Foam Trays Market Size, Strategies and Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the global foam trays market size is expected to be valued at USD 3,245.3 Million in 2022 and is expected to grow at a CAGR of 3.6% in 2022-2028. The primary factors that drive the market are increasing demand for foam trays due to their properties like lightweight flexibility, and shock resistance, rise in demand for polystyrene foam trays, growth in disposable income, and availability of cheap labor.

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Polystyrene to Dominate the Foam Trays Market
Based on material type, polystyrene holds the highest market share. The major factor for the rise of this segment is the exceptional adaptability feature of polystyrene. It needs fewer raw materials than any other material thus, the production of polystyrene foam trays is less expensive. It has excellent insulating and heat resistance properties along with versatility. They are the most common type of foam trays universally as they are adaptable These factors can drive the global foam trays market growth.

North America Foam Trays Market:
North America, followed by Europe, leads the global foam trays market growth due to increasing demand for lucrative food service solutions. The procedure cycle of foam formation is less intricate and contains fewer phases compared to the manufacture of plastics through the process of polymerization. Foam trays are inexpensive compared to other forms of paper and plastics because of their low production costs. North America leads the global market due to the increasing demand for foam trays with respect to food safety problems and an increase in demand for foam trays in the poultry, seafood, and meat industries.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global foam trays market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.

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The foam trays market is segmented based on, product type, material type, application, and region:
Based on the product type, the market is segmented into the following:
• Virgin Foam
• Recycled Foam

Based on the material type, the market is segmented into the following:
• Polyethylene
• Polypropylene
• Polyester
• Polystyrene
• Others

Based on the application type, the market is segmented into the following:
• Pharmaceuticals
• Industrial Packaging
• Food Packaging
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the Foam Trays market report are Tekni-Plex, Inc., Novipax, Anchor Packaging Inc., Placon Corporation Inc., Coveris Holdings S.A, D&W Fine Pack LLC, Genpak LLC, Berry North America Inc., Ecopax LLC, Dart Container Corporation, Cascades Inc., and Atlas Holdings LLC

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