- Worldwide Demand for Ready Meal through Online Platforms Grow Substantially Year on Year; Plastic Ready Meal Trays Market to Reach ~US$ 700 Mn by 2028-end
- Black CPET Plastic Trays Attract Criticism Due to Sorting Challenge leading to Low Recycling Rate; Regulatory Push for Environmentally Friendly Packaging will Ensure that Manufacturers Adopt Better Raw Materials
ALBANY, N.Y., July 21, 2020 /PRNewswire/ -- The growth of plastic ready meal trays market precedes the rise in demand for ready-to-eat meals year on year. Online food delivery businesses adopt convenient to-carry packaging solutions. Both consumer awareness and regulatory push are driving the demand for environmentally friendly and recyclable materials for making plastic trays for ready meal.
The global plastic ready meal trays market is expected to clock a moderate CAGR of 4.6% from 2020 to 2028 and reach worth of ~US$ 700 Mn by this period-end.
Analysts at TMR affirm that the evolving consumer preferences will pave way to uptake of transparent and multi-colored plastic ready meal trays. They further opine that sustainable packaging solutions using fiber or plant-based materials will gain popularity in the plastic ready meal trays market. Several companies will replace black plastic trays in their ready-meals packaging with recycled alternatives largely due to lack of adequate infrastructure, since the laser sorting systems used are inefficient.
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Key Findings of Plastic Ready Meal Trays Market Report
- Among the various key materials, polyethylene terephthalate (PET) led the plastic ready meal trays market with more than 60% in 2020
- Of the various molding technology analyzed in the study, thermoformed molding witness widespread preference over all others; lower tooling cost and the design freedom key to popularity
- Of the two major types, multi cavity plastic ready meal trays high on consumer preference; the segment to account for more than 70% share in plastic ready meal trays market by 2028
- Regionally, Europe projected to be a mature market
- Asia Pacific and the MEA markets have high revenue potential
- Online food delivery platforms to impart a large growth momentum to plastic ready meal trays market
Explore 137 pages of top-notch research, incisive insights, and detailed country-level projections on Plastic Ready Meal Trays Market (Material: Polypropylene [PP], Polyethylene Terephthalate [PET], and Others; Molding Technology: Injection Molding and Thermoformed Molding; Tray Type: Single Cavity and Multi Cavity; End Use: Food Producers & Processors, Restaurants, Catering Services, Food Courts, and Online Food Delivery) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2028 at https://www.transparencymarketresearch.com/plastic-ready-meal-trays-market.html
Plastic Ready Meal Trays Market: Key Driving Factors and Promising Avenues
- Urban populations in various regions world over are increasingly demanding ready-to-eat meals and on-the-go food products, spurring the use of growth of plastic ready meal trays market. Rapid pace of urbanization in developing world has accelerated this trend.
- Of note, developed nations have seen rapid rise in consumption of convenience food year on year, fueling demand for plastic ready meal trays of different colors.
- A big stride in the plastic ready meal trays market over the past few years has stemmed from the advances in restaurants sector around the world.
- Manufacturers in plastic ready meal trays market are resorting to product diversification to gain competitive edge, boosting the revenue prospects.
- Consumers want plastic ready meal trays that preserve the freshness of food for a long time. Thus, remarkable shelf life and barrier properties are on the top of mind for manufacturers.
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Plastic Ready Meal Trays Market: Notable Impediments and Strategies to Overcome Them
A glaring constraining factor for the plastic ready meal trays market has come from the fact that plastics packaging itself is under intense scanner for its sustainability quotient. This extends to food packaging as well. In particular, crystalline polyethylene terephthalate (CPET) black plastic trays have very low recycling rate, reason having to do with the presence of inadequate waste sorting infrastructure across the world. Additionally, ready meal trays made from plants and fiber has offering stiff competition to manufacturers of plastic trays. Further, due to the emerging COVID-19 pandemic restrictions on supply chains, ordering food from restaurants has been hit hard.
Nevertheless, players in the market are reinvigorating growth by offering clear and multi-colored plastic ready meal trays.
Analyze Global Plastic Ready Meal Trays Market Growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Plastic Ready Meal Trays Market: Competitive Dynamics
Stakeholders in the plastic ready meal trays market are also eyeing new revenue stream by adopting better-performing polymers as well as environmentally friendly packaging materials. The plastic ready meal trays market is witnessing the constant flux of local players and start-ups expanding their footprints. Eco-friendly plastic trays are one of the best bets to consolidate their positions.
Some of the well-entrenched packaging and labelling companies eyeing new stakes in the plastic ready meal trays are Silver plastics GmbH & Co. KG, Huhtamäki Oyj, Quinn Packaging, DS Smith Plc., and Sonoco.
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The plastic ready meal trays market can be segmented as follows:
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Crystallized PET
- Amorphous PET
- Others (HIPS, HDPE, etc.)
- Injection Molding
- Thermoformed Molding
- Single Cavity
- Multi Cavity
- Food Producers & Processors
- Full Service Restaurants
- Quick Service Restaurants
- Catering Services
- Food Courts (In malls, Airports, Multiplexes, Railways, etc.)
- Online Food Delivery
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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