North America Foam Trays Market: Introduction
The foam trays market in North America was valued at US$ 953.6 Mn in 2020 and is expected to cross US$ 1.2 Bn by 2031 at a CAGR of 2.7% during the forecast period. Foam trays are generally made from polyethylene, polypropylene, polyester, polystyrene, and other materials. Customers in North America are increasingly demanding fresh food products with extended shelf life and high quality. This is boosting the demand for food packaging, thereby driving the foam trays market in North America.
The rise in population in the U.S. has led to an increase in the demand for packaged food. The U.S. accounted for a major share of the packaging market in North America in 2020. Thus, the foam trays market in the region has been expanding considerably since the past few years. Continuous rise in the number of food packaging materials and packaging technology is being driven by changing customer demand for processed and semi-processed foods, new shopper product provision, utilization of automatic handling systems at distribution centers, and rise in concern toward customers’ health and safety.
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North America is the major region for pharmaceuticals in the world. The U.S. and Canada are building a robust pharmaceutical segment. Foam trays are used in the global pharmaceutical industry. Foam trays are employed in medical applications for various purposes. In medical devices and surgical kits, packaging plays an important role in maintaining the quality of the product and supporting its safe and effective use.
Foam trays are used in thermoforming of custom packaged products and components in the medical industry. Foams are also used in various medical applications such as trays, blisters, and clamshells. Rise in focus on the healthcare industry amid the COVID-19 pandemic situation is anticipated to boost the foam trays market in North America in the near future.
Rise in awareness among people, change in lifestyle, growth in spending power, improvement in technology, and increase in illnesses across the globe are key factors that are estimated to drive the pharmaceutical industry during the forecast period. The ongoing COVID-19 pandemic has benefited the global pharmaceutical industry largely. This is expected to drive the foam trays market in North America in the near future.
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Key Drivers of North America Foam Trays Market
The process cycle of foam formation is less complex and consists of fewer phases compared to the production of plastics through the polymerization process. Foam trays are cost effective compared to other plastics. Foam trays are also cost effective compared to other paper and plastic trays products, as the production cost of foam is low.
The labor cost for the manufacture of foam trays is also low. Foam trays possess properties such as superior cushioning, impermeability to moisture, cost effectiveness, robust packaging, and convenience. Rise in demand for cost-effective food service solutions is likely to boost the foam trays market in North America in the near future. Increase in urbanization has resulted in rise in the number of nuclear families. Increase in percentage of working women and less time for preparing meals and beverages at home are expected to boost the demand for packed food.
Customers are increasingly looking for food they can trust easily in terms of quality and health. This is driving the demand for foam trays. Consumers are increasingly seeking value and better outcomes for self-management of health and wellness. The demand for foam trays in meat, seafood, and poultry industries is high, as people are more inclined toward hygienic and safe food.
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Non-biodegradable Nature of Foam and Availability of Bio-based Products to Hamper Foam Trays Market in North America
People are becoming increasingly aware about environmental hazards. Foam trays are made of polystyrene. These are dangerous to human health and the environment, as they take a long time to decompose. Bio-based products are degradable and recyclable. They help reduce waste. Products such as bagasse-based containers, corn plastic containers, and compostable paper containers are environment-friendly and decompose rapidly when disposed. Rise in consumer demand and government support for such products is boosting the bio-based products industry. This is directly augmenting the foam trays market in North America. Ban on single use polystyrene foam products in the U.S. poses a threat to the foam trays market in North America.
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