Wilmington, Delaware, United States, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global foam trays market was worth US$ 3.0 Bn. The global market is likely to expand at a CAGR of 3.2% during the forecast period, from 2022 to 2031. The global foam trays market is likely to attain value of US$ 3.9 Bn by 2031. Given their ability to shield food from oxygen and moisture infiltration, foam trays are anticipated to see a rise in demand. Additionally, they serve as a barrier to keep food safe from contaminants and other potentially harmful substances, which is expected to drive global market for foam trays market.
In order to develop foam trays for industrial packaging, miniatures, pharmaceutical packaging, and food packaging, manufacturers are switching to materials made from resins that are derived using chemical recycling. This results in a package made completely of resins, which is anticipated to fuel demand for foam trays market. Therefore, producers are expected to consider this recycling possibility as part of the effort to commercialize and promote recycling processes and become aware of government initiatives encouraging recycling operations.
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Food packing uses for foam trays are the most common ones. They aid in preventing liquid leakage in packaged meals and drinks. Poultry, meat, vegetables, and fruits all can be stored on foam trays. Foam trays come in a variety of shapes and sizes, and typically insulate food from hazardous biological, chemical, and physical elements. Additionally, these trays are used in several applications, including the packaging of small tools, test tube holders, meat and dairy goods.
Key Findings of Market Report
- Given that they are disposable, polystyrene foam trays are not only in compliance with food safety regulations but also a more hygienic type of food packaging. Even at extremely hot conditions, they are also resistant to breakage. Due to its high efficiency and affordability, foam trays have become the accepted standard for years. Despite the development of new forms over time, notably with the movement toward sustainable products, foam persists to dominate the industry, especially amongst retailers and processors.
- Compared to shipping conventional commodities, the logistics of delivering pharmaceutical products call for a particular strategy. In many situations, temperature control is necessary to make sure that goods are still consumable when they get to their location. As medicines and medical supplies are so sensitive, a carefully thought-out temperature-controlled packing solution is a crucial component of ensuring their safe, undamaged delivery. Foam trays are thus the best alternatives for the delivery of medical and pharmaceutical supplies, which is anticipated to fuel growth prospects for foam trays market.
- Polystyrene is thought to be the segment's substrate with the greatest degree of adaptability. Since it requires less raw materials than any other category, the making of polystyrene foam trays is less costly. Their outstanding heat resistance and insulating properties go hand in hand with their versatility. Due to their adaptability, they are the most common type of foam trays worldwide, thereby presenting lucrative growth opportunities to foam trays market manufacturers.
- The market share for foam trays in North America, which currently holds the top spot depending on value, is predicted to expand to 35.7% in 2021 as demand for takeout food and beverages rises. For the safe distribution of medicinal medicines, large pharmaceutical businesses are also moving toward foam trays in the region.
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Global Foam Trays Market: Key Players
Some of the key market players are
- Reynolds Group Holdings Limited
- Dart Container Corporation
- Berry Global Inc.
- D&W Fine Pack LLC
- Groupe Guillin SA
- Anchor Packaging Inc.
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Global Foam Trays Market: Segmentation
Material
- Polyethylene
- Polypropylene
- Polyester
- Polystyrene
- Others
Application
- Pharmaceutical
- Food Packaging
- Industrial Packaging
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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