Tire 3 Players Account for More than 40% Revenue Share in the Plastic Tray Market: 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.
Reusable plastic trays are being designed with a better locking system and produced from high-density polyethylene to ensure food safety for a long time. Leading producers of dairy, red meat, baked, and poultry products are focusing on providing reusable plastic trays as it reduces expenses, optimizes supply chain, and offer sustainability.
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.
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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.
Meanwhile, RECOUP in the UK has developed black plastic packaging recycling roadmap with an aim to introduce new detectable pigment, and develop a new technology solution to sort existing material for black plastic packaging. RECOUP is also leading a group including packaging manufacturers, retailers, packers, and trade associations.
Major retailers including Tesco, Marks and Spencer, and Sainsbury’s are working with Viridor, a waste management company to come up with a new solution on black plastic recycling.
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.
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