The global bakeable trays market was valued at US$ 1,284.3 Million in 2018, according to Global Bakeable Trays Market Report, by Product Type (Single Corrugated, Double Corrugated, and Others), by Compartment (One, Two, Three, and Others), by Application (Pharmaceutical, Food & Beverages, Cosmetics & Personal Care, Logistics & Transportation, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by . 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. Increasing demand for bakery food products is a major factor, which is expected to drive growth of the global bakeable trays market over the forecast period. For instance, according to the annual report of Federation of Bakers of U.K., published in 2018, the retail sales value of U.K. bakery industry was US$ 4.06 billion in 2017. Moreover, according to a report titled 'Sector Trend Analysis- Dough Products' published by the Agricultural and Agri-food Canada (AAFC), in November 2017, Europe’s bakery retail sales were valued at US$ 123,205.8 million in 2016, with a CAGR of 1.8% between 2012 - 2016. Moreover, growing urbanization, changing lifestyle, and increasing working population have led to high demand for processed and convenience food products. This in turn is expected to propel demand for bakeable trays over the forecast period. To know the latest trends and insights prevalent in this market, click the link below: https://www.coherentmarketinsights.com/ongoing-insight/bakeable-trays-market-2462 Browse 65 market data tables* and 40 figures* on "Bakeable Trays Market” - Global forecast to 2027. Key Trends and Analysis of the Global Bakeable Trays Market:
- Among product type, the single corrugated bakeable trays segment is expected to witness significant growth over the forecast period. Corrugated bakeable trays are water proof and heat resistant, which can withstand temperature up to 220ºC. Corrugated bakeable trays are available in different sizes & shapes, and can be customized for different applications.
- Among application, the food & beverages segment witnessed significant growth in the global bakeable trays market in 2018. Bakeable trays are majorly used in food & beverages industry for packaging of ready-to-eat or convenience foods. These trays are used for roasting and baking pizzas, meat steaks, confectionary items, pasta, and other food products. Increasing expenditure on food products is expected to drive demand for bakeable trays over the forecast period. For instance, according to report, ‘Household Income and Expenditure Survey’ published in 2018, by General Authority for Statistics of Kingdom of Saudi Arabia, the food and beverages segment held second position in terms of monthly expenditure in Saudi households, where per capita expenditure was valued at US$ 132.20 per month, and US$ 586.93 was the average monthly consumption expenditure per household in 2018.
Key Takeaways of the Market:
- Asia Pacific accounted for the largest market share in 2018, in the global bakeable trays market, owing to rapid urbanization and changing lifestyle, which has led to increasing demand for ready-to-eat or convenience food products in the region. This is expected to propel demand for bakeable trays over the forecast period. For instance, according to the United Nations’ World Urbanization Prospects 2018, 55% of global population currently resides in urban area, which is expected to grow by 68% in 2050. Moreover, according to the same source, growth in the global population could add another 2.5 billion people to urban areas by 2050, with close to 70% of this increase taking place in Asia.
- Key players operating in the global bakeable trays market are focusing on innovative solutions in order to increase their customer base. For instance, Solut (paper food packaging products manufacturer) offers Take and Bake pizza trays. This tray utilizes heavy gauge solid bleached sulphate (SBS) paperboard with thin extruded polyethylene terephthalate layer, which provides high gloss finish and cut resistant surface.
- 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.