The Global Stackable Plastic Trays Market is anticipated to accumulate a market value of USD 760 million in 2023 and is expected to garner a valuation of USD 1370 million by exhibiting a CAGR of 6% in the forecast period 2023 to 2033. The stackable plastic trays market reflected a growth of 5.2 % CAGR in the historical period 2018 to 2022.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 760 million |
| Projected Market Value in 2033 | USD 1,370 million |
| Growth Rate (2023 to 2033) | 6% CAGR |
The rising trend of minimalism and the high demand for efficient storage solutions are driving growth in the stackable plastic trays market. These trays are a versatile and space-saving alternative for storing everything from small items to large objects.
Also, with the increasing popularity of Do it yourself (DIY) projects, home improvement projects are gaining popularity, and many people are using stackable plastic storage trays to organize their supplies, tools, and materials. This enables them to have everything they need at their fingertips while working on a project.
Along with this, with more people accepting a "zero waste" lifestyle, there is high demand for disposable containers that can be used once and then thrown away without creating any waste. Stackable plastic storage trays fit this requirement perfectly, making them a popular choice among environment-conscious consumers.
The rising popularity of ready-to-eat food is also fuelling the demand for these plastic trays in the food service industry. The increasing use of plastics in many end-use industries is helping the stackable Plastic Trays market to grow.
The product is widely used in the food & beverage sector for packaging various types of food such as ready-to-eat meals, snacks, frozen meals, bakery products, and confectionery. The thriving packaged food industry on account of rising consumer choices for convenience foods is expected to fuel product demand during the forecast period.
Stackable plastic trays are also used for storing fertilizers and pesticides in the fields. These trays have found their use in storing fruits and vegetables as well as storing livestock food like cattle, chickens, and horses and chicken food.
Soaps are manufactured using agricultural ingredients or animal fat (lard) which involves the use of plastic trays. Rising awareness regarding health benefits associated with these soaps will drive their demand which will further benefit the overall market for stackable plastic storage trays.
In the pharmaceutical industry, these trays are used for packaging and storage of different types of drugs, ampoules, vials, and capsules.
Superior properties offered by these trays like moisture resistance and transparency as compared to other materials such as paperboard and glass help in driving the market growth ahead. Furthermore, they are lightweight in nature and have good shock-bearing capacity.
This makes them a perfect solution for storage and transportation of delicate pharmaceutical products.
Region-wise, the Asia Pacific is expected to dominate the market by accumulating a 42.4% market share by end of the forecast period. The growth is attributed to rising product demand from various end-use industries such as pharmaceuticals, food & beverages, and others.
In addition, growing investments by governments for the construction of new facilities is further anticipated to create product demand during the forecast period.
The market in North America is projected to grow with a CAGR of 5.8% during the projected period. Factors such as burgeoning demand for pharmaceutical packaging solutions and rising demand from retail shops for the storage of food items are expected to augment growth in the region’s market.
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Recent developments and innovations in technology, mergers, acquisitions, tie-ups, and partnerships within the companies involved in manufacturing stackable plastic trays are anticipated to create lucrative opportunities for market growth during the forecast period.
In March 2022, Sonoco Products Company declared that its convenience and specialty food segments are raising the prices of their thermoformed crystallized polyethylene terephthalate (CPET) trays by over 9%. Price raise would be applied one at a time and was meant to apply to deliveries after March 1st, 2022. The company stated that price adjustments are necessary to cater to the ongoing cost increase.
Stackable plastic trays are convenient forms of storage that consume significantly lesser space when unused and reduce wastage of the products stored. These stackable plastic trays are widely used in the food and beverage industry at different stages.
In the pharmaceutical industry, stackable trays have many applications as well for the storage of small products like vials or tubes.
The reusability of the stackable plastic trays multiple times are making it a desired product in the industry. The current market trend towards the use of products that are recyclable and reusable is driving the growth of the stackable plastic trays market.
In the ready meals delivery, the black plastic trays are widely used and are gaining popularity as they are easily recyclable and are effective in keeping the food contents intact during transport to the consumer.
PET plastic is the most common form of plastic used in the manufacturing of plastic trays and bottles. PET plastic is lightweight, tamper-resistant owing to its high barrier strength and shatterproof, this makes it a desired material for manufacturing of trays for many industries like pharmaceutical.
According to a plastic recycling company, Plastic Recyclers Europe there are 700,000 tonnes of PET trays consumed in Europe annually and they can be recycled into quality products if separated properly. The rising use of PET as a material to manufacture lightweight stackable plastic trays is driving the market growht
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The consumer population across the globe is attracted to the green alternatives to plastic. The manufacturers are concerned with the aversion of consumers towards plastic products and are launching innovative alternatives to suffice the market demand.
Many players in the industry are introducing products like plant-based plastic trays, paper trays and other organic material trays as an alternative to the traditional plastic trays. This may prove to be a restraint in the growth of the stackable plastic trays market.
Key global players such as
are in the stackable plastic trays market.
In the Asian region, players like
are actively involved in the stackable plastic trays market.
Key players in the industry are trying to serve customized and innovative trays in the market according to the specific industry requirements. The stackable trays market is very competitive as there are many regional players involved in this business. Many players often offer customization in terms of size, shape, material, etc. to the customers in an effort to capture maximum market share.
The increase in the global volume of food takeaways and home deliveries owing to the pandemic is a lucrative opportunity for the manufacturers. Many retailers and restaurant owners are raising their inventory of packaging products for takeaways, stackable plastic trays not only save storage space but also it is available in customized formats which helps the owners in the marketing of the business as well.
In the Asia-Pacific region, the concentration of manufacturers in the stackable plastic trays business is in China, while in other countries there are very limited players.
The rise in the per capita consumption and income of China has led to the expansion of the pharmaceutical and food and beverage industry. These industries will augment the demand for the stackable plastic trays in China.
The pandemic has hampered certain parent industries in the market. The trays are widely used in the pharmaceutical industries which have resulted in dampening the effect of the pandemic on the stackable plastic trays market.
The delays in the supply of raw materials due to restrictions have created gap in the demand and supply of the product but it is gaining pace as regular business activities are being resumed.
| Estimated Market Size (2024E) | USD 5.5 billion |
|---|---|
| Projected Market Value (2034F) | USD 7.6 billion |
| Value-based CAGR (2024 to 2034) | 3.4% |
| Value for 2024 | USD 12.8 billion |
|---|---|
| Value for 2034 | USD 16.6 billion |
| Forecast CAGR for 2024 to 2034 | 2.60% |
| Market Size 2023 | USD 310.5 million |
|---|---|
| Market Size 2033 | USD 482.2 million |
| Value CAGR (2023 to 2033) | 4.5% |
| Market Value (2023) | USD 7.5 Billion |
|---|---|
| Market Value (2033) | USD 11.2 Billion |
| Market CAGR (2023 to 2033) | 4.1% |
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Stackable Plastic Trays Market
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