Press release
Microwave Trays Market- Predicted to Rise at a Lucrative CAGR throughout 2016 to 2024
Microwave trays is used as a medium to heat and cook food in the micro oven. Micro oven is gaining the popular kitchen appliances among the consumer to save time along with easy to operate and clean. Microwave trays is the gaining popularity among the consumers due to the favorable properties such as flexible for automated and manual packaging lines. Also, the product reduces the storage space and also minimize transport cost because the product delivered stacked or flat. The main property of the product is heat resistance that in turn escalates the sales of microwave trays during the forecast period.
Microwave Trays: Market Dynamics
Global microwave trays market is primarily driven by the increasing consumer preference towards the ready to eat foods. Rapid urbanization coupled with the changing consumer life styles is anticipated to fuel the demand of microwave trays during the forecast period. Apart from that mounting number of corporate sectors is also positively influencing the growth of global microwave trays market. Moreover, consumers are inclined to use micro oven instead of the normal ovens due to the facility of saving time. Rising acceptance of frozen foods is also anticipated to augment the sales of microwave trays market in the upcoming decade. Also, increasing number of working female population is also further driving the demand of microwave trays. Apart from that, the rising growth of food service industry is also anticipated to boost the global microwave trays market due to the massive usage of micro oven for delivering the food very fast. Increasing growth of bakery & confectionary food product is further assisting to increase the demand of the particular product.
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Microwave trays Market: Regional outlook
In terms of geography, the global microwave trays market has been divided in to five key regions including North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. North America is expected to remain its dominance of this market as compare to the other regions due to the massive demand of frozen food along with the huge growth of food service industry. Europe is also expected to witness a healthy growth during the forecast period. Asia Pacific region is expected to be the highest growing region as compare to the other region. This is attributed by the rising per capita disposable income and changing life styles in China and India. Latin America is anticipated to witness slow growth in the near future. Middle East & Africa region is anticipated to witness sluggish growth during the forecast period.
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Microwave trays Market: Key players
Some of the key players in the global microwave trays market are Anchor Packaging Inc., Associated Packaging Technologies, Inc., Berry Plastics Corporation, Amcor Limited, Ampac Packaging LLC, CLP Industries, Ltd., Ball Corporation, Coextruded Plastic Technologies, Inc. etc. Key players also emphasizing for mergers and acquisitions with the local players to increase the product portfolio and also to penetrate their business into emerging countries.
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