Global sales of paperboard trays are estimated to be valued at USD 4.6 billion in 2023 and are anticipated to reach USD 7.2 billion by 2033. Revenue is projected to expand at a CAGR of 4.6% over the forecast period between 2023 and 2033.
The revenue generated by paperboard trays in 2022 was USD 4.4 billion and is anticipated to exhibit a y-o-y growth of 4.7% in 2023. The food segment, on the basis of end-use, accounted for more than 84% of the market share in terms of value by the end of 2022.
The paperboard segment, on the basis of material, leads with around half of the market value share. It is expected to expand at a CAGR of around 3.8% over the forecast period. Microwave trays are anticipated to create a total financial potential of USD 2.1 billion between 2022 and 2033.
| Attributes | Key Insights |
|---|---|
| Paperboard Tray Market Size (2022A) | USD 4.4 billion |
| Paperboard Tray Market Estimated Size (2023E) | USD 4.6 billion |
| Paperboard Tray Market Projected Size (2033F) | USD 7.2 billion |
| Value-based CAGR (2023 to 2033) | 4.6% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Due to the growing production of trays manufactured from resources such as corn starch, sugarcane, bagasse, and palm leaves, the demand for compostable paper trays is anticipated to rise. Due to rising awareness of ecological deterioration and the negative impacts of traditional plastics on the setting, the global market for paperboard trays presents potential for manufacturers.
The market for biodegradable paper trays in the food and beverage industry is anticipated to rise due to the surging demand for food packaging and the expansion of the tourism sector. Demand for compostable paper trays is expected to rise as sustainability, and the need to lower plastic packaging waste become more important. Due to its physical qualities, including great strength, longevity, and high resistance to fracture and cracking, it is extensively utilized in the packaging sector.
The burgeoning tourism sector and the rising disposable income of middle-class consumers would both contribute to the need for food service packaging. The business for compostable paperboard trays is set to expand as a result of the aforementioned factors.
The global paperboard tray market is further expected to experience lucrative growth during the forecast period. A new estimation predicts that sales will rise from 2023 to 2033 and are projected to generate an attractive monetary potential of USD 2.8 billion. It is predicted to expand 1.6 times the current market value during the evaluation period.
The global paperboard tray market recorded a CAGR of 3.4% during the historical period between 2018 and 2022. It reached a market value of USD 4.4 billion in 2022 from USD 3.7 billion in 2018.
Paperboard trays are gaining traction in the global market. This is attributed to their increasing use among consumers and brands, as these have a minimum environmental impact and would help promote a circular economy.
| Historical CAGR (2018 to 2022) | 3.4% |
|---|---|
| Historical Value (2022) | USD 4.4 billion |
The thriving emphasis on sustainability in the world has been the key contributor to the growth of the paperboard tray market. Businesses are seeking packaging solutions that are perceived as environmentally responsible. Implementation of bans and restrictions by government and authorities on the use of single-use plastics would also boost the application of paperboard trays as these have emerged as the most suitable alternative to plastics.
The escalating popularity of online food delivery platforms and takeaway services has led to a rising demand for paperboard trays. Paperboard trays have become an appropriate choice for packaging meals for consumers as they are designed to be lightweight and portable.
Paperboard trays would also provide a convenient way to package hot food items and ensure safe delivery to consumers. The ever-growing food industry is one of the key consumers of paperboard trays, which is contributing to the expansion of the paperboard tray market at the global level.
The ongoing focus on environmental conservation is further leading to the soaring demand for sustainable packaging containers in the food service industry. Molded fiber trays have emerged as eco-friendly and cost-effective solutions meeting stringent food safety standards.
The demand for molded fiber food trays is expected to increase through 2033 as several companies and brands in the food service industry are transitioning to sustainable sources. Molded pulp has been prominently used in egg cartons and takeout beverages. The environment conservation movement is also contributing to the expanding market in electronics shipping and packaging material, which is made from scrap paper recycled content.
