Plastic Tray Market Size to Attain US$ 12.22 Bn by 2034

Plastic Tray Market Size, Trends, Challenges, Growth Insights

The plastic tray market size reached US$ 7.70 billion in 2023 and is projected to hit around US$ 12.22 billion by 2034, expanding at a CAGR of 4.4% during the forecast period from 2024 to 2034.

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The market is proliferating due to the increasing business retail market of personal care & cosmetics, horticulture, e-commerce, hotels & cafes, catering, bakeries, offices, healthcare services, and many others which require plastic bags for packaging for shipping and delivery purposes. The growing trend of online ordering facilities is boosting the plastic tray market. 

Major Key Insights of the Plastic Tray Market

• Asia Pacific dominated the plastic tray market in 2023.
• North America is expected to grow significantly during the forecast period.
• By material type, PVC dominated the market with the largest share in 2023.
• By form, flexible plastic tray is expected to grow significantly during the forecast period.
• By end type, the food & beverages segment dominated the plastic tray market in 2023.

Plastic Tray Market: Cost-Effective Packaging

The plastic tray market is highly in demand as numerous market players prefer this due to its affordability. In a few sectors such as medical, food services, and retail plastic trays are highly used for the safe packaging of products. These trays are beneficial in various ways as they are durable, moisture-resistant, and lightweight which make them ideal for the storage and transportation of products. While compared with other materials for storage such as ceramic plates or metal trays these plastic trays are budget-friendly enhancing their demand in the packaging industry. 

Their cost-effectiveness inspires many to use these plastic trays for packaging their products for safe transportation and packaging. These trays are highly favoured in the catering business and food packaging industry due to their properties of non-reactive food items and are found to be non-toxic.  These can be customized easily according to the requirements of a variety of businesses and also to promote brands. Plastic trays provide advanced quality protection to the products by working as an excellent barrier to oxygen and water vapour. 

Top 5 Factors for the Plastic Tray Market

• The growing meat & poultry industry increases the demand for plastic trays for packaging and the safety of the products.
• Reusable and Recyclable plastic tray availability promotes the market towards the usage of eco-friendly products.
• Its durable and lightweight quality enhances the market demand for the e-commerce industry to deliver products safely to its order destination. 
• These plastic trays can be easily customised according to the shape and size required for different purposes and are also useful for enhancing brand visibility. 
• These are considered the most affordable products available in the market in comparison with any other packaging and transportation of the product.

How Can AI Improve the Plastic Tray Market?

AI restructures the design and production of plastic trays. Artificial Intelligence can estimate the size and type of material that suits the storage purpose of many products which shows that the overproduction of trays can be avoided. In the plastic tray business, Artificial Intelligence is primarily used to detect plastic waste increasing inside oceans, advance the recycling of materials and make plastic tray packaging and shipping products more competent. Its integration into the plastic tray market transports limitless environmental and economic profits to businesses and industries. 

Driver

Development of Reusable Plastic Trays: Market’s Largest Driver

Reusable plastic trays are in high demand in the market as these can be used for several purposes. With the speedy development of the consumer goods, food, and beverage industry, customers have begun moving toward better packaging options that are lightweight, eco-friendly and safe for transportation utility. Thus, the packaging market which severely counts on plastic trays is observing a flow in demand for the flexible packaging industry. 

The increasing demand for plastic trays worldwide has an extra contribution to fast revolutions such as advanced storage systems, and better-customised designs, making the tray efficient enough to be economically efficient and intensify the quality of plastic trays. With the facility of better locking in such plastic trays, the industry raised its value exponentially. This enhances food safety by preserving it for a longer duration. By using recyclable plastic tray for the storage of eggs the business owners are economically relaxed due to affordable and sustainable products.

• In December 2023, Ficacci Olive Company, announced the launch of paper trays. These are sustainable innovations with 100 per cent recyclability. 

Restraint

Strict Guidelines and Regulations 

The growing concern towards environmental issues has lifted the focus of the public toward the usage of sustainable products. This has enhanced the pressure on the government to implement strict guidelines on the use of plastic trays along with a limit on its recycling process this has created a hindrance to the growth of this industry. Many countries and states have banned the usage or fixed high-rate charges for using plastic trays due to which this market has been majorly affected. Various major market players are actively working towards producing a biodegradable or reusable plastic tray concept that is eco-friendly. The entire world is swiftly taking action against any irregularities in nature that are primarily inspiring people to avoid the use of plastic. 

Opportunity

Sustainability and Affordability of Products: Significant Opportunity for the Market

Rising urbanization influences people to use food products stored for a longer duration which ultimately drives the plastic tray market. Plastics are non-biodegradable products but these can be recycled many times which makes it budget-friendly and hence is considered the best fit for packaging purposes. It can be recycled several times which makes it a sustainable choice for storage and transportation purposes. The huge availability of plastic helps major market players experiment with different methods that can be sustainable, eco-friendly, durable, cheaper, lighter in weight, and many such advantages that can attract several businesses to use this material as a storage and transportation solution. 

• In November 2022, Upward Farms announced about the launch of resealable packaging. These packaging are manufactured for the United States Department of Agriculture (USDA) certified organic microgreens.

Segment Insights

PVC Leading to the Plastic Tray Market in 2023

The PVC segment held the dominating share of the plastic tray market in 2023. These are considered the best fit for gas and remelting environments as it has high resistance to remelting effect and gas as well. These are suitable for the medical sector mainly for manufacturing devices. PVC compounds have been used for the past 50 years in the medical sector which shows it is highly preferable as it is satisfying all the demand in this field. In the healthcare sector, these PVCs are used for multiple purposes such as blood bags, bedpans, inflatable splints, catheters, tubing, and many others. 

