Punnet Trays Market Expected to Exceed $246.8 Million by 2027
Punnet Trays Market: Introduction
Transparency Market Research delivers key insights for the punnet trays market in its published report, which includes Europe industry analysis, size, share, growth, trends, and forecast for 2019–2027. In terms of revenue, the Europe punnet trays market is projected to expand about 1.4x its current market value by the end of 2027, owing to the demand for flexible and transparent packaging, which ultimately facilitates the Europe punnet trays market growth. The fruits & vegetable end use segment is likely to create an incremental opportunity of more than US$ 246.8 Mn between 2019 and 2027. The plastic made punnet trays are highly demanded in the market.
Punnet trays are gaining significant traction nowadays due to its cost-effectiveness and high efficiency. Punnet trays are small, lightweight regular baskets containing fresh produce or meat, and poultry. Soft fruits such as berries and tomatoes are stored in punnet trays. Punnet trays have vent holes to allow for gas and moisture exchange between the inside and outside environments. Punnet trays are made from polyethylene (PE), polyethylene-terephathalate (PET), polyvinyl chloride (PVC), polypropylene (PP), polylatic acid (PLA), polystyrene (PS) or cardboard, and are designed to accommodate different weights of product. Therefore, lucrative sales opportunities are expected for punnet trays in the near future.
For better market understanding, research team has considered consumption and sales of punnet trays as per various materials used for manufacturing punnet trays and end uses across European countries. The inclination of end users is more toward eco-friendly materials; therefore, the adoption of non-biodegradable material-based punnet trays will rapidly see a downfall in the near future. As per the TMR analysis, Germany is anticipated to hold a share of more than 10% of the Europe punnet trays market in 2027.
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Increasing Concerns over Hygienic & Convenient Produce Packaging to Impact Sales
The demand for packed fruits continue to increase due to changing preferences of the urban millennial population. Consumers are very much concerned about hygiene when it comes to food and its packaging. This is expected to play a pivotal role in fueling the adoption of punnet trays in the packaging of fresh produce.
A large share of fresh produce packaging is recyclable and single-use. As these products are mainly made of plastic material and cardboard, they help to reduce food contamination, and maintain food hygiene and freshness. Moreover, these are most cost-effective as compared to non-disposable fresh produce packaging solutions. The aforementioned properties leads to an increased adoption of punnet trays by players operating across the fresh produce supply chain.
High Threat of Substitution Pose as Challenge for Punnet Trays Market
Several alternatives to punnet trays are available, including blisters, clamshells, etc. Molded fiber clamshells are made of up to 100% recycled paper, and is a sustainable product. It is fully biodegradable and cost-efficient. Moreover, plastic trays are widely used to produce packaging, owing to their lightweight property. Versatile designs, low development cost, product assembly, and distribution costs have given these products immense popularity. They hold a significant market share of the food packaging segment, and can also be seen as a replacement for punnet trays. Thus, high presence of alternatives is likely to hamper the Europe punnet trays market over the next decade.
Punnet Trays Market: Competition Landscape
Some of the key players operating in the Europe punnet trays market are Coveris Holdings S.A., Smurfit Kappa Group, LC Packaging International BV, Sirane Group, Produce Packaging, JMC Packaging Ltd, J-Tech Systems, Infia Srl, Quinn Packaging Ltd., and T&B Containers Ltd.
The tier structure is formulated on the basis of segmental revenue and market share of the company. As per the tier structure, Smurfit Kappa Group, Coveris Holdings S.A., and LC Packaging International BV are the Tier 1 players in the Europe punnet trays market. These players are focusing on the expansion of their production capacities, acquiring local players to strengthen their customer base and enhancing their product quality to increase its footprint across the globe. Tier 2 players include J-Tech Systems, Sirane Group, and other market players.
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