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The rigid plastic food trays market size has the potential to grow by USD 2.55 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by material (PET, PP, and Other materials) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including 3M Co., Anchor Packaging Inc., Amcor Plc, Berry Global Group Inc., Dart Container Corp., DS Smith Plc, Genpak LLC, Tekni-Plex Inc., The Dow Chemical Co., and Winpak Ltd.
The market is fragmented. The level of competition is expected to intensify further with the probability of new players entering the market due to the lower capital requirements compared with glass and metal. Furthermore, domestic players face competition from cheap imports from other countries. DS Smith Plc, Genpak LLC, Tekni-Plex Inc., The Dow Chemical Co., and Winpak Ltd. are some of the major market participants.
Although the global rise in online food delivery applications will offer immense growth opportunities, the high cost of recycling foodservice disposables will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this rigid plastic food trays market forecast report provides a detailed analysis of the market leaders. It offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this rigid plastic food trays market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
APAC had the largest rigid plastic food trays market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The demand for food will significantly influence rigid plastic food trays market growth in this region.
38% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for rigid plastic food trays in APAC. Market growth in this region will be slower than the growth of the market in MEA and South America.
PET is highly preferred in packaging applications due to properties such as good stability, high transparency, shiny surface, good barrier properties, high-pressure resistance, and lightweight. Moreover, PET is strong and lightweight, hygienic and safe, and crack resistant and acts as a barrier to moisture and gas.
Market growth in this segment will be slower than the growth of the market in the other materials segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the rigid plastic food trays market size.
The rise in online food delivery applications is one of the significant factors driving rigid plastic food trays market growth. Online food delivery applications have increased the demand for food deliveries, which is leading to the growth of the rigid plastic food trays market. Food delivery applications also benefit restaurants as they require a low initial investment to enter the market. They can operate from no-frills locations and small kitchens. The growing popularity of online food delivery applications will result in an increased demand for rigid plastic food trays as these food trays facilitate the efficient delivery of quality food.
Moreover, the increasing number of end-user expansions, one of the critical rigid plastic food trays market trends, will also drive market growth. Restaurants and online food service centers are the major end-users of the global rigid plastic food trays market. Several foodservice establishments across the world are focusing on expanding their market reach by establishing new branches. This will help increase its market position and gain a competitive edge in the market. Such expansions during the forecast period will increase the demand for food packaging, which will in turn, increase the demand for plastic rigid food trays during the forecast period. As a result of such factors, the market will register a CAGR of over 5%.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Material
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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