LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global foam tray market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The foam tray market is expected to grow during the forecast period due to various reasons such as increasing food safety issues in various geographies. The demand for hygienic, quality packaging will foster the growth of the foam tray market. Another factor driving the global foam tray market is the increasing number of food recalls. The immense costs associated with recalls due to contamination have propelled manufactures to adopt advanced packaging methods like foam trays, to ensure the quality of the perishable goods.
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The top three emerging market trends driving the global foam tray market according to Technavio research analysts are:
- Demand for small sized or single serving packs
- Growth of biodegradable trays
- Consolidation of players in the market
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Demand for small sized or single serving packs
The demand for single serving packaged food has been increasing due to various reasons. The hectic schedules of the working population and the need for adequate quantities of food suiting individual needs are the major factors contributing to the demand for individual packaging. The growing number of single-person households is also affecting the demand for small sized or single serving packaging. In addition, there is a significant growth in the demand for convenient food packages in the market. This kind of packaging enables users to store food products for a longer time, due to improved shelf life.
“The need to reduce food wastage is another factor that drives the demand for the foam trays. When food is available in large packages, the chances of food wastage is high. Therefore, the use of single serving packs enables consumers to have the required amount of food, thus avoiding wastage. In addition, small sized packs require less shelf space when compared with large packs. Single serving packs are the growing trend in the packaging market as not only do they prevent food wastage but also meet individual needs,” says Shakti Jakhar, a lead analyst at Technavio for packaging research.
Growth of biodegradable trays
The use of biodegradable materials in the manufacture of foam trays overcomes environmental concerns pertaining to the issue of non-biodegradability and its increasingly adverse effects. New foam trays have been developed using a polylactic acid resin which is a corn-based biopolymer. This tray is used in the packaging of meat, poultry, and fish like regular foam trays. Most vendors like Coopbox and Dyne-A-Pak have started developing biodegradable trays.
“The biopolymers, derived from agricultural resources, help in replacing the foams obtained from plastics. The use of biopolymers reduces the dependency on the oil supplies, and leads to a reduction in the use of fossil fuels, thereby decreasing the GHS emissions. Polylactide is the widely used biopolymer which is made from field corn,” says Shakti.
Consolidation of players in the market
The market consists of very few regional or small vendors that are exposed to high competitive pressure in terms of innovation and capital investments, to withstand which, the small players opt for consolidation with the large players to get capital stability and adopt new technologies. To a certain extent, the big players choose to undertake consolidations to strengthen their market presence.
Existing players in the global foam tray market are anticipated to collaborate to include more environment-friendly innovative foam tray packaging, for sustenance in the market. The companies have been entering into mergers and acquisitions to retain their market share.
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