plastic segment is expected to witness accelerated growth in the coming years due to its versatility, durability, hygiene, and cost-effectiveness.
- Multi Cavity Segment: The multi-cavity segment has accounted for a larger market share owing to its efficiency, space optimization, and portion control benefits.
- Restaurants & Cafes Segment: This segment is projected to experience a larger revenue share due to the increasing prevalence of dining-out culture and rising demand for takeaway services.
- Asia Pacific Growth: The Asia-Pacific region is poised to register a higher growth rate during the study period, driven by the expansion of the quick-service restaurant industry.
- North America Dominance: North America currently holds the largest market share, driven by the increasing demand for food delivery services and high disposable income.
Key Global Players:
Prominent global players in the food trays market include Huhtamaki, Genpak, Pactiv, Dart Container, WestRock Company, Coveris, Amcor, Sabert, and Anchor Packaging.
The food trays market report is segmented based on material type, tray type, end-use, and region:
Material Type Outlook:
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Others (HIPS, HDPE, etc.)
- Paper & Paperboard
Tray Type Outlook:
- Single Cavity
- Multi Cavity
End Use Outlook:
- Food Producers & Processors
- Restaurants & Cafes
- Catering Services
- Food Courts
- Online Food Delivery
- North America (U.S. and Canada)
- Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
- Latin America (Argentina, Brazil, Mexico)
- Middle East & Africa (UAE, Saudi Arabia, Israel, South Africa)
|No. of Pages||116|
|Forecast Period||2023 – 2032|
|Estimated Market Value (USD) in 2023||$10.02 billion|
|Forecasted Market Value (USD) by 2032||$15.13 billion|
|Compound Annual Growth Rate||4.7%|
For more information about this report visit https://www.researchandmarkets.com/r/a1i0ir
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