Tire 3 players are witnessing significant growth accounting 40-50% revenue share in the plastic tray market. Innovative and new product launches, developing cost-effective products, are the major focus areas of tire 3 companies. Meanwhile, tire 1 companies in the plastic tray market are engaged in expanding their manufacturing facilities, and emphasis on establishing a strategic alliance with the leading players and distributors across various regions.
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Limited geographical presence of the emerging players is likely to restrict their growth. However, new product launches with unique features in the plastic tray market are boosting the growth of emerging companies in the Plastic Tray Market.
Manufacturers See Growth Opportunities in European Plastic Tray Market
Resource-efficient and responsible approach to plastics in packaging by all the sectors and governing bodies in Europe is attracting more companies operating in the plastic tray market in the region. Proposed guidelines aimed at boosting recycling of PET plastic trays by Plastic Recyclers Europe (EuPR) is supporting the plastic tray market growth.
There has also been a significant growth in the use of PET plastic trays by the packaging industry in the region, thereby, presenting growth opportunities for plastic tray manufacturers in Europe.
Moreover, the European Commission has also established the Enterprise Europe Network to provide support to the companies planning to tap new growth opportunities in Europe.
Reusable Plastic Trays Gain Momentum in the Plastic Tray Market
Reusable plastic packaging is witnessing growing popularity across various industries. Improving supply chain performance, reducing the risk of damage and enhancing safety are some of the factors driving demand for reusable plastic packaging. The food industry is moving fast towards adopting reusable plastic trays.
European Union also recently declared its new policy agenda with the goal to make all the plastic packaging in the EU market to be reusable and recyclable by 2030. Manufacturers in the plastic tray market are producing reusable plastic trays instead of single-use plastic trays.
A study by the Journal of Cleaner Production found that the entire lifecycle of 1Kg plastic tray leads to around 1.538 Kg of CO2. Hence, to limit the amount of CO2 generated, companies are focusing on producing reusable plastic trays.
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Recyclability of Black Plastic Packaging to Drive Plastic Tray Market Growth
The black plastic trays found large application in the food industry, especially for packaging ready meals. However, with rising focus on the recyclability of plastic trays, the majority of the companies have stopped using black plastic trays as these trays cannot be recycled due to the presence of carbon black pigment.
However, some companies in the plastic tray market along with government organizations, and other groups are trying to find a new solution and technology to provide black plastic packaging for various food items and other products.
The Waste and Resources Action Programme (WRAP) in the UK worked with key players in the retail supply chain to improve recyclability of black plastics. WRAP is encouraging plastic tray manufacturers to use detectable black colorants that enable black plastic packaging to be recycled.
Increasing Demand for Alternatives to Plastic Packaging to Hamper the Plastic Tray Market Growth
Consumers across the world are becoming increasingly involved in sustainability, thus demanding green products. Hence, manufacturers in the plastic tray market are focusing on providing alternatives such as plant-based plastics, palm leaves, cornstarch, paper trays, etc. According to UN Environmental Programme (UNEP), more than 8 million tons of plastic is being dumped in the ocean every year.
Manufacturers in the plastic tray market are moving towards adopting the eco-friendly alternative to plastic trays. Manufacturers are investing heavily in developing paper trays. Various industries including food, healthcare, cosmetics, and consumer electronics are using paper trays for packaging.
Paper tray manufacturers are also developing freezer-safe and microwave-safe paper trays. Advanced technologies such as modified atmosphere packaging, and thermoforming are used to include unique features to paper trays.
The report offers a detailed profile of all the leading market players in the plastic tray market. Dashboard view on the key players is provided along with the SWOT analysis. Information on new developments, key strategies, market share and product portfolio of each of the key player is offered in the plastic tray market report.
Majority of the companies in the plastic tray market are focusing on recyclability and reusability of plastic trays. Research and development activities are also being conducted to introduce new product and solution in the plastic tray market. For instance, Huhtamaki Oyj is planning efficiency turnaround, which will result in closing of some of its non-competitive lines, due to lower than expected performance. However, Huhtamaki plans to improve its productivity by investing in automation.
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