New York, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Paper and Paperboard Trays Market: Key Insights
According to our new research study on “Paper and Paperboard Trays Market to 2028 – Global Analysis and Forecast – by Material and Application,” the Paper and Paperboard Trays Market Size is projected to reach US$ 7,319.26 million by 2028 from US$ 4,942.09 million in 2021; it is expected to register a CAGR of 5.8% from 2021 to 2028.
Paper and Paperboard Trays Market: Competitive Landscape and Key Developments
Huhtamaki, Mondi, UFP Technologies, Pactiv LLC, Hartmann, Orcon Industries Corporation, International Paper, Arthena Superpack Private Limited, Papertech, and Solut are among the key paper and paperboard trays market players. Major companies are focused on strategies such as mergers and acquisitions, and product launches to broaden their geographic presence and consumer base globally.
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In 2020, Asia Pacific held the largest share of the global paper and paperboard trays market owing to rapidly expanding packaging industry, food retail and foodservice sector growth, and rising consumer awareness about sustainable packaging solutions across the region. The foodservice sector in Asia Pacific is expanding owing to growth in the tourism sector and improving lifestyles of consumers, as well as rising disposable income levels. The food retail scenario in the region is also changing with the availability of modern storage capabilities at supermarkets and convenience stores. Paper and paperboard trays are widely used for packaging on-the-go food products and food-on-the-shelf. These trays provide cushioning to the food products to protect them during transit.
Consumers' growing focus on sustainability leads to investments in new technologies and materials, such as paper trays, including those with recycled content. A growing consumer preference toward greener packaging solutions drives heavy investments in the paper and paperboard trays market. Anticipating the lucrativeness of the paper trays market and future growth opportunities, manufacturers are introducing a more comprehensive range of paper tray designs, which prove to be a winning product differentiation strategy for paper packaging businesses. For instance, in 2021, Klabin, Brazilian producer and exporter of paper for packaging and paper packaging, announced investments of US$ 40 million in the technology to apply dispersible barriers in the paperboard used to produce varied kinds of packaging present in everyday life. The solution provides a barrier to water, water vapor, and grease directly at the mill and is accessible on an industrial scale and composting characteristics while giving a more sustainable alternative to the currently available options.
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Paper and Paperboard Trays Market: Segmental Overview
By material, the paper and paperboard trays market is segmented into virgin fiber and recycled fiber. In 2020, the recycled fiber segment witnessed a higher growth rate. Recycled fibers are obtained from either post-industrial or post-consumer recycled materials. Post-consumer recycled fiber is obtained from paper products that has been used by end users. However, post-industrial recycled fibers are obtained by recycling the paper products from industrial waste. Recycled fiber is widely used to manufacture paper packaging products such as trays, corrugated boxes, and cartons. Manufacturers are extensively employing recycled fibers to manufacture packaging products as recycled fiber are sustainable and environment friendly. For instance, Huhtamaki, a manufacturer of paper and paperboard packaging products, collects and purchases post-consumer recycled paper to produce egg cartons, trays, cup carriers, and wine bottle protectors. However, multiple recycling cycles result in inconsistencies, low-quality, and poor performance of the products manufactured with recycle fibers. Therefore, manufacturers are using a blend of virgin and recycled fibers in their products to enhance their strength, quality, and performance.
Based on application, the paper and paperboard trays market is categorized into food and beverages, consumer electronics, personal care and cosmetics, healthcare, and others. The healthcare segment is expected to have highest growth rate over the forecast period. Paperboard trays are flexible, economical, and sustainable packaging solutions that are widely used across the healthcare sector. They are used for packaging vials, ampoules, syringes, and medical devices. These trays are inserted in the folding box where these medical equipment are kept. The clamping provided by this paperboard ensures safety of the medical equipment and devices during transportation and mechanical loading. Moreover, these trays are used to display and pack dental tools and equipment. Growing need for sustainable and user-friendly packaging across the healthcare industry is expected to boost the demand for paperboard trays during the forecast period.
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Impact of COVID-19 Pandemic on Paper and Paperboard Trays Market:
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various manufacturing plants in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has affected the global supply chain and negatively impacted the manufacturing capabilities, delivery schedules, and sales of various goods. The pandemic has directly affected the production and demand, which has led to supply chain and market disruption, and has subsequently impacted the financial status of the firms and the global economy. Packaging is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of production plants.
With the spread of COVID 19 across the globe, most countries declared a health emergency and stopped unessential movements, thereby impacting heavily on the supply chain of goods. Disruptions in the supply chain caused slowdowns. Manufacturing facilities hustled to make changes due to social distancing, causing more disruption and slowdowns on throughput. Paper and paperboard industry may continue to see weak or broken links in their supply chains. Moreover, self-isolation has resulted in short supply and plethora of manufacturing units is sourcing supply chains away from China.
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