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Plastic Ready-Meal Trays Market Sees Obstacles, Opportunities
The global plastic ready-meal trays market is expected to grow at a CAGR of 4.6% to reach $700 million during the period 2020-2028.
PlasticsToday Staff
July 28, 2020
2 Min Read
TMR
Plastic ready meal trays are gaining traction of various end-user industries mainly due to key features that include durability, versatility, and convenience.
This results in remarkable sales opportunities for growing demand from restaurants, food producers and processors, food courts, and catering services. Additionally, increased industrialization and hectic lifestyle of major worldwide population centers fuels online food delivery to further spur growth
In addition, players in this market are also expected to focus on rolling out alternative solutions that are ovenable and microwaveable.
However, the ongoing pressure from the government as well as consumers has increased the demand for cost-efficient, plastic-free food packaging. Thus, plant and fiber-based ready meal trays are likely to gain considerable traction. Apart from large-scale companies gradually shifting from plastic to other alternatives, a host of startups have entered the fray that are aligned with nonplastic packaging.
COVID-19 has influenced most every industry globally. Strong actions taken by countries include sealing off their borders, which disrupts distribution channels.
Consumers desire plastic ready-meal trays that provide extended shelf life, which means manufacturers are optimizing barrier properties.
According to analysts from Transparency Market Research, the plastic ready-meal trays market will witness somewhat sluggish growth in the upcoming two quarters of 2020. However, the market for plastic ready meal trays market will manage to gain traction of end-users in the upcoming period.
In summary, the global plastic ready-meal trays market is expected to grow and reach $700 million at a moderate CAGR of 4.6% during the forecast period 2020-2028.
Key findings.
Among the various key materials, polyethylene terephthalate (PET) led the plastic ready meal trays market with more than 60% in 2020;
Of the various molding technology analyzed in the study, thermoformed molding witness widespread preference over all others; lower tooling cost and the design freedom key to popularity;
Of the two major types, multi-cavity plastic ready meal trays are the most popular; the segment to account for more than 70% share in plastic ready-meal trays market by 2028;
Regionally, Europe projected to be a mature market;
Asia Pacific and the MEA markets have high revenue potential.
A sustainable focus.
Plastic ready-meal trays are manufactured using a various plastic types such as crystallized PET (CPET), polypropylene, and others including high-impact polystyrene (HIPS), recycled PET (rPET), amorphous PET (APET), and high-density polyethylene (HDPE).
The drive toward increased environmental friendliness has prompted vendors to respond through research and development. A case in point is the announcement last October by supermarket chain Asda, which announced plans to move all the company’s brands in the fresh ready-meal portfolio to naturally colored PET plastic packaging; the move involves taking about 775 tonnes of black plastic out of circulation that may end up in a landfill.
For more information, see the report, Plastic Ready Meal Trays by TMR.
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