Food Traceability Global Market Report 2024

The Foam Trays Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Foam Trays Global Market Report 2024, The foam trays market size has grown strongly in recent years. It will grow from $2.56 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to food packaging demand, retail and supermarket chains, lightweight packaging, insulation and protection, cost-efficiency.

The foam trays market size is expected to see strong growth in the next few years. It will grow to $3.58 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to e-commerce and food delivery services, food safety and regulations, ready-to-eat meals and convenience foods, customization and branding, emerging markets and urbanization. Major trends in the forecast period include technological advancements, online food delivery and takeout, innovative material development, food safety and packaging regulations, alternative packaging solutions.

Increasing food safety issues are expected to propel the growth of the foam trays market going forward. Food safety refers to procedures for preparing, handling, and storing food that is designed to avoid foodborne sickness and injury. Foam trays foodservice packaging insulates better, keeps food fresher for longer, and is less expensive than other options. For instance, in June 2022, according to the UK Research and Innovation, a UK-based government department, in the UK, there are over 2.4 million instances of foodborne illnesses each year. Therefore, the increasing food safety issues drive the growth of the foam trays market.

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The foam trays market covered in this report is segmented –

1) By Material: Polyethylene, Polypropylene, Polyester, Polystyrene, Other Materials

2) By Coverage Type: Food Grade, Industrial Grade

3) By Application: Pharmaceuticals, Food and Beverages, Industrial, Other Applications

Product innovations are the key trend gaining popularity in the foam tray market. Major companies are developing innovative foam trays offering features such as bio-based material, durable and lightweight materials to sustain their position in the market. For instance, in January 2022, TekniPlex, a US-based manufacturer of containers and packaging products, launched foam polypropylene processor trays for fresh food products such as meat, poultry, pork, fruits, and vegetables, diversifying material offerings in this category. The material is long-lasting, lightweight, heat-resistant, and FDA-approved for direct food contact. Foam polypropylene is also a drop-in replacement for common foam polystyrene trays, so there is no need for businesses to undertake the extra work or cost of retooling packing equipment.

The foam trays market report table of contents includes: