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What is the current size and forecast for the rigid trays packaging market?
The rigid trays packaging market has been witnessing robust growth in recent years. It is projected to surge from $290.94 billion in 2023 to $308.58 billion in 2024, reflecting a compound annual growth rate CAGR of 6.1%. This growth in the historic period can be attributed to the expansion of the retail sector, increased awareness about food safety, growth in the food and beverage sector, rising environmental concerns, and stringent regulations and standards.
How is the Rigid Trays Packaging market expected to grow in the next few years?
The rigid trays packaging market is expected to record strong growth in the next few years. It will soar to $392.10 billion in 2028 at a compound annual growth rate CAGR of 6.2%. This growth in the forecast period can be attributed to increasing consumer preference for sustainable packaging solutions, burgeoning e-commerce sector, rising consumer demand for convenience packaging, urbanization, lifestyle changes, and globalization.
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What are the growth drivers and significant trends in the rigid trays packaging market?
The ongoing surge in e-commerce is expected to act as a catalyst for the growth of the rigid trays packaging market. E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the Internet. The e-commerce boom is primarily driven by increased internet accessibility, technological advancements, and a growing consumer preference for online shopping due to its convenience and wider product selection. Secure and organized transit of products is ensured using rigid tray packaging in e-commerce, ensuring products arrive in optimal condition. In May 2024, according to the United States Census Bureau, U.S. retail e-commerce sales increased exponentially to $289.2 billion in the first quarter of 2024, a 2.1% rise from the fourth quarter of 2023. Therefore, the e-commerce surge is driving the growth of the rigid tray packaging market.
Who are the significant industry players in the rigid trays packaging market?
Major companies operating in the rigid trays packaging market include WestRock Company, Ball Corporation, Amcor plc, Berry Global Inc., Smurfit Kappa Group, DS Smith Plc, Graphic Packaging International LLC, Sonoco Products Company, Silgan Holdings Inc., Pactiv Evergreen Inc., Sealed Air Corporation, AptarGroup Inc., Dart Container Corporation, Multivac Group, Klöckner Pentaplast, Printpack Holdings Inc., Winpak Portion Packaging Ltd., Coveris Holdings S.A., Genpak, CKS Packaging Inc., Greiner Packaging International GmbH, D&W Fine Pack, Anchor Packaging LLC, and Placon Corporation.
What are the emerging trends in the rigid trays packaging market?
Major companies operating in the rigid trays packaging market are concentrated on developing innovative products such as compostable trays to provide sustainable alternatives to traditional foam trays. Compostable trays, an eco-friendly solution, are designed to decompose into organic material through composting processes. For instance, in April 2024, Sabert Corporation, a U.S.-based food packaging firm, launched compostable trays made from renewable, plant-based materials, proving they are environmentally friendly while delivering sturdy and reliable performance for foodservice applications. These trays offer heat tolerance and moisture resistance, making them suitable for a variety of foods. They meet strict composting standards, ensuring no toxic residues are left behind.
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What are the market segments in the rigid trays packaging industry?
The rigid trays packaging market comprises –
1 By Type: Plastic Rigid Trays Packaging, Metal Rigid Trays Packaging
2 By Material: Plastic, Glass, Metal, Paperboard
3 By Application: Pharmaceutical, Food And Beverage, Other Applications
How is the global rigid trays packaging market geographically distributed?
Asia-Pacific was the largest region in the rigid trays packaging market in 2023. The regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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