Developments in molded pulp parts tooling have provided an impetus to molded pulp producers. Advancements in technology are resulting in the development of unique molded fiber paperboard trays that are durable, functional, and visually appealing, contributing to the growing sales of molded fiber paperboard trays.
Manufacturers in the packaging industry are working to offer molded fiber-based solutions with new product launches and expansions. For instance, in March 2021, Graphic Packaging International introduced a new range of molded fiber food trays called PaperSeal. It is a step toward eco-friendly food packaging.
In December 2022, ThermoFibre Company partnered with Pulpac AB as the next licensee to expand its offering of dry molded fiber products. Unquestionable sustainability credentials and technological advancements have helped molded fiber paperboard trays to gain a key market share in the field of paperboard trays.
Principal Consultant
The table presents the expected CAGR for the paperboard tray market over several semi-annual periods from 2022 to 2033. In the first half (H1) of the decade from 2022 to 2032, the business is expected to surge at a CAGR of 2.7%, followed by a slightly higher growth rate of 3.1% in the second half (H2) of the same decade.
Moving into the subsequent period, from H1 2023 to H2 2033, the CAGR is projected to increase slightly to 3.3% in the first half and remain steady at 3.5% in the second half. These values offer insights into the anticipated growth trends for the paperboard tray market, aiding stakeholders and investors in making informed decisions regarding investments & strategies.
| Particular | Value CAGR |
|---|---|
| H1 (2023 to 2033) | 2.7% |
| H2 (2023 to 2033) | 3.1% |
| H1 (2023 to 2033) | 3.3% |
| H2 (2023 to 2033) | 3.5% |
| Attributes | Key Factors |
|---|---|
| Paperboard Tray Market Trends |
|
| Growth Hindrances |
|
| Upcoming Opportunities |
|
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
In the table below, the CAGRs of the top 5 countries are given for the review period 2023 to 2033. China, Japan, and India are expected to remain dominant by exhibiting the same CAGR of 5.1%, 5.9%, and 7.6%, respectively. The United Kingdom and the United States are set to follow with CAGRs of 2.5% and 3.4%, respectively.
| Country | Value (CAGR) |
|---|---|
| United States | 3.4% |
| United Kingdom | 2.5% |
| China | 5.1% |
| India | 7.6% |
| Japan | 5.9% |
Sales of food trays in the United States are driven by the huge expenditure on food. According to the United States Census Bureau, retail and food service sales in the country soared to USD 789.9 billion in 2022 from USD 704.9 billion in September 2023.
It is about 0.7% up from August 2023. United States-based businesses, consumers, and government entities have spent around USD 2.39 trillion in the food and beverage industry, as per the United States Department of Agriculture.
High spending on food consumption in the United States can create a massive demand for food trays in the forecast period. Furthermore, the country has more than 20,000 quick-service restaurants, which is one of the key markets for paperboard trays. The United States is expected to create extra possibilities worth USD 391 million, advancing at a CAGR of 3.4% from 2023 to 2033.
The food service industry in India is projected to attain around USD 79.65 billion market value by 2028, as stated by the Indian Brand Equity Forum (IBEF). The demand for food delivery services is surging remarkably at a growth rate of 23% as a result of the busy lifestyles of people and increased disposable income.
Quick-service restaurants in India are predicted to reach USD 1,069.3 million by 2027, providing an opportunity for the market players to expand further. India is predicted to gain 1/4th of the market share and reach a value of USD 584.4 million by 2033.
The United Kingdom paperboard tray market is projected to expand at a CAGR of 2.5% by 2033. Rising ecological awareness and promotion of sustainable packaging solutions are the key drivers of the paperboard tray market. Paperboard trays are generally considered more environmentally friendly than plastic and foam alternatives.
The United Kingdom government has implemented regulations and strategies in place to decrease the use of single-use plastics and endorse sustainable packaging solutions. This is projected to have a positive impact on the paperboard tray market.
