(MENAFN- GlobeNewsWire - Nasdaq) The global plastic tray market size is calculated at USD 8.03 billion in 2024 and is expected to reach around USD 12.22 billion by 2034, growing at a CAGR of 4.4% from 2024 to 2034.
Ottawa, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The global plastic tray market size is predicted to increase from USD 8.38 billion in 2025 to approximately USD 12.22 billion by 2034, according to a study published by Towards Packaging a sister firm of Precedence Statistics. Asia Pacific led the plastic tray market with the largest market share in 2023. North America is projected to grow at the fastest CAGR during the forecast period.
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Market Overview: From Past to Future
The plastic tray market revolves around manufacturing and distributing plastic trays. These trays are heavily used in the healthcare and food industries. The size and shape of trays depend upon the industry's requirements. Being lightweight and having high resistance to stains, scratches, and breakage are major benefits of these trays. The market has witnessed rapid growth in the past few years, owing to the expansion of the food industry and increasing adoption of packaged foods.
Plastic trays are also used in the electronics industry to pack and arrange products. They can be customized according to requirements. The design, sizes, and shapes of these trays depend on the purpose. The market is expected to grow at a rapid pace in the near future due to the rising demand for flexible, lightweight packaging solutions. Technological innovations led to the rise of smart packaging solutions, which are gaining traction in the food industry. Smart packaging is compatible with smartphones , facilitating improved supply chain management and tracking inventory. Key players operating in the market are focusing on expanding their geographical presence and product portfolio to fulfill consumers' varying demands, thus boosting the growth of the market.
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Major Trends in the Plastic Tray Market:
Advancements in recycling technology: Breakthroughs in recycling technology have made it possible to reduce plastic packaging waste . This further reduces various industries' concerns about disposing of packaging wastes, ultimately boosting the usage of trays made from recyclable plastic such as HDPE and PCR plastic. Expansion of food businesses: With the rising number of hotels, restaurants, and cafes, there is a high demand for plastic trays. These trays are important for storing and keeping food items clean in the food industry. Demand for corrugated plastic trays: Due to the rising demand for lightweight and durable packaging solutions, corrugated plastic trays are gaining immense popularity. These trays are made up of lightweight, tough material, providing added durability. They are suitable for safeguarding goods during handling and transportation. Focus on thermoformed food packaging: As food businesses seek solutions to reduce food spoilage, there is a growing emphasis on developing thermoformed food packaging trays . Due to their lightweight design and moisture resistance, they are widely used to pack food items like fruits, vegetables, and ready-to-eat meals. The increasing consumption of packaged food in metropolitan countries and the growing trend of online food ordering contribute to the market's growth during the forecast period.
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Regional Insights
Rising Urbanization to Support Asia Pacific's Dominance
Asia Pacific dominated the plastic tray market with the largest share in 2023. This is mainly due to the increasing urbanization. With the rising urbanization and busy lifestyles of people, the consumption of ready-to-use and packaged food has increased. In addition to this, online food ordering has increased over the years, leading to increased demand for plastic trays among food delivery businesses. Indian consumers prefer plastic trays over glass ones due to their durable and lightweight nature. Countries like India and China are the leading contributors to the market. The rapid expansion of the food & beverage industry in these countries contributed to regional dominance.
Demand for Sustainable Products to Boost the Market in Europe
Europe is anticipated to witness the fastest growth in the plastic tray market in the coming years due to the rising demand for sustainable and reusable trays. With the rising environmental concerns, governments in European countries are making efforts to boost the use of reusable plastic products. In addition to this, regional players are focusing on providing durable and high-resistant trays. The rising food delivery services further boost the growth of the market in the region.
Sustainable Packaging: A Bright Future Ahead
Sustainable packaging solutions play a crucial role in shaping the plastic tray market. Due to the growing concerns about disposing of plastic packaging waste, several industries are transitioning toward sustainable packaging . Moreover, stringent environmental regulations imposed by governments to reduce plastic usage and lower carbon footprint encouraged industries to use recyclable or reusable packaging . In contrast to this, packaging manufacturing companies are focusing on developing green packaging to replace traditional plastic packaging , including trays, and meet the varying demands of various end-use industries.
For instance, in October 2024, Yangi, a company that produces renewable packaging solutions, launched a new fiber-based food tray as a sustainable alternative to plastic trays for the food industry. This versatile tray meets the demand for eco-friendly packaging , providing options for ready meals, meat, and takeaways. In April 2024, Eastman and SEE launched a lightweight, certified compostable tray designed to replace traditional polystyrene foam alternatives in protein packaging applications. The new tray is made using Eastman's Aventa Renew materials, such as wood pulp and acetyl.
