As per the research conducted by Future Market Insights, during the forecast period, the global Pet food trays market is expected to account for US$ 310.5 million in 2023, and is going to further accelerate at a CAGR of 4.5% to reach a valuation of US$ 482.2 million by the year 2033. The sales of the PET food trays are anticipated to bolster with the top 3 countries projected to hold nearly 30 to 35% of the market in 2022.
The rise in demand for rigid packaging solution in the food producers & processors industry propel the demand for single cavity PET food trays. The same segment is projected to hold nearly 68% of the market value share by the end of 2023.
| Attributes | Details |
|---|---|
| Market Size 2023 | US$ 310.5 million |
| Market Size 2033 | US$ 482.2 million |
| Value CAGR (2023 to 2033) | 4.5% |
| Collective Value Share: Top 5 Companies (2022A) | 15 to 20% |
The PET food trays market revenue totaled US$ 298.3 million in 2022. The surge in demand for rigid food containers, the PET food trays market is projected to reach US$ 482.2 million by 2033 registering a CAGR of 4.5% during 2023 to 2033.
The PET food trays market is estimated to experience a positive growth outlook during the forecast period. Forecast anticipates that PET food trays sales will rise during 2023 to 2033 and is projected to create an absolute incremental growth opportunity of US$ 183.9 million.
Increasing consumption of packaged food and a surge in demand for quick service restaurants will fuel up the demand for pet food trays. The global PET food trays market is anticipated to expand 1.6 times the current market value during the forecast period. The PET food trays industry is growing rapidly due to increased demand for convenient and sustainable packaging solutions for pet food ingredients
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The global PET food trays market witnessed a CAGR of 4.0% during the historic period with a market value of US$ 298.3 million in 2022.
Food packaging has advanced from a simple container to hold food to something that does not interfere with the quality of food. With the upgradation in the packaging material food packaging evolved for the material which can be recyclable in nature and PET food trays came out as an option. With the increased consumption of packaged and frozen food, the demand for PET food trays is projected to surge in the forecasted period.
The demand for PET food trays increased as people switched to take-away orders due to the COVID-19 pandemic. The rising consumption of packed food and frozen food augment the sales of PET food trays. Rising trends towards modernization, rise in disposable income, and altering food consumption habits of an individual fuel the demand for packaged food, which result in the market growth of PET food trays during the forecast period.
The consumers are increasingly seeking convenient ready-to-eat and on-to-go snack food throughout the day. The demand for both salted and sweet snacks increased the demand for the packaging material for the product. As per the research manufacturer in snacks & dry food industry are looking for a sustainable packaging solution to reduce their carbon foot prints. PET food trays are 100% recyclable in nature creating its demand in snack and dry food market.
With the excellent tensile and flexibility of PET material, the PET food trays can be molded into different shapes and sizes, which can help various restaurants and quick service restaurants to create a brand differentiator and position themself. This helps in generating hefty demand for the PET food trays in the HORECA industry. The PET food trays can be designed as per the requirement of the QSRs giving them a competitive edge and gain significant market share.
PET is a strong, clear, and lightweight plastic that is widely adopted in packaging food and beverages sector. Compare to the other polymer used in food packaging, which possesses lower thermal stability and gets deformed when little pressure is applied to it. Consuming the product made from packing material that is not suitable for warm or heated food may cause an adverse effect on the health of the consumer. Polystyrene is one of the materials used to manufacture food trays. Environmental protection agency recognizes styrene (the primary molecule of polystyrene) as having an adverse effect on human health. Polystyrene is also considered carcinogenic in nature by the WHO. PET is highly recyclable in nature, while the other polymer utilized in the manufacturing of food trays are not recyclable in nature
PET is globally approved for safety as it does not interfere with the quality of the product kept inside it. In addition to this, the PET material does not contain any biphenol-A or phthalates. The unique feature of PET material makes it accepted worldwide in the food and beverage industry and transportation of PET-derived food trays are easy due to their lightweight property. The unique features of Pet material compared to the other plastic materials in the market, PET remains one prospective material for manufacturing food trays.
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The C-PET food trays segment is anticipated to grow 1.6 times the current market value during the forecast period. C-PET (crystallized polyethylene terephthalate) has evolved as one of the materials for manufacturing PET food trays due to their property to withstand the temperature of -4o Fahrenheit way up to 400o Fahrenheit. With the high heat stability, the PET food trays will expand their sales in the quick-service restaurant and especially for the freezer to oven or freezer-to-microwave food. C-PET boosts the barrier property ensuring the food has the best protection and maintains its integrity. This is important in meeting the customer’s expectations regarding safety and health.
