Positive Impact of Intensifying Fast Food Consumption on Paperboard Trays, Market to Surge at a CAGR of 4.6% by 2033 | Future Market Insights, Inc.
According to Future Market Insight's research study, The Paperboard Tray Market is experiencing rapid growth in response to the expanding global fast food industry. These trays offer convenience and cost-effectiveness, facilitating the serving of various fast food items. They are available in different sizes, with protective coatings, making them ideal for food transport.
NEWARK, Del, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Global sales of the paperboard trays market are estimated to be valued at *US$ 4.6 billion* in 2023 and are anticipated to reach *US$ 7.2 billion* by 2033. Sales are projected to expand at a CAGR of *4.6%* over the forecast period between 2023 and 2033.The global market for paperboard trays recorded a CAGR of *3.4%* during the historical period. It reached a market value of *US$ 4.4 billion* in 2022 from *US$ 3.7 billion* in 2018.
The fast food industry in the global market is expanding at a significant rate, which is intensifying the demand for paperboard trays. Fast food has become about convenience where paperboard trays simplify the serving and consumption of fast food items. Paperboard trays aid in the easy handling of a variety of materials, including burgers, fries, chicken nuggets, and sandwiches.
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The availability of paperboard trays in different sizes and configurations makes them appropriate for a wide range of food products. Paperboard trays are cost-effective, making them suitable for fast food businesses and restaurants and helping them manage their packaging expenses.
Manufacturers are providing paperboard trays that are coated or lined with barriers to provide grease and moisture protection, ensuring the food is safe during transit, and the packaging remains intact for the end user. Several big food brands and companies are adopting paperboard trays designed to enhance visual appeal as a marketing strategy, which is resulting in high customer satisfaction and repast business.
Fast food companies have recognized the benefits of paperboard trays to improve their branding strategy, customer satisfaction, and meeting sustainability goals, which is highly influencing the trays industry. Ovenable paperboard trays are influencing the market, driven by innovation and broadening applications.
Rising preference for ready-to-cook and pre-packaged meals in urban areas is expected to push the demand for ovenable trays. Ovenable trays would offer convenience with food as consumers can keep the trays directly in the oven, simplifying the meal preparation without the need for cookware.
In June 2022, BASF collaborated with Confoil to develop dual ovenable and certified compostable paperboard trays. These are coated with partly bio-based and certified compostable biopolymer for ready-to-eat meals such as curries, lasagne, and stir-fries.
Smart packaging has become a point of focus in the packaging industry. Technology embedded in packaging provides consumers with more security, convenience, and details.
Paperboard trays are integrated with NFC chips and printed QR codes that can be scanned with the smartphone, providing more information about the product. Smart packaging can be utilized to track several parameters, such as temperature, pH, fermentation, quality, and flavor, to maintain compliance with health standards.
*Key Takeaways from Paperboard Tray Market Study-*
· Multi-cavity trays are projected to exhibit a *4%* CAGR during the forecast period.
· The molded fiber segment is estimated to record a *9%* CAGR during the forecast period.
· The food industry is the prominent user of paperboard trays, with *5/6th* of the market share driven by growing food consumption and the ever-expanding food service industry.
· The flexibility and adaptability of paperboard trays would make them suitable for non-food applications, and it is anticipated to witness a *9% *CAGR by 2033.
· China's paperboard tray market is projected to expand at a CAGR of *1%* by 2033.* “As brands and consumers are seeking packaging solutions with minimum environmental impact and a circular economy, paperboard trays are gaining traction in the industry. The growth in the food service industry, including fast food chains and takeaway services, is emerging as a prominent influence on the paperboard tray market.”- *says lead analyst Ismail Sutaria at Future Market Insights (FMI).
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*Competitive Landscape*
Amcor plc, Sonoco Products Company, Huhtamaki Oyj, DS Smith Plc, International Paper Company, Brodrene Hartmann A/S, Billerud AB, Stora Enso Oyj, Mondi Group Plc, Graphic Packaging International, LLC, and Novelex Holdings, are noticeable players in the market. The Tier 1 players in the market hold *10 to 20%* of the overall paperboard tray market.
Leading players in the market are expanding their presence and manufacturing capabilities for paperboard packaging. They are moving toward adopting and offering sustainable packaging solutions to customers.
*Key Companies Profiled *
1. Amcor plc
2. Sonoco Products Company
3. Huhtamaki Oyj
4. DS Smith Plc
5. International Paper Company
6. Brodrene Hartmann A/S
7. Billerud AB
8. Stora Enso Oyj
9. Mondi Group Plc
10. Graphic Packaging International, LLC
11. Novolex Holdings
12. WestRock Company
13. Pactiv LLC
14. Smurfit Kappa Group
15. Genpak, LLC*Recent activities and developments implemented by leading players in the market are:*
· *In March 2022,* Huhtamaki Oyj announced an increase in the production of unique smooth molded fiber packaging in Europe. It can be used to produce high-precision food packaging to replace rigid plastic.
· *In April 2021,* Graphic Packaging International, LLC announced the introduction of its ProducePack Punnet for fresh fruits and vegetables, an innovative paperboard alternative to plastic punnet trays.
*About the Packaging Division at Future Market Insights (FMI)*
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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*Paperboard Tray Market Outlook by Category*
By Material:
· Kraft Paper
· Paperboard
· Molded FiberBy Product:
· Single Cavity
· Multiple Cavity
By Application:
· Microwave Trays
· Conventional Trays
By Capacity:
· Up to 8 oz
· 8 oz to 20 oz
· 20 oz to 30 oz
· Above 30 oz
By End Use:
· Food
· Fruits and Vegetables
· Poultry
· Bakery and Confectionary
· Baby Food
· Ready-to-eat Meals
· Pet Food
· Other Food Products
· Non FoodBy Region:
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East and Africa*Author*
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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The global thermoformed trays market is expected to grow at a CAGR of 4.4% and is anticipated to reach a valuation of US$ 10.4 Billion till the year 2032.
The molded fiber trays market is projected to reach US$ 4.3 Billion by 2032, at a CAGR of 5.0% from 2022 to 2032
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