SEATTLE--(BUSINESS WIRE)--The global bakeable trays market was valued at US$ 1,284.3 million in 2018, and is expected to exhibit a CAGR of 4.8 % over the forecast period (2019–2027).
Key Trends and Analysis of the Bakeable Trays Market:
Increasing working population across the globe has led to high preference for processed and convenience food products, which in turn is expected propel demand for bakeable trays over the forecast period. For instance, according to the International Labor Organization, Asia Pacific had a working population of 1.9 billion, which accounted for 60% of the global workforce in 2017. Moreover, according to the United Nations Development Program, working population in Asia Pacific is expected to increase to 4.8 billion by 2050, accounting for 68% of the total regional population.
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Furthermore, growing food & beverage industry and key players in the market offering different varieties of bakeable trays are some of the factors, which are expected to drive growth of the global bakeable trays market. For instance, according to the India Brand Equity Foundation (IBEF), India’s food industry was valued at US$ 39.71 billion in 2013, which increased to US$ 65.41 billion in 2018.
Key players in the market are focusing on product launches to expand their product portfolio and consumer base. For instance, in 2015, Cullen Packaging (corrugated box manufacturer) launched its new range of bakeable trays made from dried & molded paper pulp. This new product was targeted to large commercial bakeries and small independent outlets.
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Key Market Takeaways:
- The global bakeable trays market is expected to exhibit a CAGR of 4.8 % over the forecast period (2019–2027)
- Asia Pacific accounted for a significant market share in the global bakeable trays market in 2018, owing to rising demand for food and beverages to cater to increasing population in the region. For instance, according to the Indonesia Food and Beverage Association (Gapmmi) study, Indonesia's food and beverage industry witnessed a significant growth of around 8.5% in 2017. Moreover, Indonesia is the most lucrative market for Foreign Direct Investment (FDI). According to the Badan Koordinasi Penanaman Modal (BKPM) data, FDI in Indonesia's food and beverage industry was valued at US$ 1.5 billion in 2015. Therefore, growth of the food & beverage industry is expected to create opportunities for global and local key players to tap potential market for bakeable trays especially in emerging economies. Major players are offering different varieties of bakeable trays in order to cater to demand for bakeable trays. For instance, iVEX Protective Packaging Inc. offers PE laminated bakeable trays. These trays come with PE lamination, which enables cooking of food without using oil sprays.
- Some of the major players operating in the global bakeable trays market include iVEX Protective Packaging Inc., DuraCorp LLC, Huhtamaki BCP Ltd., Packaging Sales & Service Inc., Menasha Corporation, Honeymoon Paper Products Inc., Tielman Sweden AB, Genpak LLC, Northland Aluminum Products Inc., and Laminating Technologies Industries LLC.
Global Bakeable Trays Market, By Product Type:
- Single Corrugated
- Double Corrugated
Global Bakeable Trays Market, By Compartment:
Global Bakeable Trays Market, By Application:
- Food & Beverages
- Cosmetics & Personal Care
- Logistic & Transportation
Global Bakeable Trays Market, By Region:
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
- Rest of Middle East
- Northern Africa
- Central Africa
- South Africa
- North America
- Company Profiles