Transparency Market Research delivers key insights for the plastic ready meal trays market in its published report, which include global industry analysis, size, share, growth, trends, and forecast for 2020–2028. In terms of revenue, the global market is projected to grow at a CAGR of 4.6% during the forecast period, owing to several factors, about which TMR offers detailed insights and forecasts in the plastic ready meal trays market report.
Plastic ready meal trays are high quality trays that possess strength, elegance, uniformity coupled with durability and ecofriendly properties. These lightweight and recyclable plastic ready meal trays are predominantly used in food and foodservice sector for packaging during storage and transit of a wide range of food products. TMR team segmented the analysis of plastic ready meal trays market based on various factors such as material, molding technology, tray type, and demand from end users across five regions. As per TMR analysis, by tray type, multi cavity segment in the plastic ready meal trays is expected to account for major market share and is expected to lead the overall plastic ready meal trays market throughout the forecast period.
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Shifting Inclination toward Reusable and Recyclable Plastic Ready Meal Trays Supplement Sales
Fully recyclable ready meal trays are becoming increasingly popular across different sectors. Recycling of plastic is considered the next viable and technically feasible option to tackle issue presented by the ever-growing volume of plastic waste. Moreover, end use consumers across the globe prefer recyclable plastic packaging products, attributable to the increasing awareness of the need for proper management of plastic waste. The European Union also recently announced its new policy agenda with the aim of making all plastic packaging in the EU market reusable and recyclable by 2030.
Crystalline polyethylene terephthalate (CPET) black plastic trays are a viable alternative to aluminum trays. In addition, CPET trays are versatile and are largely used for ready meals. Despite offering several advantages, including versatility, durability, and convenience, the demand for CPET black plastic ready meal trays is likely to decline over the course of the forecast period. The growing demand for environment-friendly solutions and consistent pressure to explore the potential of fiber and plant-based alternatives is expected to hinder the overall growth of the plastic ready meal trays market.
Although consumers are increasingly becoming conscious of the overall hygiene levels, the demand for online food delivery platforms across the globe is expected to have a positive outlook during the ongoing COVID-19 pandemic due to which, the demand for plastic ready meal trays is projected to increase. However, the demand for plastic ready meal trays is likely to remain lower than initial projections as restaurants in several regions of the world remain shut due to lockdown and restrictions on movement.
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Growing Adoption of Multi-coloured Recyclable Trays to Augment Market Growth
- Changing eating habits have led to a wider acceptance of ready-to-eat foods, driven by increased preference for comfort. As a result, demand for ready-to-eat food products is recording high growth in tier 1 cities, where a large segment of population tends to prefer take-outs or order online instead of cooking at home meals. Thus, sale of plastic ready meal trays is projected to witness significant growth of the online food delivery and food courts.
- Furthermore, recycling and disposal issues from use of black CPET trays are creating growth opportunities for clear and multi-colored plastic ready meal trays. Increasing demand for convenient-to-carry packaging alternatives for differentiating food products based on features such as kosher, medicinal, organic, and seasonal goods also drives the demand for ready-to-carry food trays on a global scale.