According to a recent market study released by Transparency Market Research, the global foam trays market will expand at a CAGR of 3.20% from 2009 to 2021. As such, the valuation of the market will increase from US$2 bn in 2009 to US$3 bn by 2021. By volume, the global foam trays market will expand at a CAGR of 4.40% from 2009 to 2021, which will result in the market’s total volume amounting to 52.8 bn units by 2021, increasing from 31.7 bn units in 2009.The report, titled “Foam Trays Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2009 - 2021”, is available for sale on the company website.
Retail market for global foam trays industry has been covered under the scope of this report. Foam trays are used for varied applications such as food service, meat packaging, test tube holder and small tools packaging among others. The low cost and convenient usage of foam trays have helped in the popularization of their applications across food packaging industry verticals.
The global foam trays market is primarily driven by the cost effectiveness of foam trays, convenience in usage and disposability. The process cycle of foam formation is less complex and consists of fewer number of phases compared to the production of plastics through the polymerization process. Moreover, labor cost involved in the production of foam is low, which in turn reduces the overall cost of production. The increasing demand for expanded polystyrene (EPS) foam trays has also been positively impacting the growth of this market. However, price based competition has been putting pressure on manufacturers to reduce foam tray prices at the cost of profit margin. Also environmental concerns have been another factor which has been restraining the growth of this market. The advent of biodegradable foam has been a good boost for the foam trays market and further technological advancements in the field of foam recycling are expected to boost the growth of the market globally, in the near future.
The global foam trays market has been segmented into four regions: North America, Europe, Asia Pacific and RoW (Rest of the World). In 2014, North America held the largest market share, with more than 30% in terms of revenue and volume wise, Asia Pacific held the largest market share, with more than 33%. Wide acceptance of foam trays in takeaway food services, school lunch programs and organized food chains is driving the demand growth of North American foam trays market. The volume growth can be attributed to rising penetration of food service and take away food services in countries such as India, China and Indonesia among others. North America is expected to retain their leadership of foam trays market, in terms of revenue, in 2021.
The global foam trays market, by type, can be segmented into polyethylene, polypropylene, polyesters, polystyrene and others. Increasing demand for expanded polystyrene (EPS) foam trays is the major reason for polystyrene being the leading segment, in terms of both revenue and volume, in 2014.
By application type, the global foam trays market can be segmented into pharmaceutical, food packaging, industrial packaging and others. Food packaging is further divided into meat & poultry, dairy products, food service (clamshells), fruits & vegetables, bakeries and, food chains (organized). The low cost and requirement based easy customization of foam trays have increased its application in food packaging sector. Moreover, rising demand for disposable trays in food services and take away restaurants is driving the growth of global foam trays market.
Some of the leading players in the market are Sealed Air Corporation. (U.S.), Pactiv, LLC (U.S.), Anchor Packaging, Inc. (U.S.), Placon Corporation, Inc. (U.S.), D&W Fine Pack, LLC (U.S.), Coveris Holding, S.A. (Luxembourg), Genpak LLC (U.S.), Groupe Guillin SA (France), Berry Plastics Group, Inc. (U.S.), Ecopax, LLC (U.S.), Dart Container Corporation (U.S.) and Sirap Group (Italy) among others.
Global Foam Trays Market: Key Vendors
Some of the key businesses operating in the global foam trays market include Sealed Air Corporation, Pactiv, LLC, Anchor Packaging, Inc., D&W Fine Pack, LLC, Placon Corporation, Inc., Coveris Holding, S.A., Genpak LLC, Berry Plastics Group, Inc., Ecopax, LLC, Groupe Guillin SA, Dart Container Corporation, and Sirap Group.
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