New York, NY -- (SBWIRE) -- 12/10/2018 -- Fact.MR delivers vital insights on the plastic trays market in its published report, titled "Plastic Trays Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2027". In terms of revenue, the global Plastic Trays market is projected to expand at a CAGR of 3.6% during the forecast period, owing to numerous factors, about which FMR offers thorough insights and forecasts in this report.
Plastic trays are referred to as trays which are made from the renewable biological resources. Plastic Trays are highly durable and recyclable. Plastic trays offer several advantages over other trays in terms of low thickness and flexible. Millennial tend to eat more while traveling than during meals at their homes, which prompts at a necessity of having a handy properly packaged food while on-the-go. However, a recent trend among plastic tray manufacturing brands in the market is designing pretty, convenient, and easily portable plastic trays especially targeting the millennial consumer base. This trend directly support sales of plastic packaged products, and in turn plastic trays. This factor is having a positive impact on the on the sales of flexible plastic trays as these trays are being increasingly used for the ready meal packaging and packaged food that are consumed at frequent intervals.
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In the report, FMR suggests that Expansion of the middle-class population and changing lifestyle of the consumers across the world is significantly prompting the needs for small packaging solutions. Increasing consumption of fast food and packaged food products is creating needs for retail packaging solutions for on-the-go food items. Furthermore, increasing number of nuclear or single-member families is directly signalling the rise in demand for smaller and single-serve packaging solutions. Apart from aforementioned factors, changing dietary patterns, waste reduction activities, and rising needs for convenience is boosting the demand. Smaller containers prove to be more advantageous due to their improved properties such as convenience, ease of use, lightweight, and longer shelf life. Increasing consumer preference towards packaging solutions makes a significant impact on manufacturing strategies of leading players in the global plastic trays market.
These factors are expected to drive the growth of the global plastic trays market during the forecast period. In terms of end-use industries, food and beverage segment is expected to drive the demand for plastic trays. The regulatory bans by government across various countries over the use of plastic might hamper the growth of plastic trays.
Regional Overview
Europe upholds its steady dominance for the demand for plastic trays market by 2027. In APEJ region, countries like India and China are witnessing a rapid rise in industrialization. This factor is expected to create immense opportunities for the growth of the global plastic trays market in the region.
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Packaging waste is among huge problems that the world is struggling with since the last few years. Plastic trashes are toxic and extremely harmful for the environment, oceans, and the whole ecosystem. Taking into consideration the big problem that plastic pollution is, most countries are enacting harsh regulations on manufacturing processes of plastic products. Governing organizations in different regions such as the U.S. Environment Protection Agency (EPA), the U.S. Food and Drug Administrations (FDA), and the European Commission impose strict standards on containers and different products manufactured using plastic. In order to control the harmful impacts of plastic on the ecosystem, many countries have banned the use of plastic. This can have a negative impact on the global plastic trays market in coming years. Increasing consumer awareness about the hazardous effects of plastic on the environment may restrict the widespread adoption of plastic trays during the forecast period.
Furthermore, plastic trays are highly customizable and can be manufactured as per customer requirements. The flexibility in production allows plastic trays to be one of the most sought-after packaging solutions in the cosmetics & personal care, pharmaceuticals, and food & beverage sectors. Plastic trays made of plastic are waterproof and therefore offer high reliability when it comes to cosmetics products packaging. These factors are expected to drive the global plastic trays market during the forecast period.
Key Players
The manufacturers operating in the global plastic trays market include Genpak LLC, HLP Klearfold, VisiPak, Groupe Guillin, Sonoco Products Company, Lacerta Group Inc., DS Smith Plc, RPC Group Plc, Placon, Bemis Co. Inc., Winpak Ltd., and Huhtamaki Oyj.
Report Overview at https://www.factmr.com/report/2300/plastic-tray-market
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