Changing customer preferences for convenient and sustainable packaging solutions can have a significant impact on the demand for corrugated trays. The catering industry is an important consumer of paperboard trays. The growth or decline of this industry can unswervingly influence the demand for corrugated trays.
Supermarkets, hypermarkets, convenience stores, and other retail stores would also play an important role in pushing the demand for paperboard trays. Variations in retail trends and customer shopping behavior can impact this market.
China's paperboard tray market is projected to expand at a CAGR of 5.1% by 2033. It is set to be the leading and prominently growing market in the world.
The rapid development of the e-commerce sector in China has amplified the demand for packaging materials such as paperboard trays to safeguard the transportation of goods. The growth of China's food and beverage industry is the key driving force for the paperboard tray market. In particular, growth in the quick service restaurant (QSR) sector could have a significant impact on demand.
Innovations in manufacturing procedures, coating techniques, and design options can increase the competitiveness of paperboard trays in the market. The market will likely be impacted by the presence of key companies in the packaging industry, comprising both corrugated tray manufacturers and other packaging material competitors.
The table below signifies leading sub-categories under material, end-use, and application categories in the paperboard tray market. Paperboard materials are expected to dominate the market for paperboard trays by exhibiting a 3.4% CAGR in the evaluation period. Under the application category, the microwave trays segment is projected to lead the global paperboard tray market at a 3.2% CAGR.
| Segments | Value CAGR |
|---|---|
| Paperboard (Material) | 3.4% |
| Food (End-use) | 4.3% |
| Microwave Trays (Application) | 3.2% |
Paperboard is the preferred choice for several tray manufacturers as it offers consumer appeal, customization options, cost-effectiveness, and environmental benefits. The push toward sustainable and eco-conscious packaging has further reinforced the preference for paperboard in the tray industry.
Paperboard is anticipated to hold around 43% of the market share by 2033 and is projected to expand 1.4 times during the evaluation period. On the other hand, the increasing focus on paper recycling is expected to influence the molded fiber segment. It is expected to record a 5.9% CAGR during the forecast period.
Microwave trays are leading in the paperboard tray market and are envisioned to cultivate additional openings worth US$ 2,073.8 million in the forecast period. The soaring demand for ready-to-eat food and convenient packaging from end users is boosting the need for microwave trays in the global market.
Consumers are increasingly opting for microwaveable trays so that they can directly heat the food, thereby reducing the time and effort caused by other packaging formats. Companies are also offering new trays that fulfill consumer demand by providing both conventional and microwave trays.
Paperboard trays offer a variety of benefits, such as food safety, sustainability, versatility, customization, and cost-effectiveness. These have led to their increasing use in the food industry. Paperboard trays also offer an increasingly broad range of benefits, such as superior microwave cooking results, on-the-go convenience, and retail differentiation to food processors.
Hectic lifestyles, more elevated living standards, and penetration of online food delivery services have resulted in the growing demand for ready-to-eat meals. These factors are projected to contribute to the segment’s growth. The food industry is anticipated to capture around 4/5th of market share by 2033.
Manufacturing companies operating in the paperboard tray market are developing innovative tray designs catering to specific products or end-use industries. They are manufacturing paperboard trays with special features for different applications, including food delivery and electronics packaging.
Market players are also offering microwave trays, ovenable trays, and trays with enhanced insulation for cold and hot items. Leading players in the paperboard tray market are expanding their presence and manufacturing capabilities for paperboard packaging. They are adopting and offering sustainable packaging solutions to customers.
