Global Plastic Ready Meal Trays Market Size, Share, Value and Forecast 2032

Global Plastic Ready Meal Trays Market Insights

According to Zion Market Research, the global Global Plastic Ready Meal Trays Market was worth USD 1414.46 Million in 2023. The market is forecast to reach USD 2120.2 Million by 2032, growing at a compound annual growth rate (CAGR) of 4.6% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Global Plastic Ready Meal Trays Market industry over the next decade.

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Plastic Ready Meal Trays Market Size: Overview

The lightweight plastic ready meal trays are strong, durable, elegant, and uniform in appearance. When restaurants, convenience stores, food suppliers, caterers, and other food suppliers, including online food delivery services, switch from traditional paperboard, Styrofoam, and aluminum material trays to plastic trays, they gain significant advantages. Because of its disposal problem and difficulty in recycling, a few major cities in the United States have already banned the use of Styrofoam.

Many players in the food industry are looking for alternatives to Styrofoam packaging. For them, plastic meal trays are the best option. Vacuum packaging and gas packaging is also possible with this type of plastic meal tray. Because of its advantages, such as ease of sealing and the ability to package vacuum and gas, it is quickly becoming a widely accepted product.

Many packaging companies are facing new challenges as a result of these changes. Players in the packaging industry must also prepare for future developments. Lower household disposable income and weakened corporate balance sheets at packaging industry customers may result in significant pressure to reduce selling prices and costs across the entire packaging-industry value chain, depending on the severity and duration of the crisis.

Plastic Ready Meal Trays Market: Growth Factors

The market for plastic ready-meal trays is growing due to advancements in packaging solutions and packaging technology. Plastic ready meal trays are benefiting from the expansion and growth of the packaging industry. Market growth is also being fueled by rising packaged food demand and changing lifestyles. Fully recyclable ready-meal trays are gaining popularity in a variety of industries. Increasing supply chain efficiency, lowering the risk of harm, and improving safety are some of the factors driving demand for ready meal trays.

The food industry is rapidly embracing fully recyclable ready-to-eat meal trays. Switching from traditional Styrofoam, paperboard, and aluminum material trays to ready meal trays has several advantages for retailers, food suppliers, convenience stores, caterers, and online food delivery services. Few major cities in the United States have already banned the use of Styrofoam due to its high cost of disposal and difficulty in recycling.

Plastic Ready Meal Trays Market: Segment Analysis

Polyethylene Terephthalate (PET) forms the major portion for about 60% in the segment. Polyethylene Terephthalate (PET) is a good material for packaging because of its low density, lightweight, high heat resistance, durability, and high clarity. PET trays make it possible to package foods in a safe and protective manner. Their high barrier properties, as well as their resistance to abrasion and microorganism attack, ensure complete safety in the preservation of packaged foods while maintaining their nutritional properties. Polypropylene (PP) and others form the material segment.

Thermoformed molding forms the major portion in the segment and has witnessed a preference over others. Thermoforming is a manufacturing process that involves heating a plastic sheet to the point where it becomes pliable and can be molded into the desired shape. Thin-gauge thermoforming is used to make disposable cups and containers, while thick-gauge thermoforming is used to make a wide range of products, including vehicle parts, transit trays, plastic pallets, and some construction materials, to name a few. Injection Molding forms the other type of molding technology segment.

Multi cavity tray market tends to hold the maximum market segment of about 70% during the forecast period. Consumers have a strong preference for products in portable packaging that can be consumed on the go. The demand for plastic ready meal trays is being fueled by an increasing preference for products in convenient packaging over those in traditional packaging, particularly among the younger generation. Single cavity is the other type of the tray type in this segment.

Restaurants holds the largest portion in the end-user segment. Consumers want plastic ready-to-eat meal trays that keep food fresh for a long time. As a result, manufacturers are concerned about shelf life and barrier properties. Online Food Delivery is expected to have highest growth of 10% CAGR during the forecast period. Restaurants, Food Courts and Catering Services forms the end user segment.

Global Plastic Ready Meal Trays Market: Report Scope

Plastic Ready Meal Trays Market: Regional Analysis

In terms of market share and revenue, North America dominates the plastic ready meal trays market. During the forecast period, the region will maintain its dominance. The demand for plastic ready meal trays will rise in tandem with the growth and expansion of the food and beverage industry. The rise in single-person households has resulted in a significant shift in food consumption patterns, with more people opting for ready-to-eat meals and food on-the-go. According to recent independent studies, more than 7 out of 10 consumers in the United Kingdom consume ready meals. Consumers in developing countries are expected to continue this trend on a much larger geographical scale.

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The market for plastic ready meal trays will grow in this region due to the abundance of raw materials. Other indirect market growth determinants include modernization, westernization, changing lifestyles, and rising personal disposable income. The entry barriers to the global ready meal trays market are still low, with several Tier 3 players joining the mix each year. With the majority of Tier 3 players based in China, buyers' bargaining power is expected to remain strong. As Chinese manufacturers of ready meal trays sell their products at lower prices, competition is expected to heat up even more. Manufacturers are also expected to look for more sustainable materials to use in their products when it comes to product innovation.

Plastic Ready Meal Trays Market Players & Competitive Landscape

Some of the key players in the plastic ready meal trays market include

• Genpak, LLC
• Faerch A/S
• Sealed Air
• Sunmarks, LLC
• Sabert Corporation
• Bemis Company, Inc
• Portage Plastics Corporation
• PLASTIPAK HOLDINGS, INC
• Pinnpack
• MCP
• Amcor plc
• DS Smith
• Huhtamäki Oyj
• Omniform
• Silver plastics GmbH & Co. KG
• Versatile Packaging

The global plastic ready meal trays market is segmented as follows:

By Material

• Polypropylene (PP)
• Polyethylene Terephthalate (PET)
• Others

By Molding Technology

• Injection Molding
• Thermoformed Molding

By Tray Type

• Single Cavity
• Multi Cavity

By End Use

• Food Producers and Processors
• Restaurants
• Food Courts
• Catering Services
• Online Food Delivery

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa