According to a new report ‘Foam Trays – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027 published by Transparency Market Research (TMR) , the global foam trays market was valued at US$ 2.5 Bn in 2018 and is anticipated to expand at a CAGR of more than 3.5% from 2019 to 2027. Expansion in the food & beverages industry is driving the global foam trays market. In terms of value, the market in Asia Pacific is expected to expand at a CAGR of more than 4.0% during the forecast period. Foam trays are designed to be leak proof and protect the food from atmospheric conditions.
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Polystyrene Segment to Dominate Global Foam Trays Market
Demand for foam trays is high, due to their beneficial properties in packaging of food. These trays are widely used in packaging of meat, chicken, and fish. Rigid format of polystyrene foam trays protects products against dust and debris during storage and handling. The polystyrene segment holds significant share of the global foam trays market, as it offers many advantages such as lightness of weight, economical price, moisture barrier, and easy availability. Polystyrene foam trays are more sanitary form of food packaging, as they can be disposed of without much harm to the environment. They also provide shatter resistance in extreme temperatures. Polystyrene foam trays are recyclable. Various municipalities are taking initiatives to increase the recycling of these foam trays. Polystyrene products weigh less than paper.
Food Packaging Segment to Dominate Global Foam Trays Market
Foam trays are primarily used in food packaging, followed by pharmaceuticals, industrial packaging, and others. These trays has been employed in the food industry since many decades. Foam trays protect food from leakage and bacteria. Foam trays are generally used in the food packaging industry, as they are less expensive, keep food fresh for longer duration, and also provide better insulation. Foam trays maintain temperature for hot and cold foods and beverages.
Increase in Demand from Developing Countries to Create Growth Opportunities
Based on region, the global foam trays market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold major share of the global foam trays market, as most manufacturers of foam trays are based in these regions. The U.S. constitutes significant share of the foam trays market in North America, as the people in the country are inclined toward packaged food and home delivery of food. The U.S. is also taking steps for recycling of foam trays. For instance, Dart Container Corp., a leading player in polystyrene foam packaging, has announced plans to invest in foam recycling technology. The foam trays market in developing economies such as China, Japan, and India in Asia Pacific is projected to expand significantly in the near future. China is the major producer and consumer of foam trays in Asia Pacific. The foam trays market in Latin America and Middle East & Africa is likely to expand at a sluggish pace in the near future.
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Major players operating in the global foam trays market engage in product development and acquisitions. Genpak LLC and Tekni-Plex are the prominent manufacturers of foam trays. On May 1, 2018, Tekni-Plex acquired Commodore Plastics and Commodore Technology under a newly-formed subsidiary, Dolco LLC. Commodore Plastics offers a wide range of traditional and custom polystyrene (PS) foam trays, which include padded food processors and industrial trays. Commodore Plastics is expected to be a part of Delco Packaging, which is the largest producer of foam egg carton trays.