Recent Developments Implemented by Leading Players in the Market:
| Attribute | Details |
|---|---|
| Estimated Paperboard Tray Market Revenue (2023) | USD 4.6 billion |
| Projected Paperboard Tray Market Revenue (2033) | USD 7.2 billion |
| Value-based CAGR | 4.6% |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Value in USD billion |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product, Material, Application, Capacity, End Use, Region |
| Key Regions Covered | North America; Latin America; Asia Pacific; Europe; Middle East and Africa |
| Key Companies Profiled | Amcor plc; Sonoco Products Company;Huhtamaki Oyj; DS Smith Plc; International Paper Company; Brodrene Hartmann A/S; Billerud AB; Stora Enso Oyj; Mondi Group Plc; Graphic Packaging International, LLC; Novolex Holdings; WestRock Company; Pactiv LLC; Smurfit Kappa Group; Genpak, LLC; INDEVCO Paper Containers (IPC); Oliver Packaging; Cascades Inc.; Detpak Company; Papier-Mettler Inc.; NNZ Group BV; Duni Group; Nippon Mold Industry Corporation; Coveris Holdings Inc. |
The paperboard tray market is set to surge at a CAGR of 4.6% through 2033.
The worth of the paperboard tray market in 2022 was US$ 4.4 billion.
In 2033, the paperboard tray market is anticipated to reach US$ 7.2 billion.
A growing shift toward sustainable and convenient food packaging would be a leading driver.
Graphic Packaging International, LLC and Brodrene Hartmann A/S are the leading players.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Global Market - Pricing Analysis 6.1. Pricing Analysis for Paperboard Tray 6.2. Global Average Pricing Analysis Benchmark 7. Global Market Demand (in Value or Size in US$ Billion) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7.1. Historical Market Value (US$ Billion) Analysis, 2018 to 2022 7.2. Current and Future Market Value (US$ Billion) Projections, 2023 to 2033 8. Market Background 8.1. Global Packaging Market Overview 8.2. Global Rigid Packaging Market Overview 8.3. Global Food Market Overview 8.4. Macro-Economic Factors 8.5. Forecast Factors - Relevance and Impact 8.6. Value Chain 8.7. Cased-based Scenario – Impact Assessment 8.8. Market Dynamics 8.9. Opportunity Analysis 9. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 10.1. Kraft Paper 10.2. Paperboard 10.3. Molded Fiber 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 11.1. Single Cavity 11.2. Multiple Cavity 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 12.1. Microwave Trays 12.2. Conventional Trays 13. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 13.1. Up to 8 oz 13.2. 8 oz to 20 oz 13.3. 20 oz to 30 oz 13.4. Above 30 oz 14. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 14.1. Food 14.2. Fruits and Vegetables 14.3. Poultry 14.4. Bakery and Confectionary 14.5. Baby Food 14.6. Ready-to-eat Meals 14.7. Pet Food 14.8. Other Food Products 14.9. Non Food 15. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region 15.1. North America 15.2. Latin America 15.3. Asia Pacific 15.4. Europe 15.5. Middle East and Africa 16. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 20. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 21. Country-wise Market Analysis 22. Market Structure Analysis 23. Competition Analysis 23.1. Amcor plc 23.2. Sonoco Products Company 23.3. Huhtamaki Oyj 23.4. DS Smith Plc 23.5. International Paper Company 23.6. Brodrene Hartmann A/S 23.7. Billerud AB 23.8. Stora Enso Oyj 23.9. Mondi Group Plc 23.10. Graphic Packaging International, LLC 23.11. Novolex Holdings 23.12. Genpak, LLC 23.13. WestRock Company 23.14. Pactiv LLC 23.15. Smurfit Kappa Group 23.16. Genpak, LLC 23.17. INDEVCO Paper Containers (IPC) 23.18. Oliver Packaging 23.19. Cascades inc. 23.20. Detpak Company 23.21. Papier-Mettler inc 23.22. NNZ Group BV 23.23. Duni Group 23.24. Nippon Mold Industry Corporation 23.25. Coveris holdings Inc. 24. Assumptions and Acronyms Used 25. Research Methodology
Explore Packaging Insights
View Reports
Paperboard Tray Market