Plastic Tray Market Segment
On the basis of material type, the PVC segment dominated the market with the largest share in 2023. This is due to its excellent properties, such as its high resistance to remelting effects and gas. PVC plastic is lightweight and possesses high tensile strength, contributing to its increased usage. Moreover, this material is resistant to wear and tear, making it ideal for packaging. Based on form, the flexible segment registered its dominance in 2023. This is mainly due to the fact that flexible trays can accommodate various shapes. Moreover, these trays have an interlocking system, making them suitable for applications requiring protective packaging . On the basis of end-use industry, the food and beverage segment dominated the market in 2023 due to the rising number of food delivery businesses. Plastic trays are widely used to store food items. Their durability and lightweight make them suitable for packing and delivering food. The rising consumption of packaged and ready-to-eat food further contributed to segmental growth.
Major Breakthroughs in the Plastic Tray Market by Key Players
Major key players operating in the market include Abhishek Enterprises, Advance Plastic Pvt. Ltd, Amit Enterprises, Avani Plast, Bharat Polymer Extrusions, Darshit Trading Company, Diamond Packaging, Galaxy Plast, Global Medi Exporters, Maruti Enterprise, Parthiv Polymers, and Rio Industries. These players are leveraging their expertise to innovate and flourish in the market.
Diamond Packaging, a global leader that specializes in developing innovative and sustainable packaging solutions, continues to flourish in the market. Recently, the company set emission reduction targets through the Science Based Targets Initiative (SBTi), highlighting its commitment to sustainability initiatives.
More Insights in Towards Packaging
The global rigid plastic packaging market size was valued at USD 310.65 billion in 2023 and predicted to attain USD 614.65 billion by 2034, increasing at a CAGR of 6.4% from 2024 to 2034.
The global flexible plastic pouches market size reached US$ 190 billion in 2023 and is projected to hit around US$ 306.72 billion by 2034, expanding at a CAGR of 4.45% during the forecast period from 2024 to 2034.
The global packaging resin market size reached US$ 238.15 billion in 2023 and is projected to hit around US$ 509.05 billion by 2034, expanding at a CAGR of 7.15% during the forecast period from 2024 to 2034.
The global PCR plastic packaging market size was valued at USD 42.08 billion in 2023 to reach USD 82.40 billion by 2034, increasing at a CAGR of 6.3% between 2024 and 2034.
The global laminated can packaging market size reached US$ 2.40 billion in 2023 and is projected to hit around US$ 3.71 billion by 2034, expanding at a CAGR of 4.05% during the forecast period from 2024 to 2034.
The global high-density polyethylene bottles market size is estimated to reach USD 78.74 billion by 2033, up from USD 52.61 billion in 2023, growing at CAGR of 4.26% from 2024 to 2033.
The plastic turnover box market size reached US$ 9.95 billion in 2023 and is projected to hit around US$ 15.24 billion by 2034, expanding at a CAGR of 3.95% during the forecast period from 2024 to 2034.
The plastic tray and container market size reached US$ 9.98 billion in 2024 and is projected to hit around US$ 14.70 billion by 2034, expanding at a CAGR of 3.95% during the forecast period from 2024 to 2034.
The global flexible paper packaging market size is estimated to reach USD 78.25 billion by 2033, up from USD 50.68 billion in 2023, at a compound annual growth rate (CAGR) of 4.58% from 2024 to 2033.
The global rigid tray market size reached US$ 11.65 billion in 2024 and is projected to hit around US$ 14.72 billion by 2034, expanding at a CAGR of 2.37% during the forecast period from 2024 to 2034.
Worldwide Developments in the Market
In August 2024, Pactiv Evergreen Inc launched a new product, recycle ware reduced-density polypropylene (RDPP) meat trays. In July 2024, ProAmpac, a leading global flexible packaging company, introduced a polypropylene-based tray for foodservice and grocery customers. This easily recyclable and lightweight tray is approved for recycling. In April 2024, Klöckner Pentaplast (KP), a Germany-based food packaging manufacturer, launched the first food packaging tray made from 100% recycled PET derived exclusively from trays.
Plastic Tray Market Segments
By Material Type
PVC Polypropylene Polyethylene Terephthalate Polystyrene
By Form
By End-Use
Food & Beverage Industry Industrial Goods Industry Electronics Industry Pharmaceutical Industry Retail Industry Cosmetic & Personal Care Industry
By Region
North America Europe Germany UK France Italy Spain Sweden Denmark Norway
Asia Pacific China Japan India South Korea Thailand
Latin America Middle East and Africa (MEA) South Africa UAE Saudi Arabia Kuwait
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Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.
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