Growing Demand for Sustainable Products
According to our latest market study on “Paper and Paperboard Trays Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Virgin Fiber and Recycled Fiber) and Application (Food & Beverages, Consumer Electronics, Personal Care & Cosmetics, Healthcare, and Others),’’ the market is projected to reach US$ 7,694.18 million by 2028 from US$ 5,195.24 million in 2021; it is expected to register a CAGR of 5.8% from 2021 to 2028.
Paper and paperboard trays are packaging products generally used for packaging fresh fruits and vegetables, eggs, salads, dry fruits, and other food and beverage products. These trays are also being used for packaging consumer electronic products such as mobiles, laptops, earphones, printers, cosmetics and personal care products, healthcare tools and equipment, and consumer goods such as glassware and jewellery. These trays are made of virgin or recycled fiber. They offer cushioning to the products inside the package to ensure their safety in transit.
Paper and Paperboard Trays Market Breakdown – by Region, 2020
Paper and Paperboard Trays Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Material (Virgin Fiber and Recycled Fiber) and Application (Food and Beverages, Consumer Electronics, Personal Care and Cosmetics, Healthcare, and Others)
Paper and Paperboard Trays Market Size, Share and Forecast to 2028
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Furthermore, the focus on new innovations and product developments to enhance the sustainability of paperboard trays has caused a spur in the market’s growth. For Instance, the Cascades, a North American and European-based sustainable packaging company, launched the first thermoformed cardboard tray in 2020. The product is made from 100% recyclable and recycled cardboard and has a recyclable water-based barrier coating that prevents moisture.
Paper as a packaging material is undergoing a restoration, as consumers perceive it as an environmentally friendly and high-value material. Paper has the advantage of being biodegradable, recyclable, and bio-based. Recent studies from the Institute for Energy and Environmental Research (Germany) exhibited a significantly lower impact of paper-based packaging on the environment than many other materials. Globally, paper-based packaging can tackle marine debris and lead to a lower impact of packaging in the environment. A paradigm shift in consumer behavior toward adopting sustainable packaging solutions is boosting manufacturers to focus on green packaging, thereby driving the growth for paper and paperboard trays market.
The key players operating in the paper and paperboard trays market include Huhtamaki; Mondi; Pactiv Evergreen Inc.; UFP Technologies, Inc; Hartmann; Orcon Industries; International Paper; Athena Superpack Private Limited; PaperTech; and SOLUT.
Impact of COVID-19 Pandemic on Paper and Paperboard Trays Market
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various manufacturing plants in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has affected the global supply chain and negatively impacted the manufacturing capabilities, delivery schedules, and sales of various goods. The pandemic has directly affected the production and demand, which has led to supply chain and market disruption, and has subsequently impacted the financial status of the firms and the global economy. Packaging is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of production plants.
With the spread of COVID 19 across the globe, most countries declared a health emergency and stopped unessential movements, thereby impacting heavily on the supply chain of goods. Disruptions in the supply chain caused slowdowns. Manufacturing facilities hustled to make changes due to social distancing, causing more disruption and slowdowns on throughput. Paper and paperboard industry may continue to see weak or broken links in their supply chains. Moreover, self-isolation has resulted in short supply and plethora of manufacturing units is sourcing supply chains away from China.
The report segments the paper and paperboard trays market as follows:
Based on material, the market is segmented into virgin fiber and recycled fiber. Based on application, the market is segmented into food & beverages, consumer electronics, personal care & cosmetics, healthcare, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM)
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