Press Releases

Compostable Tray Market Overview Key Insights and Future Growth Potential

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.

Download Statistical Data: https://www.towardspackaging.com/download-statistics/5334

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

Buy Premium Global Insight: https://www.towardspackaging.com/price/5334

Get the latest insights on packaging industry segmentation with our Annual Membership – https://www.towardspackaging.com/get-an-annual-membership

If you have any questions, please feel free to contact us at sales@towardspackaging.com

About Us

Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.

Browse our Brand-New Journal:

https://www.towardshealthcare.com

https://www.towardsautomotive.com

For Latest Update Follow Us: https://www.linkedin.com/company/towards-packaging/

Get Our Freshly Printed Chronicle: https://www.packagingwebwire.com/

Get a Subscription – – https://www.towardspackaging.com/get-an-annual-membership With our commitment to delivering accurate and up-to-date data, our annual packages ensure continuous access to a wealth of valuable information.

 

Packaging Web Wire

Packaging Web Wire shines as a subsidiary of Towards Packaging, dedicated exclusively to this dynamic sector. With a focus on the intricacies and nuances of packaging, Packaging Web Wire harnesses our consultancy's extensive knowledge and experience to provide specialized research and analysis. Through our platform, businesses gain access to invaluable insights and strategies crafted to address the ever-evolving challenges and opportunities within the packaging landscape. Towards Packaging stands as a leading global consultancy, renowned for its expertise in delivering comprehensive and strategic research solutions across a multitude of industries. With a seasoned team of consultants, we specialize in offering a wide range of services aimed at providing businesses with actionable insights and recommendations tailored to their specific needs and objectives.

Recent Posts

Peelable Lidding Films Market Overview

Peelable Lidding Films Market Growth and Future Outlook The global market for peelable lidding films…

2 days ago

Reverse Tuck Box Market Report Growth, Trends and Key Drivers (2024 – 2034)

Reverse Tuck Box Market Size, Trends and Growth Outlook The reverse tuck box market was…

2 days ago

Pharmaceutical and Chemical Aluminum Bottles and Cans Market

Growth Insights for the Global Pharmaceutical and Chemical Aluminum Bottles and Cans Market The global…

2 days ago

Plastic Tubes Market Trends and Growth (2024-2033)

Plastic Tubes Market Growth Size, Trends and Regional Outlook (2024-2033) The global plastic tubes market…

2 days ago

PP Deli Food Container Market Trends and Insights

PP Deli Food Container Market Size and Growth Insights The global PP deli food container…

2 days ago

Solid Bleached Sulfate (SBS) Board Market Overview and Forecast

Solid Bleached Sulfate (SBS) Board Market Growth and Forecast The global market for solid bleached…

2 days ago