Paper Trays Market Estimated to Experience a Hike in Growth by 2027 – Fact.MR

The paper trays market is likely to grow at a healthy 3.9% value CAGR throughout 2027, according to a latest Fact.MR study. The momentum in the paper trays market can be attributed to growing focus on sustainability, which includes reducing packaging waste and adopting recyclable packaging materials.

Growing consumer preference toward greener packaging solutions is driving heavy investments in the paper trays market. Anticipating the lucrativeness of the paper trays market and future growth opportunities, manufacturers are introducing a wide design range of paper trays, which is proving to be a winning product differentiation strategy for paper packaging businesses.

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The Fact.MR study opines that industrial applications of paper trays in food & beverage products collectively account for more than 40% revenue share in the paper trays market. The Fact.MR study remains bullish on burgeoning demand for environmentally-friendly paper trays in the food & beverage industry, leading retail chains and foodservice brands’ commitment to phase out plastic in food packaging. The report also sheds light on increasing demand for paper trays in the consumer electronics industry, which is likely to remain a less-explored end-user industrial sector in the paper trays market.

Soaring Popularity of Frozen Food Products Driving Innovation in Paper trays Market

A majority of paper trays manufacturers are launching microwave-safe and freezer-safe paper trays addressing the soaring popularity of frozen food products among younger consumers. Market players are incorporating advanced technologies, such as modified atmosphere packaging technology, and manufacturing processes, such as thermoforming, to introduce unique features of paper trays suitable for food & beverage products.

“Though the F&B space holds a largest share in the paper trays market, industrial applications of paper trays are not limited to the food industry. A variety of end-user industries, such as consumer durables & electronics, healthcare, and personal care & cosmetic products, contribute greatly to the growth of the paper trays market. Leading manufacturers of paper trays are aware of surging demand for paper trays in the consumer durables & electronics industry, and are adopting strategies to focus enhancing their product portfolio for this segment,” says a lead analyst at Fact.MR.

The pulp & paper industry is one of the heavily-regulated industries, as it utilizes more than 40% of industrial wood that is traded globally. Such regulations established by governmental and environmental organizations inevitably add to tangible monetary as well as non-monetary costs of manufacturing paper trays. For example, the U.S. Environment Protection Agency (EPA) recommends market players to use recycled fiber and maintain minimum content standards of recovered or virgin fiber. Thereby, government policies and eco-friendly manufacturing strategies adopted by paper trays market players are boosting the use of recycled fiber as the primary source for paper trays.

Molded-Fiber Paper Trays Gain Momentum

Molded fiber paper trays are gaining significant traction on the back of growing inclination toward sustainable packaging. Apart from being eco-friendly and biodegradable, paper trays from molded fibers feature relatively higher strength and high resistance against dampening. In addition, molded fiber paper trays are cost effective with minimum warehouse and inventory cost.

Plant-Based Plastic Trays Emerge as Effective Alternative to Paper Trays

Players involved in plastic packaging have been focused on solving plastic problem. A shift toward using plant-based plastics in the manufacturing of paper trays has been witnessed. Paper trays from plant-based plastics are environment friendly, feature high strength and are a sustainable business practice. Cornstarch is one of the widely used material in paper trays made from plant-based plastics and have limited negative impact on environment. This factor continues to challenge the adoption of paper trays, in turn restricting the growth of the paper trays market.

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Companies in the paper trays market are focused on enhancing their paper trays portfolio by launching novel paper trays that can be used across a variety of applications. Colpac Ltd., has launched compostable ovenable tray, an extension to its paper food packaging portfolio. Likewise, in September 2018, Mondi Group Plc has launched patented barrier and paper solution for food packaging. The new offering will feature a paper construction with unique barrier protection, which is well-suited for the food industry.

In 2017, Yash Papers has launched a new range of eco-friendly and compostable tableware, an extension to its paper trays portfolio. With an investment of over 60 cores, the company established a new plant manufacturing biodegradable and eco-friendly paper trays and other tableware.