The global compostable tray market reached a size of US$ 1.52 billion in 2023 and is projected to grow to approximately US$ 3.09 billion by 2034, expanding at a CAGR of 6.65% during the forecast period from 2024 to 2034.
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Key players in the market are increasingly pursuing inorganic growth strategies, such as mergers and acquisitions, to advance technology for compostable tray manufacturing, which is expected to propel the global market over the forecast period.
Major Key Insights of the Compostable Tray Market
- North America dominated the compostable tray market in 2023.
- Asia Pacific is anticipated to experience significant growth during the forecast period.
- The cardboard trays segment is projected to grow significantly in the coming years.
- The restaurants segment led the compostable tray market in 2023.
Compostable Tray Market: Minimizing Environmental Impact
Compostable trays are packaging products crafted from materials that break down into natural substances in a composting environment. Designed to decompose within a few months when exposed to moisture, heat, and microorganisms, these trays are primarily made from biodegradable materials like bagasse (sugarcane fiber), bamboo, or recycled paper.
By minimizing landfill waste and contributing to soil health when composted, compostable trays typically have a lower carbon footprint compared to traditional plastic options. They are widely used for food packaging, takeout containers, and serving trays in restaurants and catering. Many compostable trays meet specific standards (such as ASTM D6400 or EN 13432) that certify their compostability. Overall, compostable trays represent an eco-friendly alternative to conventional plastic, supporting sustainability and reducing environmental impact. The global packaging industry is projected to grow from USD 1.20 trillion in 2022 to USD 1.58 trillion by 2032, with a CAGR of 3.16% from 2023 to 2032.
Growing Online Food Delivery: Major Market Driver
As lifestyles become busier, consumers increasingly rely on ready-to-eat meals and online food delivery services. There is a growing preference for products made from natural, non-toxic materials. The expansion of the food delivery and takeout market is driving demand for convenient, eco-friendly packaging solutions. With China and the U.S. predicted to be the top two markets, the online meal delivery industry is expected to expand in 2024, with projected revenue of $43.78 billion in 2024. Additionally, India’s online meal delivery market is anticipated to grow significantly. Increasing regulations and bans on single-use plastics in various regions are encouraging food companies to seek compostable materials, which is expected to drive growth in the global compostable tray market over the forecast period.
Top Factors Promoting the Growth of the Compostable Tray Market
- Key players are focusing on geographic expansion and launching food brands in new countries, driving growth in the compostable tray market.
- Emphasizing cost reduction and production efficiency will further propel market growth.
- Emerging markets and trends for compostable trays are expected to significantly boost the global compostable tray market during the forecast period.
- Increased regulatory support is anticipated to further fuel market growth.
Market Trends
Rising Demand for Sustainable Packaging
The growing consumer preference for eco-friendly products is boosting the demand for compostable trays as alternatives to plastic. The adoption of advanced technology for producing compostable trays is expected to drive market growth in the near future.
Compostable Tray Market Key Players
- Cryovac(Sealed Air)
- Enviropack
- Green Paper Products
- Good Start Packaging
- BioPak
- BIOPAP
- Ecoocel
- Cima-pak
- COPAR
- Pure Option
- Enduro
- YUTOECO
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