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Egg Tray Market Analysis and Trends Report 2024
Egg Tray Market Analysis
According to The Business Research Company's, The egg tray market size has grown strongly in recent years. It will grow from $4.36 billion in 2023 to $4.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to environmental awareness, regulatory emphasis on packaging standards, shift from plastic to paper-based packaging, consumer preferences for fresh and safe eggs, global economic growth.
The egg tray market size is expected to see strong growth in the next few years. It will grow to $5.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to continued emphasis on sustainability, rise in urbanization and convenience packaging, e-commerce boom, government initiatives and regulations, global increase in egg consumption. Major trends in the forecast period include sustainable materials and practices, customization and branding, efficiency in production and distribution, automation in manufacturing, innovations in packaging design.
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Market Drivers and Trends:
The growing demand for eggs is expected to boost the growth of the egg tray market going forward. An egg is a hard-shelled reproductive body produced by a bird or domestic chicken that is used as food in addition to a primary component for baked goods. Egg trays protect eggs from external damage. It additionally safeguards the eggs from being damaged and turning bad due to illumination and dampness and minimizes the loss of eggs. Hence, the growing demand for an egg will boost the need for the egg tray. For instance, in April 2022, according to statistics published by Department for Environment Food & Rural Affairs, a UK government department, the number of eggs purchased by UK egg processors totaled 1,113 thousand cases (equivalent to 24.4 thousand tonnes) in Q3 2021, a 22% rise over the same period in 2020 and a return to pre-2020 levels. In Q3 2021, liquid eggs accounted for 72% of total output; compared to the same quarter of 2020, total output increased by 19% in Q3 2021. Additionally, according to Statistics Canada, a Canada-based government agency, the production of eggs in 2020 reached 839 million of dozens from 822 million of dozens. Therefore, the growing demand for processed eggs is driving the growth of the processed eggs market.
Product innovation is a key trend gaining popularity in the egg trays market. Major market players are concentrating their efforts on creating innovative product-related technologies and development, such as advanced analytics, video technology, green energy sources, biodegradable and compostable materials, RFID tracking, and automated egg handling. For instance, in February 2022, Tekni-Plex, a US-based materials science and manufacturing technologies company, launched a new Dolco ProPlus egg carton that contains 25% post-consumer recycled (PCR) foam polystyrene. With the help of advanced recycling, it is possible to recycle these cartons more than once without sacrificing their quality or functionality, helping the packaging sector transition to a real circular economy.
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Major Key Players of the Market:
Al Ghadeer Group; Brodrene Hartmann AS; Cascades Inc.; CDL SAS; DFM Packaging Solutions; Dispak Ltd.; Europak s.r.o.; Huhtamaki Oyj; Ovotherm International Handels GmbH; Pactiv Evergreen Inc.; Hartmann; Celluloses de la Loire; GI-OVO B.V; Green Pulp Paper Industry Sdn Bhd; BWAY Corporation; Maspack Ltd.; Pacific Pulp Molding Inc.; Primapack; Reynolds Group Holdings Ltd.; KSP Fibre Products Pvt. Ltd.; OnCorner Ltd; Jai Hanuman Laminates Pvt Ltd; Claridge Moulded Fibre Ltd; Tera Plast India Pvt. Ltd; SENTHIL PLASTICS; G-Pack; Falcon Packaging LLC; MyPak Packaging; EP Europack; Sanovo Technology Group
Egg Tray Market 2024 Key Insights:
• The egg tray market will grow to $5.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Rising Demand For Eggs Fuels Growth In The Egg Tray Market
• Advancements In Material Science And Technology Transforming Packaging Solutions
• Asia-Pacific was the largest region in the egg tray market in 2023
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