Food producers world over have harnessed new array of materials in foamtrays for superior barrier protection. Growing application of such packagingsolutions in the packaging of meat, poultry, and fruits foam is propelling thestrides in the foam trays market. Advances in material sciences have led toexpanding array of foam tray materials that can prevent the packaged food fromrange of chemical, biological, and physical hazards. Growing demand for foamtrays in other applications such as cosmetics, health care, agriculture,chemical products, and pharmaceuticals is also boosting the foam trays market.They are increasingly being used in the protection of fragile parts in theseapplications.
Over the past few years, foam trays are emerging as safe, cost-effectiveoptions for packaging for variety of food. The foam trays market stood at worthof US$2.5 bn in 2018 and is projected to rise at 3.8% CAGR from 2019 to 2027.
Players Consolidating their Geographical Footprintsby Expanding Product Lines
Advent of new automated equipment has helped players develop inexpensiveproducts. Proliferating use of foam trays in the packaging of myriad food itemsas is evident in supermarkets, and the trend has caught traction in emergingeconomies, most notably in countries of Asia Pacific. Countries at theforefront on the lucrative growth avenues are China, India, and Japan.
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On the other hand, developed market of North America has seen surge ininvestments in food packaging, where foam trays have witnessed a marked degreeof commercialization. The region has been attractive for globally prominentfood packaging companies in the foam trays market and will likely remain so inthe next few years. This means that numerous key players in recent years havestrengthened their manufacturing units. Some of the players in the NorthAmerica foam trays market are also engaging in mergers and acquisitions, withthe focus on consolidating their product lines. This means that they are alsoseeing new avenues in emerging markets, and are making moves to tap into theuntapped potential in Asia Pacific.
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Focus on Biodegradability Pave Way to New RevenueStreams
Prominently, efforts are ongoing to reduce the environmental footprintof foam trays. Of note, most products in the market have abysmally lowbiodegradable quotient—a key aspect that is now becoming a telling concern forconsumers, world over. This has also been a key restraining factor for the foamtrays market for some time now. Hence, a large numbers of industry efforts areongoing to adopt biodegradable and environmentally friendly packaging materialsto meet the changing needs in end-use industry. Challenge now is to make theminexpensive as well to bolster new opportunities in the foam trays market.Stridently, this will pave way for product innovations in the foam traysmarket.
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The study presented here is based on a report by Transparency MarketResearch (TMR) titled “Foam Trays Market (Material - Polyethylene,Polypropylene, Polyester, Polystyrene; Application - Pharmaceuticals, FoodPackaging (Meat and Poultry, Dairy Products, Food Service (Clamshells), Fruitsand Vegetables, Bakeries, Organized Food Chains), Industrial Packaging, andOthers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,2019 - 2027”
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