The global CPET Trays Market is expected to increase at a growth rate of around 5.0% to 6.0% during the forecast period. The sales of CPET trays are expected to reach millions of units, due to the rise in demand for packaged food and beverages.
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CPET Trays Market: An Overview
Growth in the consumption of packed food is becoming increasingly popular in all the developed as well as developing countries across the globe. This in turn is increasing the usage of ready meals trays such as CPET trays across different sectors. Consumers nowadays show a high preference for foods that is easy to carry anywhere while maintaining the quality and freshness of the food item.
CPET tray manufacturing process is based on the esterification method where the material is partially crystallized, making it opaque. Also, as a result of crystallization, the tray retains its original shape at high temperatures which makes it suitable enough to be heated in microwave ovens.
The CPET trays are gaining more importance in the market due to their predominance in the food and foodservice industry for packaging purposes over other materials such as bags made out of polyethene that cannot be recycled. CPET trays ensure safe contact with food and beverage products and are approved by the FDA and health safety organizations across the globe.
What Drives the Growth of the CPET Trays Market?
The busy lifestyle of people across the world is substantially increasing the demand for convenience packaging positively affecting the CPET trays market. The younger generation such as the millennials and the baby boomers are the ones contributing the most to the increase in demand for CPET trays.
This remarkable growth of the market is also because of the quality features that the tray possess such as elegance, high tensile strength, high durability, lightweight and ecofriendly properties. The CPET trays can withstand a temperature range of -40°C to + 220°C. The precision control of the material gives the trays a good impact resistance at low temperatures and shape retention at high temperatures.
The design of the CPET trays meets the requirements of the foodservice industry for online deliveries, on-the-go food parcels. The tray is designed for refrigerated, frozen meals with a place for side dishes and desserts, in short assigning place for different variety of foods that can be served in one packaging. The tray inherent oxygen barrier to protect the flavour and freshness of the food item.
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What Restraints the Growth of the CPET Trays Market?
The demand for CPET trays are controlled by the new government rules and regulations that limit or diminish the usage of plastic in various countries due to their increasing carbon footprint, lower rate of recycling and harmful effects on the environment. Even though PET is known as a plastic material that is highly recycled, many developing countries are lacking in terms of technology and infrastructure.
The major challenge is faced while collecting and separating the plastic products from the other trash. Although until there is a better substitute to the CPET trays, there is a long way for this market to decline.
What Growth Opportunities are offered by CPET Trays Market?
Recently developed CPET trays are developed under MAP (Modified Atmospheric Packaging) trays that can be utilized as packaging for frozen food, bakery & confectionaries, ready-to-eat meals and many others that needs a certain amount of oxygen to be sealed with food products to increase the overall shelf life.
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Competitive Landscape
Key global players of the CPET Trays Market are:
Tray Pak Corporation.
Cima Pak Corporation
Sonoco Products
Amcor Plc
Nnz Inc.
Bemis Company
Sabert Corporation
Pactiv LLC
Mpact Limited
Sealed Air Corporation
Key players in the Asia Pacific region of the CPET Trays Market are:
UTOC Packaging
Zhejiang Hengjiang Plastic Co.
Tianjin Taiyi Plastic Products Co Ltd
Splendor Innovative Pvt Ltd
Modern Pak
Nirmala Industries
Which Factors will Contribute to the Growth of the CPET Trays market in India and China?
The fast-paced growth of the food & beverage industry has resulted in a significant rise in consumption as well as production of CPET trays. The increasing disposable income of middle-class households boosted the demand for ready-to-eat meals because of the transforming busy lifestyle of the consumers.
India and China CPET trays market offer substantial growth opportunities for the new entrants and the global key players who plan to expand their presence across developing countries.
How has Covid-19 Impacted the Growth of the CPET Trays Market?
Covid-19 has inclined almost every industry globally towards a decline in sales. Strong actions are taken by governments include sealing off their borders disrupting the distribution channels. But the essential services were allowed to function that positively impacted the CPET trays market that is widely used by the food and foodservice industry.
The production and consumption of CPET trays were functioning smoothly without any discrepancies as consumers preferred using plastic trays that provides extended shelf life to the food items.
Key Segments of CPET Trays Market Covered in the Report
