NEWARK, Del, June 25, 2024 (GLOBE NEWSWIRE) -- The rigid tray market has shown steady growth over the years. Looking ahead to 2024, the projected size of the industry is USD 11.5 billion, indicating a positive growth trajectory. The value-based is estimated to be a CAGR of 2.2% from 2024 to 2034. In 2023, the industry was valued at USD 11.2 billion, and it is estimated to reach USD 14.3 billion by the end of 2034.
The rigid tray market is primarily driven by the growing demand for efficient food packaging solutions in the industrial world, as well as the increasing focus of multinational companies on expanding their geographical reach. Besides this, the cosmetics and personal care sector in countries like India, South Korea, Japan, and Thailand is also generating demand for rigid trays, as they are crucial components in packaging skincare products and makeup kits.
The demand for sustainable packaging, such as biodegradable plastics, recycled paper, and plant-based fibers, is also driving the growth of the rigid tray market. These trays are popular among eco-conscious consumers and businesses, as they reduce carbon footprints and provide a sophisticated feel to end users.
Technological advancements, such as QR codes, RFID tags, and NFC chips, have accelerated the adoption of these trays in various industries. However, the high costs of rigid trays pose a significant barrier to progress, as small-scale businesses are hesitant to invest in packaging their products in rigid trays. Disposal concerns and waste generated by these trays also deter businesses from using them in their packaging.
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How are New Entrants Revolutionizing the Rigid Trays Market?
The start-up ecosystem in the rigid trays market is intense with frequent innovations being made. Start-ups in the rigid trays market are focusing on multiple additional properties for further bolstering the adoption of this product on a large scale. They are making efforts to create products that are recyclable or out of sustainable materials that can be taken up by consumers for day-to-day shopping decisions.
The start-ups are seizing the market with sustainable packaging innovation with cutting-edge, eco-friendly solutions. Mobius a start-up company that makes biodegradable plastic pellets from paper industry waste is just one example.
Mobius’ product uses lignin, which is best described as the glue that holds plants and trees together. For the paper industry, lignin has to be removed in order to make most products, but as the has waned in the digital era, it is looking for ways to unlock value from waste.
No Waste Technology, this start-up is tackling laminated paper, which is used routinely in convenience food packaging, by offering laminated papers that are 100% recyclable and sustainable.
“Companies should prioritize sustainability by developing eco-friendly packaging solutions, such as biodegradable or recyclable materials. Investing in advanced manufacturing technologies for higher efficiency and customization can also differentiate them. Embracing smart packaging solutions like RFID tags for improved traceability and customer engagement is crucial” Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- The single cavity segment dominates the global rigid tray market with a share of 57.2% in 2024.
- Based on the end use, the commercial segment leads the rigid tray market with a share of 45.9% in 2024.
- The rigid tray market in India is anticipated to grow at a CAGR of 5.1% through 2034.
- The rigid tray market in China is estimated to rise at a 4.5% CAGR through 2034.
- The rigid tray market in Thailand has the potential to increase at 4% CAGR through 2034.
- The United States rigid tray market is predicted to rise by 0.7% CAGR through 2034.
- The rigid tray market in the United Kingdom is very likely to grow at a CAGR of 0.8% through 2034.
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Competitive Landscape:
The rigid tray market is fairly fragmented, with enterprises of all scales having scope to thrive. Manufacturers are paying increasing attention to curating environmentally viable product offerings. Large-scale manufacturers leverage their extensive resources to invest in advanced technologies and large-scale production, ensuring cost efficiency and broad market reach. Meanwhile, small-scale companies are competing with international ones as they capitalize on niche markets and offer personalized customer service.
Key Players in the Rigid Tray Market:
- ALPLA-Werke Alwin Lehner GmbH & Co KG
- Amcor Limited
- DS Smith Plc
- Berry Plastics Corporation
- Klöckner Pentaplas
- Plastipak Holdings, Inc.
- Pactiv Evergreen Inc.
- Sealed Air Corporation.
- Silgan Holdings, Inc.
- Sonoco Products Company
Recent Developments:
- In April 2024, Faerch Group opened its Cirrec plant to recycle 60,000 tonnes of PET trays annually, promoting circular packaging.
- In July 2023, Sainsbury's switched to cardboard steak trays, reducing plastic by 70% and saving 10 million pieces annually.
Key Segments of the Rigid Tray Market:
The rigid tray market can be segmented based on product type, material, sales channel, and end use.
By Product:
Product segmentation includes single-cavity and multiple-cavity trays.
By Material:
Material segmentation encompasses plastic, paper, and aluminum trays.
By Sales Channel:
Sales channels are categorized into direct sales, distributors, brick-and-mortar stores, and e-retail platforms.
By End-user:
End use segmentation covers manufacturing, commercial, institutional, and household sectors.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
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About the Packaging Division at Future Market Insights:
The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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