Emerging Trends: Shaping the Future of Food Trays Market with 5.7% CAGR by 2033

The food trays market, valued at US$ 10.041 billion in 2023, is experiencing robust growth and is projected to reach US$ 17.48 billion by 2033, driven by an accelerating Compound Annual Growth Rate (CAGR) of 5.7% from 2023 to 2033.

The market's substantial growth is propelled by the increasing demand for convenient and on-the-go food consumption. This trend is particularly notable in various settings such as restaurants, cafeterias, and events, where food trays provide a convenient solution for packaging and serving meals, highlighting their widespread popularity. Moreover, the food tray industry is witnessing remarkable expansion across different regions, spurred by evolving consumer lifestyles and preferences.

Europe is experiencing an upswing in food tray demand, primarily fueled by the popularity of takeaway meals, food delivery services, and the convenience food market. Stringent regulations supporting sustainable packaging practices and the use of recyclable materials are influencing the market landscape. Customization and innovative product offerings are also significant factors driving the growth of this industry in the European region.

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Boosting Factors of Food Trays:

Food trays offer numerous benefits that contribute to their popularity and widespread use in various food service settings. Some of the key boosting factors of food trays include:

Convenience: Food trays provide a convenient way to transport and serve food items, allowing customers to carry multiple dishes at once without the risk of spills or mess.
Organization: Food trays help to organize different food items, making it easier for customers to select and carry their preferred choices from buffet lines, cafeterias, or food courts.
Portion control: Food trays often come with compartments or sections, allowing for portion control and ensuring that each food item remains separate and distinct.
Hygiene: Food trays provide a clean and hygienic surface for serving food, helping to prevent contamination and maintain food safety standards.
Customization: Food trays can be customized with branding, logos, or promotional messages, serving as a marketing tool for food service establishments.
Sustainability: Many food trays are made from recyclable or compostable materials, aligning with environmental sustainability goals and reducing the impact on the planet.

Key Takeaways

North America to acquire 25.9% of the global market share.
Europe held a food tray market share of 17.1% from 2023 to 2033.
The United States may control 23.9% of the food tray industry.
From 2023 to 2033, Germany retained a 3.3% food tray market share.
Japan may gain 4.8% of the food tray industry.
From 2023 to 2033, Australia held a 2.4% market share.
China’s food tray business is expected to grow at a 6.8% CAGR through 2033.
Between 2023 and 2033, the India food tray business is expected to grow at a 7.7% CAGR.
From 2023 to 2033, the United Kingdom’s food tray industry is expected to grow at a CAGR of 2.2%.
From 2023 to 2033, the Plastic segment of the material category may hold a market share of 52.7%.
Commercial end-use segment to account for 46.9% of the food tray industry between 2023 and 2033.

Competitive Landscape

The food tray business is very competitive and constantly changing. Several food tray manufacturers, as well as a slew of regional and local businesses, strive for a large market share. In the food tray business, market consolidation is a noticeable trend. Some large corporations buy small enterprises to broaden their product ranges and geographical presence.

Major Key Players Are:

Waddington Europe
Amcor
Cascades Sonoco

Recent Developments:

Amcor has announced its intention to buy Moda Systems.

Amcor announced its intention to buy Moda Systems, a business specializing in innovative food tray solutions, in May 2023. By combining Moda Systems’ knowledge and increasing its variety of sustainable packaging options, Amcor hopes to boost its position in the food tray business.

Waddington Europe, a thermoforming packaging expert, has introduced recyclable meat trays.

Waddington Europe, a subsidiary of Novolex, one of the top thermoforming packaging experts, launched mono-material recyclable meat trays in January 2022.

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Food Trays Market By Category

By Material Type: