Dual-Ovenable Trays & Containers Market is estimated to be valued at US$ 1,554.5 Mn in 2018
Albany, NY -- (SBWIRE) -- 11/26/2018 -- Across the globe, the demand for convenience in day-to-day life has transformed the packaging market as consumers who are vastly leading busy lifestyles are likely to have a greater influence on the packaging industry than any other existing factor. Attributes such as convenience in storage & handling and ease in usage have largely affected the usage of packaging. Dual Ovenable trays & containers are one of the most influential packaging solutions that have emerged in the past few years. Consumers are readily attracted by the features of ovenable trays as they are suitable for direct use in microwave ovens. They offer the convenience of directly cooking food by putting it in an oven or microwave without affecting quality and taste. Today, the most commonly used packaging format for ovenable packaging is trays. It keeps the oven clean and preserves the food contained in it.
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The extraordinary rise in the consumption of ready-to-eat meals is driving the demand for ovenable packaging solutions globally. Several FMCG companies are opting for innovative packaging solutions such as ovenable bags, trays, and bowls, among others for their ready-to-eat meal products to attract consumers. These containers offer a convenient cooking process and a low preparation time for fast food. Also, the hassle-free operation and easy clean-up of the microwave after cooking is an added advantage. Ready-to-eat meals that can be put in ovenable packaging include meat, poultry, seafood, and various pre-prepared dishes. The widespread application of ready-to-eat meals in ovenable packaging is creating the need for further innovation in the ovenable trays and containers market.
On the basis of material type, the dual-ovenable trays & containers market is segmented into paperboard, C-PET, A-PET, PP, PE, and others. The C-PET segment is expected to dominate the market throughout the forecast period with an estimated market share of 88.7% in 2018. The PP segment is estimated to register a CAGR of 3.3% during the forecast period. The paperboard segment is expected to create an incremental $ opportunity of US$ 28.8 Mn during the forecast period. The C-PET segment is estimated to register a value of US$ 1,378.4 Mn in 2018 and is expected to reach 1,789.4 Mn during the forecast period. The others segment is estimated to register a CAGR of 2.0% during the forecast period.
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North America is estimated to account for the largest share of the dual-ovenable trays & containers market due to high adoption of ready-to-eat meals. Europe is expected to hold the second-largest market share in dual-ovenable trays & containers market as the region has the highest per-capita consumption of packaging. The MEA region is estimated to hold a small percentage of the market, however, it is expected to exhibit rapid growth during the forecast period. Growth of the dual-ovenable trays & containers market in Latin America is expected to be moderate during the forecast period.