Market Introduction
The Asia Pacific paper & paperboard trays market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies investing in the market arena. The consumers across the region widely prefer ordering food through online delivery platforms. For instance, Meituan-Dianping, China’s largest delivery service company, received ~6.4 billion food orders in 2018. With the growth of online food delivery channels, cloud kitchens, and takeaway services in countries such as China and India, the demand for paper and paperboard trays also grows exponentially. Further, due to the rising landfill issues, manufacturers are shifting their preferences toward paper and paperboard packaging from plastic packaging. Governments of countries such as China, Japan, and India are promoting the use of recyclable and reusable packaging materials to reduce the amount of waste generated. Moreover, stringent regulations prohibiting or limiting plastic usage in countries have driven the demand for paper-based packaging materials. Manufacturers of paper and paperboard trays are largely focusing on expanding their operations across Asia Pacific owing to the presence of a large customer base, availability infrastructure and laborers at low costs, abundance of resources, and existence of free trade policies.
India reported the highest number of COVID-19 cases across Asia Pacific, which led to the discontinuation of several businesses, such as paper & paperboard trays manufacturing activities. Also, due to the outbreak, most countries declared a health emergency and stopped unessential movements, thus impacting heavily on the supply chain of goods. Manufacturing facilities hustled to make changes due to the implementation of social distancing norms, which cased disruptions and slowdowns on throughput. Paper and paperboard industry may continue to see weak or broken links in their supply chains, which, in turn, would negatively affect the paper & paperboard trays market growth in the coming years.
Market Overview and Dynamics
The paper & paperboard trays market in Asia Pacific is expected to grow from US$ 2,349.29 million in 2021 to US$ 3,654.74 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2021 to 2028. The factors such as the increasing working population, busy lifestyles, rapid urbanization, and changing taste preferences have generated a great demand for ready-to-eat food products. Moreover, the demand for these products has risen steeply during the COVID-19 pandemic, which has encouraged food manufacturers to come up with a wide range of packaging innovations. Ovenable packaging is among the most progressive innovation in this segment. Ovenable paper and paper-board trays are used to provide chilled, fresh, and frozen ready-to-eat meals at both the retail and foodservice levels. Lightweight, good thermal conductivity, strong performance, temperature resistance, and optimal barrier properties make them feasible and preferable packaging solutions over packaging options such as Crystallized Polyethylene Terephthalate (CPET) and polypropylene plastic trays. Ovenable paper and paper-board trays are available in a variety of shapes and sizes with different closing alternatives such as peelable and non-peelable films, or non-peelable and perforated tear-off paperboard lids. Moreover, they are sustainable packaging solutions that are easy to recycle. Foodservices, airline catering, and retail food outlets are among the major adopters of ovenable paper and paper-board trays, and the demand is expected to grow in the coming years.
Key Market Segments
Based on material, the virgin fiber segment accounted for the largest share of the Asia Pacific paper & paperboard trays market in 2020. Based on application, the food and beverages segment accounted for the largest share of the Asia Pacific paper & paperboard trays market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the Asia Pacific paper & paperboard trays market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report include Huhtamaki; Mondi; Pactiv Evergreen Inc.; Hartmann; International Paper; PaperTech; and Athena Superpack Private Limited.
Reasons to buy report
Asia Pacific Paper & Paperboard Trays Market Segmentation
Asia Pacific Paper & Paperboard Trays Market -By Material
Asia Pacific Paper & Paperboard Trays Market -By Application
Asia Pacific Paper & Paperboard Trays Market – By Country
Asia Pacific Paper & Paperboard Trays Market – Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,349.29 Million |
| Market Size by 2028 | US$ 3,654.74 Million |
| CAGR (2021 - 2028) | 6.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Material
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Paper & Paperboard Trays Market is valued at US$ 2,349.29 Million in 2021, it is projected to reach US$ 3,654.74 Million by 2028.
As per our report Asia Pacific Paper & Paperboard Trays Market, the market size is valued at US$ 2,349.29 Million in 2021, projecting it to reach US$ 3,654.74 Million by 2028. This translates to a CAGR of approximately 6.5% during the forecast period.
The Asia Pacific Paper & Paperboard Trays Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Paper & Paperboard Trays Market report:
The Asia Pacific Paper & Paperboard Trays Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Paper & Paperboard Trays Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Paper & Paperboard Trays Market value chain can benefit from the information contained in a comprehensive market report.
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