LONDON--(BUSINESS WIRE)--The global rigid plastic food trays market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the global rise in online food delivery applications. With the rise in urbanization and busy work schedules in cities, the global food delivery and the takeaway market is growing. The hectic work schedules, easy access to mobile phones and the growth of Internet technologies are the major factors driving the market. The increasing number of competitors in the food delivery market that provides attractive offers is driving the global food delivery and takeaway market. Less popular restaurants are also gaining popularity, with the special offers given by the food delivery operators. This attracts many restaurants to enter the online delivery platform. This, in turn, has led to an increase in the dark kitchens, which provide food for online deliveries. Some of the major players in the online food delivery market are Delivery Hero, Domino's, Just Eat, and Foodler. These companies are also expanding in large scales, especially in developing countries, to meet the rising demand.
This market research report on the global rigid plastic food trays market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growth in product innovation as one of the key emerging trends in the global rigid plastic food trays market:
Global rigid plastic food trays market: Growth in product innovation
The global rigid plastic food trays market is expected to experience increased demand during the forecast period, with the rise in product innovations. Various companies like Genpak are investing largely in R&D of new plastic packaging materials, which cause less harm to the environment and the humans. For instance, Genpak launched its new product called Clover in October 2018, which is a reusable and recyclable container. The company claims it to be an affordable and sustainable product. Similarly, the company also launched new food trays called Proview in 2018, which supports easy packaging of food for online and takeaway orders. With more product innovations in the global rigid plastic food trays market, there will be an increase in demand for such products in the future.
“Apart from product innovations, the increased use of bioplastics and the increase in market consolidation are two other factors that are expected to boost the growth of the overall global rigid plastic food trays market,” says a senior analyst at Technavio for research on food service.
Global rigid plastic food trays market: Segmentation analysis
This market research report segments the global rigid plastic food trays market by material (PET, PP, other materials) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of over 35%, followed by EMEA and the Americas respectively. The increasing population, urbanization, and industrialization are the major reasons for the growth of the market in APAC during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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