The Flexible Form Holds a Notable Share in the Market

The flexible form segment held the dominating share of the plastic tray market in 2023. These flexible plastic trays are the innovation of market players for providing versatility and convenience in the packaging industry. These are made up of various materials such as thermoplastic elastomers or polypropylene which are ideal for any purpose and do not break easily while bending. Due to this flexible property, these trays can accommodate various shapes and sizes according to the requirements. These trays are also designed with an interlocking system, stackability, and many other facilities which enhance their usability.

Food & Beverages Items Lead to the Market in 2023

The food & beverages segment held a significant share of the plastic tray market in 2023. This storage material is considered to be safe for food & beverage as it is non-toxic and does not contain any harmful chemicals. Its property of resistance to chemicals such as alcohol, oils, and acids makes it the most preferable for storage purposes. For long-term storage, these plastic trays are highly preferred as there is no risk of any reaction. There are several reasons for using these in the food industry such as durability, versatility, cost-effectiveness, health and safety, environmental concern, and many others. 

Rising E-commerce Companie: Asia Pacific’s Projection as a Leader

Asia Pacific witnessed the highest revenue shares for the year 2023. The growing poultry farming contributes significantly to the growth of the plastic tray market. This growth is also due to rising urbanization, growing online order service, and frequently changing consumer lifestyles. Growing food & beverage companies have a direct impact on the plastic tray market. The wide expansion of e-commerce mobile applications has provided ease to consumers for ordering online food products which affects this market. Developing countries such as India, China, Japan, South Korea, and Thailand are progressively working toward innovative facilities for online orders of food and various other items. 

With the growth of the e-commerce industry, there has been a huge upsurge in the capacity of products that are essential to be transported, which has led to a consistent upsurge in the demand for the packaging of materials. This has formed various new openings for the plastic tray market, with several companies emerging with new packaging materials that are precisely designed for e-commerce product shipment. In poultry farms plastic trays are highly used for the transportation of eggs safely from one place to another. Egg trays offer a physical shield from mechanical forces throughout transportation and handling services. They help to reduce the breakage by gripping vibrations and shocks, which are mutual when transporting eggs from the resting barns to packaging them or storing them.

• In January 2024, Charoen Pokphand Foods (CPF) announced the launch of 100% egg trays in Thailand. These are considered 100% recycled Polyethylene terephthalate (PET) which comprises the combination of two products 45% post-industrial recycled (PIR) plastic and 55% post-consumer recycled (PCR) plastic. 
• In November 2023, Pure Prairie Poultry™ announced the launch of a new retail brand for the supply of pure products with premium packaging. 

Growing Reusable and Recyclable Culture: Promoting the Growth of Europe

Europe is estimated to grow at the fastest rate over the forecast period. The rising trend of reusable and recyclable plastic culture significantly impacts the plastic tray market. Due to the growing demand for sustainable products and environmental-friendly products, several market players as well as the government introduced various norms that can assure people using products are not harmful to nature. There are several campaigns run by governmental as well as non-governmental organizations to spread awareness about using recyclable plastic and make strict rules in the packaging industry for manufacturing such plastic. 

• In January 2023, according to reports the UK government introduced Environmental Improvement Plan 2023. Their target is to make sure that the residual municipal plastic waste should not be more than 42 kg per capita annually by the end of January 2028.  

There are various major market players such as Grimsby, Jaymar, Protega Global Limited, Berry Global, Mondi Group, DOW SILICONES UK LIMITED, and many others are coming up with innovative ideas for manufacturing recyclable plastic trays. Such trays are used in multiple industries such as food & beverages, Personal Care & Cosmetic Products, and many more. Almost every industry prefers reusable plastic trays that should be leakproof as well for providing top-quality packaging to their customers.   

• In October 2022, Mark & Spencer announced their target of net zero carbon emission by the end of 2040. The focus is to reduce and reuse plastic packaging with an assurance that 100% of our packaging to be recyclable by 2025.

New Advancements in the Plastic Tray Market

• In April 2024, Klöckner Pentaplast, announced the launch of their first-ever food packaging products which are 100% Recycled PET Trays. This is developed to rewrite the PET recycling rules.
• In August 2024, Pactiv Evergreen Inc., which is a food and beverage packaging manufacturer announced the launch of Recycleware reduced-density polypropylene (RDPP) meat trays.
• In June 2024, CREO Group, announced the launch of a new parent company named Mill Point Capital LLC. This new parent company is to integrate Nursery Supplies Inc. and Summit Plastic Company. 
• In April 2024, Eastman and See, announced the launch of a lightweight certified compostable tray. These are the replacement of polystyrene foam which is a protein-rich packaging.

Top Companies in the Plastic Tray Market

• Global Medi Exporters
• Parthiv Polymers
• Abhishek Enterprises
• Bharat Polymer Extrusions
• Advance plastic
• Amit Enterprises
• Avani Plast
• Darshit Trading Company
• Diamond Pack
• Rio Industries
• Maruti Enterprise
• Galaxy Plast

Plastic Tray Market Segments

By Material Type

• PVC
• Polypropylene
• Polyethylene Terephthalate
• Polystyrene

By Form

• Flexible
• Semi-flexible

By End-Use

• Food & Beverage Industry
• Industrial Goods Industry
• Electronics Industry
• Pharmaceutical Industry
• Retail Industry
• Cosmetic & Personal Care Industry

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait