Biodegradable Meal Trays Market Size & Growth Analysis Report, 2018-2028 | Futur
Posted by Marketanalysisbizz on March 22nd, 2021
The global packaging industry continues to evolve. Faced with an increase in expectations – both from consumers and regulators – the industry is going back to R&D to develop solutions that are effective, affordable, and most importantly, safe for the environment.
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Even the end-user requirements are multi-pronged – lightweight, brand-friendly, reusable, compact, trackable, and the list goes on. Although these requirements present their own set of challenges, they also create opportunities.
Growing Opportunities in New Markets
The world economy has shown its most fragile side in recent times. When developed countries are dealing with the fall in their economy, the second-largest economy, China, is holding the title of the only growing major economy in 2020. According to the Centre for Economics and Business Research, China's economy is set to overtake the U.S. actively than it was expected, after containing the COVID-19 pandemic better than the West.
The health of the packaging industry is connected directly to that of the world economy as a whole. With a fall in the economy in major developed countries, the packaging industry is set to pick pace in developing countries such as India and China.
Governments are launching and implementing several initiatives for industrial expansion. For instance, China's government has made innovation a foremost priority in its economic planning through many high-profile initiatives, such as "Made in China 2025". This plan was declared in 2015 to improve and modernize China's production in 10 key sectors including packaging by extensive government assistance to present China as a major global player.
Sustainable Approaches to Create Lucrative Growth Opportunities
Leading players are focusing on finding ways to incorporate sustainable approaches into their businesses. With modern techniques and mediums at the center, players are working consistently on delivering high-quality products that consumers want, but in an eco-conscious way.
Apart from this, governments and international organizations are launching initiatives towards a greener approach for the expansion of the packaging industry. For instance, on 11 December 2019, the European Commission published the European Green Deal, a new roadmap for making Europe's economy sustainable. EUROPEN, the European organization for packaging and environment welcomed the Commission's Green Deal as the new growth strategy for Europe. The organization supports the development and usage of packaging in a way that contributes to the execution of the European Union's Sustainable Development Strategy and United Nations (UN) 2030 Agenda for Sustainable Development.
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Additionally, according to goal number 12 of the UN Sustainable Development Goals, the packaging supply chain plays a key role in attaining sustainable production and consumption. Such trends are reshaping the Biodegradable Meal Trays Marketand are forecast to create several growth opportunities for the players.
Growing Demand for Flexible Packaging Promotes Growth
Flexible packaging is a trend that is continuously gaining great popularity. According to the U.S. Flexible Packaging Association, flexible packaging holds 19% of the total U.S. packaging market. Flexible packaging is easier to store and has an extended shelf life. It is more convenient to open, close or reseal. Additionally, it uses less material, improves cost economics, weighs less, possesses better shipping characteristics, and is better suited for e-commerce. As a result, flexible packaging is benefiting the Biodegradable Meal Trays Marketin all terms.
The COVID-19 pandemic has created several challenges for the Biodegradable Meal Trays Market such as a fall in demand from major end-use industries, disruptions in the supply chain, shortage of raw material, and machine operators. Despite all challenges, the Biodegradable Meal Trays Market is forecast to recover all losses in response to major market trends in the coming years.
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Joined: July 8th, 2020
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