Rigid Trays Packaging Market to Reach $528.4 Billion, Globally, by 2032 at 5.8% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Rigid Trays Packaging Market by Application (Pharmaceutical, Food & Beverage, and Others), Type (Plastic Rigid Trays Packaging, and Metal Rigid Trays Packaging), and Material (Plastic, Glass, Metal, and Paperboard): Global Opportunity Analysis and Industry Forecast, 2024-2032". The rigid trays packaging market was valued at $321.49 billion in 2023 and is estimated to reach $528.4 billion by 2032, exhibiting a CAGR of 5.8% from 2024 to 2032.

Prime determinants of growth  

Effective packaging and precise product features play a crucial function in the rigid trays packaging market. The international call for inflexible plastic packaging is on the rise because of the growing intake of client items. Moreover, the industry is experiencing boom with the worldwide rise in recycling quotes for packaging substances. Rigid plastics are preferred for diverse packaging packages because of their cost-effectiveness. However, the primary undertaking faced by the market for inflexible plastic packaging is the escalating plastic consumption, which has bad influences on each human and the environment. To cope with this difficulty, policies have been implemented to lessen the excessive use of plastics, doubtlessly hindering the market's growth.

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Based on type, the plastic rigid trays packaging segment held the highest market share in 2023. Plastic trays are a cost-effective option for manufacturers and consumers due to their affordability compared to materials like aluminum or biodegradable alternatives. Their ability to be molded into different shapes and sizes makes them versatile, catering to the specific requirements of industries such as food and beverages, electronics, and pharmaceuticals. Plastic trays provide great protection against physical damage, moisture, and contamination, guaranteeing the secure transportation and storage of products, especially crucial for perishable goods and delicate items. Additionally, their lightweight design helps lower transportation expenses and enhance logistical operations, proving advantageous for the food sector.

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The food & beverage segment held the highest market share in 2023.

Based on application, the food & beverage segment held the highest market share in 2023. Plastic rigid trays are highly sought after in this sector due to their indispensable qualities including durability, lightweight design, and exceptional barrier properties. These attributes play a vital role in preserving the freshness and quality of food products. Moreover, the beverage industry greatly relies on rigid trays to securely package and transport bottled and canned drinks, guaranteeing their intact safe arrival to consumers.

The paperboard segment held the highest market share in 2023.

Based on material, the paperboard segment held the highest market share in 2023. It can be utilized in a wide range of applications, including food, beverages, electronics, and personal care products, thanks to its versatility. Paperboard trays are highly preferred in the food and beverage industry for packaging frozen foods, baked goods, and ready-to-eat meals due to their exceptional printability and ability to maintain structural integrity in varying temperatures. Additionally, the lightweight nature of paperboard reduces transportation costs and energy consumption during shipping, making it even more appealing. The growing emphasis on sustainability is also evident in regulatory frameworks in Europe and North America, where there is a strong push to reduce plastic usage and adopt more environmentally friendly materials.

Asia-Pacific held the highest market share in 2023

Based on region, Asia-Pacific held the highest market share in 2023. The Asia-Pacific region, with nations such as China, India, Vietnam, Australia, and Indonesia, is a key player in the rigid trays packaging marketplace. The call for inflexible plastic packaging stays strong in numerous Asia-Pacific nations because of factors which include growing consumer profits, urbanization, and the growing consumption of cosmetics, meals, drinks, and dry goods. Plastics Europe reviews that Asia-Pacific produces 359 million heaps of plastic yearly, with 38% getting used for purchaser goods. China's choice to ban plastic imports for recycling may impact the marketplace for inflexible plastic packaging negatively. The expanding e-trade marketplace inside the place is a full-size motive force of growth, and the meals and beverage industry's rapid adoption of rigid plastic packaging may additionally similarly raise the marketplace for the duration of the forecast period.

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Players:

Anchor Packaging Inc.
Bemis
Berry Global Group
Dart Container Corp.
DS Smith
Genpak LLC
Tekni-Plex Inc.
Placon
Winpak Ltd.
Sonoco Products
The report provides a detailed analysis of these key players in the global rigid trays packaging market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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