Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Bakeable Trays Market – Insights
Bakeable trays or direct-to-oven trays are used for baking food in oven at high temperature. Metals were initially used to manufacture bakeable trays, however, currently corrugated paper cardboards are used. Corrugated paper cardboard is lightweight, waterproof, and heat resistant that can sustain temperature up to 220ºC. Bakeable trays allow storage, transportation, and selling food products in a single container, which minimizes the packaging and product cost. Bakeable trays are majorly used in food & beverages industry for packaging of ready-to-eat or convenience foods. These trays are also used for roasting and baking food products such as pizzas, meat steaks, confectionary items, pasta, and others.
The global bakeable trays market is expected to reach US$ 1,943.8 million by 2027, exhibiting a CAGR of 4.8% over the forecast period, owing to increasing consumer preference towards ready-to-eat or convenience food products. Moreover, major companies operating in bakeable trays market across the globe are focusing on offering innovative products. This in turn is expected to boost growth of the global bakeable trays market over the forecast period.
Among product type, single corrugated segment accounted for a largest market share in the bakeable trays market in 2018. Corrugated trays consists of two components- a liner and fluted material. The fluted material is inserted between two liners for providing strength to tray. Demand for corrugated trays is high due to its properties such as strength and can be produced in high volumes very quickly and easily.
The global bakeable trays market was valued at US$ 1,284.3 million in 2018, and is expected to exhibit a CAGR of 4.8% in terms of revenue over the forecast period (2019– 2027).
Figure 1. Global Bakeable Trays Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018
Asia Pacific accounted for the largest market share in 2018, owing to growing the food & beverages industry. Bakeable trays are used in the bakery industry to store, bake, ship, and display single served baked goods such as cupcakes, muffins, and others. Growth of bakery industry in the region is expected to increase demand for bakeable trays. For instance, according to the Ministry of Food Processing Industries and Government of India, the bakery market in India was valued at US$ 5,977 million in 2016, and is expected to exhibit at a CAGR of 10.98% during 2016-2020 to reach US$ 8,576 million by 2020.
Furthermore, major companies are focused on product launches in order to increase their market share. For instance, in 2016, Multivac Inc. launched dual ovenable Mylar BAKE film coated product range. The product is designed for cooking meat and has self-venting property, which increases the shelf life.
Figure 2. Global Bakeable Trays Market Share (%), By Application, 2018
Source: Coherent Market Insights, 2018
Among application, the food & beverages segment accounted for a significant market share in the global bakeable trays market in 2018. Bakeable trays are majorly used in the food & beverages industry for packaging of ready-to-eat or convenience foods. Changing lifestyle and increasing disposable income are expected to increase demand for ready-to-eat or convenience food products. For instance, according to the Trading Economics Statistics on United States Disposable Personal Income, the disposable personal income in the U.S. averaged US$ 5,200.2 billion in 1959, which increased to US$ 15,742.81 billion in 2018.
Players operating in the global bakeable trays market are focused on adopting various growth strategies such as mergers & acquisitions to increase their market share. For instance, in 2016, Tielman Sweden AB acquired Fin Form A/S, a Denmark-based company that manufactures paper baking cups. The acquisition helped Tielman to expand its product portfolio in bakeable packaging solutions and strengthened its presence in global bakeable trays market.
Major players operating in the global bakeable trays market include iVEX Protective Packaging Inc., DuraCorp LLC, Huhtamaki BCP Ltd., Packaging Sales & Service Inc., Menasha Corporation, Honeymoon Paper Products Inc., Tielman Sweden AB, Genpak LLC, Northland Aluminum Products Inc., and Laminating Technologies Industries LLC.