Food producers world over have harnessed new array of materials in foam trays for superior barrier protection. Growing application of such packaging solutions in the packaging of meat, poultry, and fruits foam is propelling the strides in the foam trays market. Advances in material sciences have led to expanding array of foam tray materials that can prevent the packaged food from range of chemical, biological, and physical hazards. Growing demand for foam trays in other applications such as cosmetics, health care, agriculture, chemical products, and pharmaceuticals is also boosting the foam trays market. They are increasingly being used in the protection of fragile parts in these applications.
Over the past few years, foam trays are emerging as safe, cost-effective
options for packaging for variety of food. The foam trays market stood at worth
of US$2.5 bn in 2018 and is projected to rise at 3.8% CAGR from 2019 to 2027.
Players Consolidating their Geographical Footprints
by Expanding Product Lines
Advent of new automated equipment has helped players develop inexpensive
products. Proliferating use of foam trays in the packaging of myriad food items
as is evident in supermarkets, and the trend has caught traction in emerging
economies, most notably in countries of Asia Pacific. Countries at the
forefront on the lucrative growth avenues are China, India, and Japan.
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On the other hand, developed market of North America has seen surge in
investments in food packaging, where foam trays have witnessed a marked degree
of commercialization. The region has been attractive for globally prominent
food packaging companies in the foam trays market and will likely remain so in
the next few years. This means that numerous key players in recent years have
strengthened their manufacturing units. Some of the players in the North
America foam trays market are also engaging in mergers and acquisitions, with
the focus on consolidating their product lines. This means that they are also
seeing new avenues in emerging markets, and are making moves to tap into the
untapped potential in Asia Pacific.
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Focus on Biodegradability Pave Way to New Revenue
Streams
Prominently, efforts are ongoing to reduce the environmental footprint
of foam trays. Of note, most products in the market have abysmally low
biodegradable quotient—a key aspect that is now becoming a telling concern for
consumers, world over. This has also been a key restraining factor for the foam
trays market for some time now. Hence, a large numbers of industry efforts are
ongoing to adopt biodegradable and environmentally friendly packaging materials
to meet the changing needs in end-use industry. Challenge now is to make them
inexpensive as well to bolster new opportunities in the foam trays market.
Stridently, this will pave way for product innovations in the foam trays
market.
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The study presented here is based on a report by Transparency Market
Research (TMR) titled “Foam Trays Market (Material - Polyethylene,
Polypropylene, Polyester, Polystyrene; Application - Pharmaceuticals, Food
Packaging (Meat and Poultry, Dairy Products, Food Service (Clamshells), Fruits and
Vegetables, Bakeries, Organized Food Chains), Industrial Packaging, and Others)
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 -
2027”
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