LONDON--(BUSINESS WIRE)--The egg tray market is expected to grow by USD 865.64 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The growing population, along with the increasing purchasing power has led to an increase in the demand for animal products in many developing countries. Eggs are one of the richest sources of protein, minerals, and vitamins. Eggs can provide one-fifth of the daily protein requirement for humans. The per capita consumption of eggs in developing countries such as China and Brazil is set to increase by 0.90% to 1.2% on average annually during the forecast period. In addition, in developed countries such as the US, the annual growth of per capita consumption of eggs is expected to be around 0.01% to 0.10%. In 2019, the per capita consumption of eggs in the US was around 289 eggs. It is estimated that this number will go over 300 eggs per person by 2021. Thus, the growing demand for eggs is expected to drive the growth of the market in focus during the forecast period.
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As per Technavio, the increasing demand for paper egg trays will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Egg Tray Market: Increase in Demand for Paper Egg Trays
The manufacturing process of PET cartons leads to the emission of toxic gases that have a damaging effect on the environment. Carbon monoxide, carbon dioxide, and sulfur dioxide are among the most harmful gases released. Moreover, the energy required for the manufacturing process is mainly generated from coal and natural gas, which results in increased levels of pollution. This has led to the increased demand for paper egg trays, due to the recyclable nature of paper. This will have a positive impact on the global egg trays market during the forecast period.
“Factors such as cost-efficient production, and the inclination of the population toward a healthy diet will have a significant impact on the growth of the egg tray market value during the forecast period,” says a senior analyst at Technavio.
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Egg Tray Market: Segmentation Analysis
This market research report segments the egg tray market by geography (APAC, North America, Europe, South America, and MEA) and material (plastic and paper).
The APAC region led the egg tray market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing purchasing power, and the high consumption and production of eggs in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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