C-PET possess better-sealing property and is compatible with all kind of top seal and flow packing. C-PET possesses a highly effective barrier against water, oxygen, and carbon dioxide which eliminates the risk of contamination extends the shelf life of food and improves food quality PET food trays made from C-Pet material are 100% recyclable, thus eliminating the usage of plastic in food packaging which will surge in the demand for C-PET food trays.
The food producers & processors segment is projected to hold nearly 33% of the market value share by the end of next five years. PET food trays protect against spoilage and off-coloring for frozen foods. PET food trays are easy to fill, seal, and store. It pose excellent moisture-blocking properties and are resistant to bacteria & other microorganisms which may spoil or deteriorate the quality of frozen food. PET food Trays are resistant to grease water and oil. These trays are rigid and do not reform when light pressure is applied to them, making it easy to transport. PET food trays are approved by USFDA for food packaging making it compliant in various parts across the globe. PET food trays possess excellent thermal stability making it a package of choice for microwave foods. The surge in consumption of packed food along with launch of variety of food products by the food brands create high demand for PET food trays based on its mentioned benefits.
| Country | USA |
|---|---|
| Market Share (2023) | 28.3% |
| Market Share (2033) | 25.7% |
| BPS Analysis | -260 |
| Country | China |
|---|---|
| Market Share (2023) | 9.2% |
| Market Share (2033) | 11.0% |
| BPS Analysis | +180 |
| Country | Germany |
|---|---|
| Market Share (2023) | 6.7% |
| Market Share (2033) | 5.2% |
| BPS Analysis | -150 |
| Country | United Kingdom |
|---|---|
| Market Share (2023) | 5.3% |
| Market Share (2033) | 5.7% |
| BPS Analysis | +40 |
| Country | India |
|---|---|
| Market Share (2023) | 4.4% |
| Market Share (2033) | 6.1% |
| BPS Analysis | +170 |
The USA PET food trays market is expected to surge with a CAGR of 3.1% over the forecast period. The huge expenditure on food consumption in the USA is the major factor fuelling the demand for food packaging along with PET food trays. According to the Federal Reserve Economic Data, the retail sale of food and beverage surged from US$ 604.44 billion in 2017 to US$ 789.9 billion in 2022. Also, the USA comprises more than 20,000 quick service restaurants. QSRs are one of the prospective markets for PET food trays which in turn will lead to a rise in sales for PET food trays in the forecast period.
India is expected to hold around 43% of the South Asia PET food trays market by the end of 2023. According to the report published by the Ministry of Commerce and Industry, the market for food service in India is projected to increase from US$ 41.1 billion to US$ 79.65 billion by 2028. With the increase in disposable income and rise in the consumption of quick food due to the busy lifestyle of Indian citizens, the market for food delivery and QSRs is rising exponentially with a CAGR of 23% throughout the FY 20–25, making the QSRs as the fastest growing sub-category in the food service industry. Overall 2.1% of India's GDP is contributed by the food service industry out of which a total 4% to the food service industry is contributed by QSRs. The increasing share of QSRs in the Indian market creates a surge in demand for PET food trays.
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The key players operating in the PET food trays market are focusing on expanding their capabilities by developing new facilities. Also, the players are focusing on product launch to gain the market share. Some of the development by the key players are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Material, Product Type, End Use, Region |
| Regions Covered | North America; Latin America; East Asia; South Asia & Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan Countries; Baltic Countries; Middle East & Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, India, GCC countries, Australia & New Zealand |
| Key Companies Profiled | Sealed Air Corporation; Amcor plc; Silgan Holdings; Sonoco Products Company; Pactiv LLC; CKF Inc.; Easy Pak LLC; Anchor Packaging; NNZ Inc.; Portage Plastic Corporation; Novolex®; Canembal; Envaplaster; Charpak Ltd.; HOT FORM srl.; Multiplex Packaging SDN BHD; Green River Plastic; Greener shapes; D & W Fine Pack; Heat Sealing Packaging; Mantle Packaging Machinery Ltd.; Cascades Inc.; Placon |
| Customization & Pricing | Available upon Request |
In 2022, the market size of the global PET food trays market was US$ 298.3 million.
The global PET food trays market is anticipated to reach US$ 310.5 million in 2023.
The global PET food trays market valuation is expected to reach US$ 482.2 million in 2033.
The projected CAGR for the global PET food trays market from 2023 to 2033 is 4.5%
The single cavity PET food tray segment of the global PET food trays market is expected to garner a significant value share by 2023.
The C-PET segment of the global PET food trays Market is predicted to expand rapidly between 2023 and 2033.
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