Compostable paper tray are projected grow owing to the rise in production of edible trays made of materials including bagasse, maize starch, sugarcane, and palm leaves. The global compostable paper tray market offers manufacturers opportunities owing to the rising consumer awareness of environmental degradation and the harmful impacts of conventional plastic on the environment.
The demand for the food packaging owing to the increasing consumer quality of life and tourism industry growth is expected to boost the compostable paper tray market in the food & beverage industry over the forecast period.Due to the increased focus on sustainability and reducing the amount of plastic packaging waste is anticipated to create demand for compostable paper trays.
It is widely in packaging industry used owing to their physical properties such as durability, strength, high break & crack resistance. The demand for food service packaging is being fueled by the rise in disposable income of middle-class consumers and the expanding tourism sector. The aforementioned factors are anticipated to propel the usage of compostable paper tray market.
The market is broadly segmented into source, material type, and, end-use. The source segment is further categorized into virgin and recycled. The material type segment is further sub-divided into corrugated boards, molded pulp, and boxboards & cartons. The end-use segment includes food & beverage, retail, healthcare, consumer goods, personal care & cosmetic, electrical & electronics.
Some of the key players operating include Huhtamaki Oyj, CS Packaging, Inc., UFP Technologies, Inc., Mondi Group pl, Stora Enso, Novolex, Orcon Industries, International Paper, Athena Superpack Private Limited, BillerudKorsnas, Henry Molded Products Inc. and others. Prominent players involved in the marketplace are continuously focusing on business expansion activities through collaborations and partnerships across the value chain. For instance, in March 2021, International Paper purchased two cutting-edge corrugated box manufacturing facilities in Spain. For the purpose of providing high-quality packaging solutions for a variety of applications, including e-commerce and industrial industries, it has expanded its production capacities in the regions of Catalonia and Madrid.
The use of compostable and biodegradable materials as packaging solutions, along with various environmental awareness trends is anticipated to boost the compostable paper tray market in the several end use industries in the coming years.
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