Pune India, Jan. 14, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the compostable paper trays market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the compostable paper trays market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the are International Paper Company, Biosphere Industries LLC, BioBag Canada Inc., Cereplast Inc., Penley Corporation among others. To achieve a substantial market share in the worldwide compostable paper trays market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The goal towards a more sustainable solution of packaging and meticulous efforts of the manufacturers for technological advancement, development process, and continuous research to produce more environment-friendly compostable food trays without any bad effect on nature could create plenty of opportunities for compostable food trays in the coming days. It is commonly agreed that food trays are preferred as the most user-friendly food packaging due to their system of airtight locking, which prevents any leaks. Packaging solutions are raising a variety of environmental issues like the requirement for biodegradable or compostable materials and the arising difficulty in recycling them. In 2017, the Institute of Scrap Recycling Industries (ISRI) issued various comments expanding and clarifying its position on biodegradable flavor enhancers in packaging. In exhaustive testing, the degradable chemicals have not been subjected and it is not clear what kind of threat they may pose to human health and the environment, as was sighted by the study. Although there are many benefits of using plastic trays, consumers are seeking more options in eco-friendly packaging. Recently, edible trays are seen all the rage as they eliminate waste and may be used right away. Edible tray options are made from palm leaf, sugarcane, bagasse, corn starch, and others have aided the demand for compostable paper trays. It is expected that these edible trays will be an effective alternative packaging to traditional trays as they fulfilled all of the needs of consumer packaging. Further, enhancing these impositions can play the role of a key driver in market growth.
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Scope of Compostable Paper Trays Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Type, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||International Paper Company, Biosphere Industries LLC, BioBag Canada Inc., Cereplast Inc., Penley Corporation among others|
Compostable food service is expected to be the fastest-growing segment in 2022.
The type segment is food trays, plates, utility trays, bowls and cups, and others. Bowls are used to serve food and beverages as part of a multicourse dinner or in a buffet situation. It is customary to drink out of cups. Compostable food service goods such as covertly packaged fruit cups, vegetable bowls, and cereal bowls can also be packaged using both types of packing.
Environment-friendly market products are expected to be the fastest-growing segment in 2022.
The application segment is confectioneries, restaurants, bars, and others. This is attributable to increasing consumer disposable income and quick urbanisation in developing nations. Because the goods for compostable packaging are biodegradable, they are both sustainable and environmentally friendly. These materials are perfect for usage in restaurants, bars, and other food service applications because they do not leach chemicals as plasticizers or resins or paper does.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the compostable paper trays market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. due to growing awareness of sustainability and the function of composters, as well as strict rules by regulatory agencies like REACH.
Germany’s compostable paper trays market size was valued at USD 39.02 billion in 2022 and is expected to reach USD 65.5 billion by 2030, at a CAGR of 6.7% from 2023 to 2030.
Because of an increase in demand from eateries, bars, and other food service establishments, the demand for the compostable paper trays market is growing rapidly and expected to have substantial growth during the forecast period.
China’s compostable paper trays market size was valued at USD 40.5 billion in 2022 and is expected to reach USD 69.06 billion by 2030, at a CAGR of 6.9% from 2023 to 2030.
The key factor that is influencing the market growth includes rising consumer awareness of sustainable materials, increased awareness of global ecological issues, affordability and environmental friendliness, the ability of paper to be recycled, and other considerations.
India’s compostable paper trays market size was valued at USD 31.22 billion in 2022 and is expected to reach USD 52.8 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.
Raising consumer and company awareness of the advantages of biodegradable foodservice packaging. Additionally, the region is seeing an increase in demand for environmentally friendly and sustainable goods.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase in edible trays will be an effective alternative packaging to traditional trays as they fulfilled all of the needs of consumer’s packaging which is expected to propel the growth of the market across the countries.
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