In terms of revenue, the global Plastic Ready Meal Trays market is expected to grow at a CAGR of 4.7% during the forecast period 2020 to 2027. The market is estimated to be driven by growing trend of online food ordering and rising adoption of convenient-to-carry packaging alternatives.
The market growth is driven by high adoption of plastic ready meal trays from the restaurant sector, high demand for ready-to-eat meals, evolving consumer preferences, and growing interest toward transparent and multi-colored plastic ready meal trays. The market growth, however, is expected to be affected by regulatory changes and growing focus on environment-friendly packaging alternatives. Thus, market players should gradually invest resources in developing sustainable packaging solutions using fiber or plant-based materials to gain an edge in the global plastic ready meal trays market.
Plastic ready meal trays are high quality trays that possess strength, elegance, uniformity coupled with durability and ecofriendly properties. These lightweight and recyclable plastic ready meal trays are predominantly used in food and foodservice sector for packaging during storage and transit of a wide range of food products. TMR team segmented the analysis of plastic ready meal trays market based on various factors such as material, molding technology, tray type, and demand from end users across five regions. As per TMR analysis, by tray type, multi cavity segment in the plastic ready meal trays is expected to account for major market share and is expected to lead the overall plastic ready meal trays market throughout the forecast period.
Shifting Inclination toward Reusable and Recyclable Plastic Ready Meal Trays Supplement Sales
Fully recyclable ready meal trays are becoming increasingly popular across different sectors. Recycling of plastic is considered the next viable and technically feasible option to tackle issue presented by the ever-growing volume of plastic waste. Moreover, end use consumers across the globe prefer recyclable plastic packaging products, attributable to the increasing awareness of the need for proper management of plastic waste. The European Union also recently announced its new policy agenda with the aim of making all plastic packaging in the EU market reusable and recyclable by 2030. Manufacturers operating in the plastic ready meal trays market are attracting significant portion of environmentally conscious customer base by manufacturing plastic ready meal trays made from recyclable and recycled plastic. For instant, Sonoco Products Company, one of the leading plastic ready meal trays manufacturer design and manufacture ready meal tray made up of CPET recyclable material.
Demand for Convenience Packaging Solutions to Boost Demand for Plastic Ready Meal Trays
Consumers show a high preference for products in portable packaging that is perfect for on-the-go consumption. This increasing preference for products in convenient packaging over those in conventional packaging, especially from the younger generation contributes to the demand for plastic ready meal trays. The global food service industry exhibited healthy growth over the last few years, and this is expected to continue in the foreseeable future. This remarkable growth is not only limited to mature markets of North America and Europe, but is also expected to occur in the highly potential markets in Asian countries. Increasing disposable income and expenditure on food consumption in countries such as India and China is bolstering the demand for such convenience packaging solutions including plastic ready meal trays. Furthermore, the growing popularity of ready-to-eat meals and processed food is anticipated to be significant aspect behind the growth of the plastic ready meal trays market.
Environmental Hazards of CPET to Restrict Market Growth
The material mainly used for the production of the ready meal trays are plastics such as polypropylene (PP) and crystallized PET (CPET). CPET requires several years to degrade, which is a major restraint in the plastic ready meal trays market. The high density and large sized trays require more time to biodegrade, which may affect environmental conditions for a long periods of time. When exposed to sunlight, polyethylene polymer chains become fragile, and then turn into microscopic granules. Some scientists doubt whether these granules ever decompose fully. This may adversely affect marine and terrestrial environments, and pose a risk of infiltration of plastic particles in the food chain. In order to overcome this challenge, some of the companies have already started manufacturing CPET trays from recycled PET material. However, despite being a highly recyclable material, PET is still not fully recycled in even the most developed countries.
Demand for Online Food Delivery Platforms Grows amid COVID-19 Pandemic
Although consumers are increasingly becoming conscious of the overall hygiene levels, the demand for online food delivery platforms across the globe is expected to have a positive outlook during the ongoing COVID-19 pandemic due to which, the demand for plastic ready meal trays is projected to increase. However, the demand for plastic ready meal trays is likely to remain lower than initial projections as restaurants in several regions of the world remain shut due to lockdown and restrictions on movement. Market participants should focus on product diversification and explore the potential of alternative materials as a packaging solution. Despite treading through the COVID-19 event at a steady pace, the plastic ready meal trays market is expected to witness the entry of alternative solutions, including transparent or multi-colored ready meal trays.
Adoption of CPET Black Plastic Trays Likely to Decline, Fiber and Plant-based Alternatives to Gain Traction
Crystalline polyethylene terephthalate (CPET) black plastic trays are a viable alternative to aluminum trays. In addition, CPET trays are versatile and are largely used for ready meals. Despite offering several advantages, including versatility, durability, and convenience, the demand for CPET black plastic ready meal trays is likely to decline over the course of the forecast period. The growing demand for environment-friendly solutions and consistent pressure to explore the potential of fiber and plant-based alternatives is expected to hinder the overall growth of the plastic ready meal trays market.
Several small-medium sized companies operating in the plastic ready meal trays value chain are investing resources to improve the production quality and the overall environment sustainability quotient to comply with regulatory standards. In addition, as supermarkets, retailers, and food brands are increasingly being pressurized to minimize plastic packaging, ready meal trays made from plastic are likely to lose popularity. The ongoing pressure from the government as well as consumers has increased the demand for cost-efficiency plastic-free food packaging. Plant and fiber-based ready meal trays are likely to gain considerable traction. Apart from large-scale companies gradually shifting from plastic to other alternatives, a host of startups have entered the fray due to which, the plastic ready meal trays market is likely to witness sluggish growth toward the second half of the forecast period.
The global plastic ready meal trays market is projected to witness strong competition among key players. This market includes many well established market participants. Besides this, many other local players and start-ups are entering into plastic ready meal trays market attributing to significant revenue creation with the raising demand of eco-friendly plastic ready meal trays. Some of the key players operating in the global plastic ready meal trays market are Sonoco Products Company, Amcor plc, DS Smith Plc, Huhtamäki Oyj, Faerch A/S, Omniform Group, MCP Performance Plastic Ltd, Silver plastics GmbH & Co. KG among others.
The tier structure is formulated on the basis of segmental revenue and market share of the company. As per tier structure, Amcor plc and DS Smith Plc are the tier 1 players in the plastic ready meal trays market. These leading packaging giants are adopting key strategies such as acquisitions and products launch to reinforce their position in the plastic ready meal trays market. Moreover, tier 2 players are Huhtamäki Oyj, Sonoco Products Company and Faerch A/S.
By Molding Technology
By Tray Type
By End Use
The Plastic ready meal trays market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Plastic ready meal trays market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Plastic ready meal trays market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Plastic ready meal trays market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Plastic ready meal trays market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Plastic ready meal trays capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Plastic ready meal trays by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Plastic ready meal trays market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Plastic ready meal trays market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Plastic ready meal trays market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Plastic ready meal trays industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Plastic ready meal trays market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plastic ready meal trays market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plastic ready meal trays market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plastic ready meal trays market. These factors have benefited the growth of the global market for Plastic ready meal trays. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plastic ready meal trays. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Plastic ready meal trays are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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