Foam Trays Global Market Report 2023
Major players in the foam trays market are Sealed Air Corporation, Pactiv, Anchor Packaging LLC, Placon Corporation Inc., D&W Fine Pack LLC, Coveris Holdings S.A, Genpak LLC, Groupe Guillin SA, Berry Global, Ecopax LLC, Dart Container, Reynolds Group Holdings Limited, Sirap Group, Novipax, CKF Inc.
New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Foam Trays Global Market Report 2023" - https://www.reportlinker.com/p06290055/?utm_source=GNW
, and Falcon Pack.
The global foam trays market grew from $2.39 billion in 2022 to $2.58 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The foam trays market is expected to grow to $3.16 billion in 2027 at a CAGR of 5.2%.
The foam trays market consists of sales of foam tray products such as polyurethane, polyethylene and polypropylene.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The foam trays are used to serve takeaway food from restaurants.The foam functions as a good thermal insulator, making the container simple to carry while also keeping the food at the temperature it was at when it was filled, whether hot or cold.
Foam trays are mainly used in the food packaging industry to help prevent liquids from leaking into packaged food and beverages.
North America was the largest region in the foam trays market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the foam trays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of components of an industrial refrigeration system are compressor, condenser, evaporator, control, vessel, pump, valves, and auxiliary equipment.The condenser is used to allow high-pressure and temperature refrigerant vapor to condense and eject heat.
These are based on various refrigerant types such as ammonia, carbon dioxide, hydrofluorocarbon (HFC), and other types. They are used in various applications including fresh fruits and vegetables, meat, poultry and fish, dairy and ice cream, beverages, chemicals, pharmaceuticals, and other applications.
Increasing food safety issues are expected to propel the growth of the foam trays market going forward.Food safety refers to procedures for preparing, handling, and storing food that is designed to avoid foodborne sickness and injury.
Foam trays foodservice packaging insulates better, keeps food fresher for longer, and is less expensive than other options. For instance, in 2020, according to World Health Organization, nearly one in every ten people are becoming unwell after eating contaminated food, and 4.2 lakh people will die each year, resulting in the loss of 33 million good life years. In addition, children under five years of age have 40% of the foodborne disease burden, with 1.25 lakh deaths every year. Therefore, the increasing food safety issues drive the growth of the foam trays market.
Product innovations are the key trend gaining popularity in the foam tray market.Major companies are developing innovative foam trays offering features such as bio-based material, durable and lightweight materials to sustain their position in the market.
For instance, in January 2022, TekniPlex, a US-based manufacturer of containers and packaging products, launched foam polypropylene processor trays for fresh food products such as meat, poultry, pork, fruits, and vegetables, diversifying material offerings in this category.The material is long-lasting, lightweight, heat-resistant, and FDA-approved for direct food contact.
Foam polypropylene is also a drop-in replacement for common foam polystyrene trays, so there is no need for businesses to undertake the extra work or cost of retooling packing equipment.
In September 2021, Tekni-Plex, a US-based manufacturer of packaging and tubing materials, acquired Keyes Packaging Group from Arbor Investments for an undisclosed amount.This acquisition expands Tekni-tray Plex’s flat portfolio, which benefits customers in the food and beverage industry.
KEYES Packaging Group is a US-based manufacturer of foam trays.
The countries covered in the foam trays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The foam trays market research report is one of a series of new reports that provides foam trays market statistics, including foam trays industry global market size, regional shares, competitors with a foam trays market share, detailed foam trays market segments, market trends and opportunities, and any further data you may need to thrive in the foam trays industry. This foam trays market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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