Ready meal trays Market Set to Witness Y-o-Y Growth by 2027

Posted by Deeksha on October 18th, 2019

The ready meal trays market continues to showcase stunning prospects, with overall incremental opportunity of over US$ 1.7 Billion by 2027 from 2019, according to a recent Fact.MR study. Growth in consumption of packaged food products across both developed as well as developing countries is anticipated to increase the demand for ready meal trays during the forecast period. Ready meal trays are increasingly used by food processors and fast service restaurants to satisfy their packaging demands. Fast food service providers and caterers are showing a strong preference for ready meal trays in lieu of expensive glass crockery owing to the cost savings which they would otherwise incur on human resources for time consuming cleaning and breakages.

The rapid growth in urbanization and the fast paced lifestyle is shifting preferences of consumers towards food products which can be delivered, stored and consumed through ready meal trays. Increase in demand for convenient-to-carry packaging solutions for different food products based on functionality such as kosher, medicinal, organic and seasonal is also boosting the global ready meal trays market.

In the market for ready meal trays, manufacturers are developing trays, taking into account the type of meal and the number of items served. In the industry, ready meal trays are being sold by considering the tray compartments, food it will contain, recyclability and “oven able” features. Regular ready meal trays are being designed to take into account the type of meal with superior features such as added lids, double cavity trays and excellent sealing properties made from high quality polypropylene (PP) sheets

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Eateries through Mobile Applications Are Propelling the Growth of the Market

The study by Fact. MR opines that the worldwide market for ready meal trays is anticipated to be driven primarily by an increase in the ready-to-eat consumption trend. The growing single person household numbers has resulted in a substantial shift in patterns of food consumption, with more customers preferring ready to eat meals and on-the-go food. According to a recent autonomous research by Fact.MR, more than seven out of ten customers, living in Europe have food which comes in ready meal trays. The particular trend is anticipated to continue on a much bigger geographical scale, as customers in developing nations are also catching up on the usefulness of ready meal trays with contained freshness and easy-to-eat features. The worldwide increase in online food distribution applications is also one of the key variables driving the development of the market for ready meal trays. Online food distribution applications are boosting demand for food supplies, leading to the development of the market for ready meal trays.

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Europe and East Asia Account for About 80% of the Global Market Share

The market for ready meal trays in Europe is presently one of the major areas, apart from Asia Pacific and North America. A formidable team of high-end retailers and premium food manufacturers have come together to facilitate the production of fully-recyclable ready meal trays in Europe. The important accelerator is the European Union’s Bio Based Industries Joint Undertaking Program for research.

The frozen food packaging industry and ready-to-eat food industry, with consumer appreciation is growing steadily in Asiatic economies. Mounting penetration of food retail facilities in developing nations such as China, Hong Kong and South Korea are anticipated to have an important impact on the worldwide economy. In India, food consumption through ready meal trays is anticipated to see double-digit development in the upcoming years, paving the way for enhanced demand for ready meal trays.

Fiber Based, Bioplastic, Ready Meal Trays are the New Winning Imperative

The market for ready meal trays appears to be fragmented with the existence of a number of businesses, and competition is growing fiercely with all businesses concentrating on enhancing their market position. The increase in online food delivery applications and the increased use of bioplastics are factors that are poised to provide huge opportunities for competitors. Manufacturers have conducted a number of marketing strategies to expand their geographical reaches, such as product development, mergers and acquisitions, and alliances. For example, packaging and labelling company Huhtamäki partnered with U.K. supermarket chain Waitrose & Partners to develop fiber based ready meal trays. Companies in the market for rigid plastic food trays are increasingly using bioplastics due to increasing environmental and health issues caused by the use of plastics.