The global foam trays market size was worth around USD 2259.5 Million in 2022 and is predicted to grow to around USD 3,250.8 Million by 2030 with a compound annual growth rate (CAGR) of roughly 4.82% between 2023 and 2030.
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➤ The demand for convenient packaging solutions is on the rise, which is expected to contribute to increased growth
The global foam trays market is expected to expand as a result of the growing demand for lightweight and convenient packaging solutions. In comparison to other solutions available in the market, foam containers provide greater flexibility in terms of weight. Additionally, they can be produced in a variety of shapes and sizes to accommodate the ultimate application, thereby providing greater adaptability. The industry participants can anticipate an increase in demand in the coming years as the demand for packaging solutions that are user-friendly continues to grow.
➤ The market’s expansion may be restricted by environmental concerns.
The foam tray industry is presently grappling with the increasing concerns regarding the environmental impact of foam trays, despite the consistent growth in demand for these products. These products are made from expanded polystyrene foam, which is not environmentally friendly due to its inability to biodegrade and the fact that it requires several years to decompose, thereby functioning as a pollutant. The contemporary world is presently experiencing a period in which the impact of business operations on the ecosystem is being closely monitored, and climate or environmental-related issues are of the utmost importance.
➤ Enhancing innovation to generate growth prospects
The increasing investment in better innovation and development is one of the key areas in which the foam trays industry participants may benefit. Market actors are perpetually investing and allocating resources to investigate new materials that can serve as substitutes for polystyrene foam while simultaneously maintaining cost and performance. Additionally, some organisations provide a variety of customisation options for their products, including colour, size, and shape, which enables them to investigate additional growth prospects.
➤ Growing competition from alternative solutions to challenge market development
The global foam trays market is confronted with significant challenges due to the increasing prevalence of alternative products in the commercial market and the limited availability of foam trays. Due to the increasing awareness and regulation of the environmental impact of plastics in all forms, users are now seeking more sustainable objects and solutions. Consequently, a growing segment of the consumer database is choosing alternatives such as paper-based packaging, bioplastics, and other eco-friendly materials.
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The Global Foam Trays Market is segmented based on product, application and region
Global Foam Trays Market: Product Segment Analysis
● Industrial Grade
● Food Grade
Global Foam Trays Market: Application Segment Analysis
● Food Packaging
● Pharmaceutical
● Industrial Applications
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The global Foam Trays market profiles key players such as:
● Dart Container Corporation
● Genpak LLC
● Huhtamaki Oyj
● Pactiv LLC
● Sealed Air Corporation
● Placon Corporation
● Anchor Packaging Inc.
● Fagerdala USA Inc.
● Premier Protective Packaging
● VFP Technologies Inc.
● CKF Inc.
● Ecopax LLC
● Reynolds Packaging Group
???? Recent Developments:
• A new segment of foam polypropylene food containers was introduced by Tekni-Plex, a prominent company that specialises in material science solutions, in February 2022. The products in this collection are a recyclable alternative to the foam polystyrene containers that are more commonly used. Meat products may be stored in the trays.
• Ecovative Design, a company that has consistently strived to replace leather material and foam packaging with mushroom mycelia, announced in March 2021 that it had secured $US 60 million in new funding to realise its vision and replace fungal-based solutions in the food, fashion, and foam industries.
➤ The dominance of North America is expected to persist.
North America is anticipated to experience the most significant growth in the global foam trays market, as it accounted for over 35.71% of the global market share in 2022. Regional development was primarily driven by the heightened demand for takeaway food parcels, particularly in the United States and Canada. The segment experienced an increase in demand as a result of the evolving dietary habits, lifestyle, and urban culture. Moreover, the pharmaceutical segment played a significant role in the increased revenue trend, as hospitals and medical centres are increasingly utilising foam trays for the secure conveyance of a variety of medicines or products.
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