The global sales of recyclable ovenable trays are estimated to be worth USD 2.9 billion in 2021 and are anticipated to reach a value of USD 4.9 billion by 2031. Sales are projected to rise at a CAGR of 5.5% over the forecast period between 2021 and 2031. The revenue generated by recyclable ovenable trays in 2020 was USD 2.7 billion.
The increasing demand from consumers and enterprises alike for alternatives to traditional materials in the food industry, especially eco-friendly packaging, propels the market demand for the recyclable ovenable trays.
Growing consumption of ready-to-eat and convenience meals, requiring ovenable packs, further places demands for recyclable trays that could take high temperatures. Other factors that help meet environmental concerns and changing regulatory standards are innovations in materials, such as heat-resistant or compostable.
Growth in food packaging trends toward sustainability-both consumers and government initiatives drive this forward-favours market growth. In addition, advancements in tray design further improve functionality and usability, contributing to the popularity of recyclable ovenable trays. Other factors contributing to the growth of the market include increasing circular economy practices in the packaging sector.
Global Recyclable Ovenable Trays Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 2.7 billion |
| Estimated Size, 2021 | USD 2.9 billion |
| Projected Size, 2031 | USD 4.9 billion |
| Value-based CAGR (2021 to 2031) | 5.5% |
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Biodiversity on earth is facing a lot of issues and health hazards owing tremendous rise in pollution across the globe. To protect marine & land based biological environments from these health hazards and saving the earth from pollution many awareness programs, governmental initiatives and other development efforts are being undertaken to increase mass awareness on the issue.
With the rise in awareness among the people the demand for recyclable and eco-friendly products is increasing with a remarkable growth rate. Consumers are preferring recyclable and eco-friendly products over conventional products, even at additional costs.
Various initiatives by regional governments and environmental regulatory bodies to save the environment, such as the restrictions on the use of polyethylene in various regions, regulations on manufacturing of non-recyclable products, etc. are also promoting manufacturers to develop eco-friendly and recyclable products.
These factors are expected to be a key driver for recyclable ovenable trays during the forecast period.
Ovenable trays are the best solution for packing ready-to-eat food developed by food manufacturers. Ready-to-eat food is experiencing great demand owing to the busy and dynamic lifestyle of the consumers. With the growth in ready-to-eat food products, the ovenable tray market is also expected to witness an immense rise in demand.
This rise in demand is due to more time-saving specifications of the ovenable trays as the consumers can store their food in freezers in these trays while they can also micro-wave it keeping the same packaging.
In addition, due to changing preference of consumers towards eco-friendly products, an extra advantage has been added to recyclable ovenable trays that make them different from their alternatives and thus boosting sales.
Principal Consultant
The USA is one of the largest consumers of the recyclable ovenable tray market. There is substantial demand for disposable kitchenware in the American market.
On the other hand, various environment regulatory bodies in the USA such as the Environmental Protection Agency (EPA) and various others are compelling manufacturers to develop and produce recyclable products. All of these aspects makes the USA a lucrative market for recyclable ovenable trays during the forecast period.
China is a developing country with a vast urbanized population undergoing a huge lifestyle change. Moreover the country been increasing its efforts towards sustainability and environmental protection over some recent years with new regulations.
The high demand for ready to eat food products, and growing awareness and adoption of recyclable packaging materials is projected to create significant demand boost for the Recyclable Ovenable Trays market in China.
Europe is one of the most lucrative market owing to the presence of comparatively the most stringent environmental regulations pertaining to packaging materials in the region. Also, there are high levels of awareness pertaining to environmental protection across businesses and consumers in the region.
Owing to such factors, the region creates ample opportunity for recyclable and eco-friendly products. Moreover, the countries in the European region witnesses significant demand for ovenable kitchenware owing to the prevalent lifestyle of a considerable part of the population. The above-mentioned factors are expected to enhance the sales of recyclable ovenable trays in the region during the forecast period.
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Some of the leading manufacturers and suppliers include
Many manufacturers are shifting their product portfolio towards bio-based products to compensate for the shifting demand from the consumer. Research and development investments from the manufacturer side are increasing to cater to the shifting demand and attract the market with new and innovative products, this will be a key strategy for the manufacturers to elevate their revenues and establish footprints.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Recyclable Ovenable Trays Market
