Punnet Trays Market: Overview
In today’s world, plastic material is gaining popularity and has emerged as a significant material for food packaging. With growing advancement in the packaging technology, different techniques are now readily developed, utilized and thus preferred to bring plastic based materials for packaging in different industries. One of such type of packaging is Punnet Trays which are manufactured from Polyethylene terephthalate (PET), Polypropylene (PP), etc. into different sizes and shapes. Growing awareness towards convenience packaging in retail marketing with increased shelf visibility has emerged as a key factor and has thus led to increase in demand for punnet trays. Punnet trays are flexible and durable in nature thus have variety of applications in the food & beverages packaging sector. Punnet trays allows food items to be packed at farm and shipped to the supermarkets, retail stores, etc. with minimized wastage while retaining the product freshness at the same time.
Punnet Trays Market: Drivers & Restraints
Punnet trays are readily used in packaging and storage of both fresh as well as processed foods. The robust growth of food and beverages industry especially in fast pacing emerging markets, punnet trays market is expected to witness an above average rate of growth during the forecast period. In electronic, punnet trays are used efficiently in packaging and shipping of computer & other hardware components. Thus, with the rising demand for consumer electronics, punnet trays market is likely to show a steady CAGR during the forecasted period. However, government authorities across various countries over the globe have imposed stringent regulations regarding the use of plastic material which can hinder the growth of punnet trays market.
Punnet Trays Market: Segmentation Overview
In terms of applications, food packaging especially fruits & vegetables packaging are the highest revenue contributors in the global Punnet Trays market. Among the product type, insert trays are broadly used in the pharmaceutical industry for medicinal packaging. Glass vials and ampoules can be safely packaged and transported in insert trays with minimal damage. The towering growth in the global pharmaceutical industry will positively influence the thermoformed trays market through our forecast period of 2016 – 2026.
Punnet Trays Market: Regional Overview
Geographically, the Punnet Trays market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
Developing economies like India, China, ASEAN countries, etc. have a sizable population with increased disposable income. Asia-Pacific region is expected to be the largest market share in Punnet Trays market owing to its growing consumer base in this region. North America and Europe contributes a significant share in global Punnet Trays market due to rapid growth in demands from sectors such as food and beverages, electronics and healthcare. Middle-East and Africa region is currently at the nascent stage and is projected to show a reasonable rate of growth. Overall, the global Punnet Trays market is expected to register a healthy rate over the forecast period.
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Punnet Trays Market: Key Players
Some prominent players that currently operate in the punnet trays market are Nirmala Pet A Pack Private Limited., Earthpac., RPPL Industries Ltd., Produce Packaging (UK), J-Tech Systems., AVI Global Plast., Starlight Packaging., Associated Packaging, Inc., YV Packaging and many others