Paper and Paperboard Trays Market Statistics and Research Analysis Released in Latest Industry Report 2028

The Insight Partners has added Latest Report on "Paper and Paperboard Trays Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material (Virgin Fiber and Recycled Fiber) and Application (Food & Beverages, Consumer Electronics, Personal Care & Cosmetics, Healthcare, and Others),'' the market is projected to reach US$ 7,694.18 million by 2028 from US$ 5,195.24 million in 2021; it is expected to register a CAGR of 5.8% from 2021 to 2028.

Paper and paperboard trays are packaging products generally used for packaging fresh fruits and vegetables, eggs, salads, dry fruits, and other food and beverage products. These trays are also being used for packaging consumer electronic products such as mobiles, laptops, earphones, printers, cosmetics and personal care products, healthcare tools and equipment, and consumer goods such as glassware and jewellery. These trays are made of virgin or recycled fiber. They offer cushioning to the products inside the package to ensure their safety in transit.

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Paper and Paperboard Trays Market by Material
• Virgin Fiber
• Recycled Fiber

Paper and Paperboard Trays Market by Application
• Food and Beverages
• Consumer Electronics
• Personal Care and Cosmetics
• Healthcare
• Others

The key players operating in the paper and paperboard trays market include Huhtamaki; Mondi; Pactiv Evergreen Inc.; UFP Technologies, Inc; Hartmann; Orcon Industries; International Paper; Athena Superpack Private Limited; PaperTech; and SOLUT.

The rising global demand for sustainable and flexible packaging applications in several industries, notably the food & beverages sector, is a crucial factor driving the global paper and paperboard trays market. The rising demand for cost-effective paperboard packaging for food and drinks is also another vital factor stoking the demand for paper and paperboard trays. Governments and other regulatory bodies are emphasizing the use of recyclable products owing to the growing environmental concerns. Moreover, they have laid down stringent regulations pertaining to the use of sustainable product, which is one of the prominent factors propelling the growth of the paper and paperboard trays market.

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Furthermore, the focus on new innovations and product developments to enhance the sustainability of paperboard trays has caused a spur in the market's growth. For Instance, the Cascades, a North American and European-based sustainable packaging company, launched the first thermoformed cardboard tray in 2020. The product is made from 100% recyclable and recycled cardboard and has a recyclable water-based barrier coating that prevents moisture.

Paper as a packaging material is undergoing a restoration, as consumers perceive it as an environmentally friendly and high-value material. Paper has the advantage of being biodegradable, recyclable, and bio-based. Recent studies from the Institute for Energy and Environmental Research (Germany) exhibited a significantly lower impact of paper-based packaging on the environment than many other materials. Globally, paper-based packaging can tackle marine debris and lead to a lower impact of packaging in the environment. A paradigm shift in consumer behavior toward adopting sustainable packaging solutions is boosting manufacturers to focus on green packaging, thereby driving the growth for paper and paperboard trays market.

The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various manufacturing plants in regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa has affected the global supply chain and negatively impacted the manufacturing capabilities, delivery schedules, and sales of various goods. The pandemic has directly affected the production and demand, which has led to supply chain and market disruption, and has subsequently impacted the financial status of the firms and the global economy. Packaging is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of production plants.

Based on material, the market is segmented into virgin fiber and recycled fiber. Based on application, the market is segmented into food & beverages, consumer electronics, personal care & cosmetics, healthcare, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM)

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This release was published on openPR.