Press release
Foam Trays Market Shows Robust Growth, Projected to Reach $3.58 Billion by 2028
Foam Trays Global Market Report
Experiencing strong growth, the foam trays market is set to expand from $2.56 billion in 2023 to $2.74 billion in 2024, exhibiting a Compound Annual Growth Rate (CAGR) of 6.8%. The market is anticipated to continue its upward trajectory, reaching $3.58 billion by 2028 with a CAGR of 6.9%.
Key Growth Drivers:
Enhanced Food Safety Drives Foam Trays Market:
The foam trays market is poised for growth due to increasing concerns about food safety. With over 2.4 million instances of foodborne illnesses reported annually in the UK alone, foam trays' insulation properties, cost-effectiveness, and ability to keep food fresher for longer are driving their adoption in foodservice packaging, thus addressing food safety concerns.
E-Commerce Boom Boosts Foam Trays Market:
The surge in e-commerce activities is a catalyst for the growth of the foam trays market. E-commerce provides a platform for foam tray manufacturers to showcase their products globally, reaching a broader customer base. With a 7.5% increase in e-commerce in the second quarter of 2023 in the USA, accounting for 15.4% of all sales, the rise in online shopping is fueling the demand for foam trays.
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Major Players:
Key companies in the foam trays market include Sealed Air Corporation, Pactiv LLC, Genpak LLC, Berry Global Inc., Coveris Holdings SA, and others.
Trends Shaping the Market:
Innovations Enhance Sustainability and Performance:
The foam tray market is witnessing a trend of product innovations focusing on sustainability and performance. Innovations such as bio-based materials, durability, and lightweight designs are key features of new foam tray products. TekniPlex's launch of foam polypropylene processor trays in January 2022 showcases the industry's commitment to diversifying material offerings, introducing long-lasting, heat-resistant, and FDA-approved options.
Revolutionizing Food Packaging with Foam Polypropylene Trays:
Foam polypropylene food trays (FPP) are revolutionizing food packaging, offering a safe and sanitary solution for fresh food items. Launched by Tekni-Plex Inc. in February 2022, these trays are designed to replace traditional foam polystyrene trays, providing better sustainability and recyclability without requiring additional equipment retooling.
Regional Insights:
North America leads the foam trays market in 2023, with the region expected to be the fastest-growing in the forecast period. The comprehensive regional coverage includes Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The foam trays market covered in this report is segmented -
1) By Material: Polyethylene, Polypropylene, Polyester, Polystyrene, Other Materials
2) By Coverage Type: Food Grade, Industrial Grade
3) By Application: Pharmaceuticals, Food and Beverages, Industrial, Other Applications
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Foam Trays Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Foam Trays Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on foam trays market size, market drivers and trends, foam trays market major players, competitors' revenues, market positioning, and market growth across geographies. The foam trays market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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