Foam Trays Market - Global Industry Analysis 2021; expected to expand at a 4.4% CAGR by 2021

With the top three vendors, Pactiv LLC, Genpak LLC, and Sealed Air Corporation, collectively accounting for nearly 40% of the global market for foam trays in 2014, the market is largely fragmented and witnesses immense competition, states TMR in a recent report. Competition is especially severe in regional markets where a large number of unorganized players command a prominent position in local marketplaces with the help of inexpensive product varieties.

Mergers and acquisitions with the aim of extending product lines and expanding production capabilities, especially in lucrative regional markets with untapped growth opportunities, is one of the most preferred growth strategies adopted by vendors in the market. Focus on the development of biodegradable and sustainable product varieties is also a prominent strategy adopted by companies in the global foam trays market. For instance, Anchor Packaging Inc. introduced a new “Wave” series of containers under its “MicroRaves” trademark in May 2015. The product range is consumer re-usable and eligible for recycling.

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Transparency Market Research states that the global foam tray market will expand at a CAGR of 3.2% over the period between 2009 and 2021, and rise to a valuation of US$3.0 bn by 2021 in terms of revenue. In terms of volume, the market is expected to expand at a 4.4% CAGR over the said period and rise to 52,876.9 mn units by 2021.

Polystyrene Foam Trays to Remain Most Preferred Product Variety

Of the key product varieties available in the global foam tray market in terms of raw material used, foam trays made from polystyrene are presently the leading contributor to the overall revenues of the global market. The segment is also the leading segment in terms of volume-wise consumption of foam trays globally. In 2014, 2,7301.3 mn units of polystyrene-based foam trays were sold globally. Revenue-wise, the segment had a valuation of US$1,589.4 mn in the same year. Features such as high level of versatility, good thermal resistance, and excellent insulation of polystyrene foam trays are expected to keep their demand high in the global market. As a result, the segment is expected to value over US$1,933.2 mn by 2021 in terms of revenues.

Food Industry to Remain Largest Consumer of Foam Trays

Inexpensive, highly flexible, and also sometimes reusable trays made of polymer foams are used mostly for packaging and serving in sectors such as pharmaceuticals, food, and several industrial applications. Of these, the food industry is the most prominent consumer of a variety of foam trays, accounting for over 2/3rd of the total production of the global market in present times. Factors such as busy lifestyles and rising affordability of outside food are leading to a vast surge in quick service restaurants and the practice of parceling and delivering food, especially in emerging economies such as India, China, and Indonesia.

This factor, along with the increased use of foam trays for packaging fruits, vegetables, and other food products, has led to the vast rise in consumption of foam trays in the food industry in the past few years. Over the forecasting horizon as well, the food industry will be the most prominent consumer of foam trays and retain its position as the largest contributor to the global market’s overall revenues.

Flourishing Food Industry in Asia Pacific to Fuel Demand

North America is presently the leading regional market for foam trays in terms of both revenue and volume. The prominent position of the regional market is attributed to the rising demand for larger case-ready, high priced, and recyclable varieties of foam trays in the region. The increase in prices of foam trays is also adding to the revenue prospects of the North America foam tray market. However, bans on non-biodegradable foam tray varieties in the region will dent the growth prospects of the market significantly in the next few years. Asia Pacific, on the other hand, will emerge as the most promising regional market. The flourishing food industry in the region and rising consumption of packaged and outside food will aid the increased demand for foam trays in the region.

Some of the key vendors in the global foam tray market are Pactiv LLC, Genpak LLC, Dart Container Corporation, D&W Fine Pack LLC, and Sirap Packaging.

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This release was published on openPR.