According to a recent Fact.MR report, the ready meal trays market continues to offer bright prospects, with an overall incremental opportunity of about US$ 1.7 billion by 2027 from 2019. During the projected period, demand for ready meal trays is expected to rise due to an increase in packaged food product consumption in both developed and developing countries.
Food processors and fast food restaurants are increasingly turning to ready meal trays to meet their packaging needs. Fast food restaurants and caterers are favouring ready meal trays over pricey glass china because they save money on human resources for time-consuming cleaning and breakage.
Europe and East Asia Account for About 80% of the Global Market Share
Apart from Asia Pacific and North America, Europe is currently one of the most important markets for ready meal trays. A powerful group of high-end shops and luxury food producers has banded together to make 100% recyclable ready meal trays a reality in Europe. The European Union’s Bio Based Industries Joint Undertaking Program for Research is a significant accelerator.
In Asiatic economies, the frozen food packaging sector and the ready-to-eat food industry are both increasing steadily due to consumer demand. Food retailing’s increasing penetration in developing countries like China, Hong Kong, and South Korea is expected to have a significant impact on the global economy. Food consumption via ready meal trays is expected to grow by double digits in India in the coming years.
Regulatory Restrictions on Paperboard, Aluminum and Styrofoam to Give Impetus to Ready Meal Trays Market
Switching from traditional Styrofoam, paperboard, and aluminium material trays to ready meal trays has various advantages for merchants, food suppliers, convenience stores, caterers, and online food delivery services. Few big communities in the United States have already banned the use of Styrofoam due to its high cost of disposal and difficulty in recycling.
Many stakeholders in the food business are looking for an alternative to Styrofoam packaging, and ready meal trays may be the answer. Vacuum and gas packing can also be done with ready meal plates. MAP (Modified Atmospheric Packaging) trays, which were recently developed, also use ready meal trays to monitor the amount of oxygen being sealed with food goods to extend the overall shelf life.