Foam Trays Market – Global Industry Share, Growth, Trends and Forecast Analysis For 2021

Foam trays made from a vast variety of polymers are used across pharmaceuticals, food, and a number of industrial applications. For the food industry, especially, the inexpensive, highly versatile, and easily disposed foam trays have become indispensable. The market has witnessed significant growth in the past few years, however in the near future, the scenario is expected to significantly change.

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Awareness regarding the harmful impact of the non-biodegradable varieties of foam trays on the environment is rising at a promising rate and the consumer has started demanding biodegradable products. The focus on the increased production and usage of a variety of bio-degradable products has started gaining strength in response to this trend. The next few years will witness a stark rise in the overall usage of a variety of sustainable substitutes such as paperboard, molded pulp, bagasse based containers, corn plastic containers, and compostable paper containers across a number of application areas.

Transparency Market Research states that the global foam tray market will expand at a CAGR of 3.2% over the period between 2009 and 2021, and rise to a valuation of US$3.0 bn by 2021 in terms of revenue. In terms of volume, the market is expected to expand at a 4.4% CAGR over the said period and rise to 52,876.9 mn units by 2021.

Polystyrene Foam Trays to Remain Most Preferred Product Variety

Of the key product varieties available in the global foam tray market in terms of raw material used, foam trays made from polystyrene are presently the leading contributor to the overall revenues of the global market. The segment is also the leading segment in terms of volume-wise consumption of foam trays globally. In 2014, 2,7301.3 mn units of polystyrene-based foam trays were sold globally. Revenue-wise, the segment had a valuation of US$1,589.4 mn in the same year. Features such as high level of versatility, good thermal resistance, and excellent insulation of polystyrene foam trays are expected to keep their demand high in the global market. As a result, the segment is expected to value over US$1,933.2 mn by 2021 in terms of revenues. 

Food Industry to Remain Largest Consumer of Foam Trays

Inexpensive, highly flexible, and also sometimes reusable trays made of polymer foams are used mostly for packaging and serving in sectors such as pharmaceuticals, food, and several industrial applications. Of these, the food industry is the most prominent consumer of a variety of foam trays, accounting for over 2/3rd of the total production of the global market in present times. Factors such as busy lifestyles and rising affordability of outside food are leading to a vast surge in quick service restaurants and the practice of parceling and delivering food, especially in emerging economies such as India, China, and Indonesia.

This factor, along with the increased use of foam trays for packaging fruits, vegetables, and other food products, has led to the vast rise in consumption of foam trays in the food industry in the past few years. Over the forecasting horizon as well, the food industry will be the most prominent consumer of foam trays and retain its position as the largest contributor to the global market’s overall revenues.

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Flourishing Food Industry in Asia Pacific to Fuel Demand

North America is presently the leading regional market for foam trays in terms of both revenue and volume. The prominent position of the regional market is attributed to the rising demand for larger case-ready, high priced, and recyclable varieties of foam trays in the region. The increase in prices of foam trays is also adding to the revenue prospects of the North America foam tray market. However, bans on non-biodegradable foam tray varieties in the region will dent the growth prospects of the market significantly in the next few years. Asia Pacific, on the other hand, will emerge as the most promising regional market. The flourishing food industry in the region and rising consumption of packaged and outside food will aid the increased demand for foam trays in the region.

Some of the key vendors in the global foam tray market are Pactiv LLC, Genpak LLC, Dart Container Corporation, D&W Fine Pack LLC, and Sirap Packaging.