North America Paper & Paperboard Trays Market
The North America 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. Rapid urbanization, higher disposable incomes, and busy work life are resulting in a greater preference for western dietary patterns amongst consumers. The growing demand for flexible paper packaging due to the rise in consumer awareness regarding harmful effects of plastic on the environment is yet another factor fueling the growth of the market in emerging regions. The need for flexible paper packaging has been increasing because of growth in population, rise in income levels, change in lifestyles, increase in internet penetration, and surge in development of the economy. Surge in the transit packaging sector, combined with growing consumerism, leads to a rapidly increasing demand for paper and paperboard trays. Along with this demand for paper packaging, the demand for recycled paper is also increasing. Rapidly escalating populations in countries translate into increased consumer spending on consumer goods, exposure to modern retail channels, and aspiration among the middle-class populations to adopt various brands and shopping habits. These trends will further create lucrative opportunities for paper and paperboard trays in the market.
The US reported the highest number of COVID-19 confirmed cases across North America, 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.
Strategic insights for the North America Paper & Paperboard Trays provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,204.26 Million |
| Market Size by 2028 | US$ 1,693.49 Million |
| Global CAGR (2021 - 2028) | 5.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Material
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Paper & Paperboard Trays refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The paper & paperboard trays market in North America is expected to grow from US$ 1,204.26 million in 2021 to US$ 1,693.49 million by 2028; it is estimated to grow at a CAGR of 5.0% 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.
Based on material, the virgin fiber segment accounted for the largest share of the North America paper & paperboard trays market in 2020. Based on application, the food and beverages segment accounted for the largest share of the North America paper & paperboard trays market in 2020.
A few major primary and secondary sources referred to for preparing this report on the North America 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.; UFP Technologies, Inc.; Hartmann; Orcon Industries; International Paper; PaperTech; and SOLUT!
The North America Paper & Paperboard Trays Market is valued at US$ 1,204.26 Million in 2021, it is projected to reach US$ 1,693.49 Million by 2028.
As per our report North America Paper & Paperboard Trays Market, the market size is valued at US$ 1,204.26 Million in 2021, projecting it to reach US$ 1,693.49 Million by 2028. This translates to a CAGR of approximately 5.0% during the forecast period.
The North America 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 North America Paper & Paperboard Trays Market report:
The North America Paper & Paperboard Trays Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Paper & Paperboard Trays Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Paper & Paperboard Trays Market value chain can benefit from the information contained in a comprehensive market report.
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