Ready Meal Tray Market

Ready Meal Tray Market Outlook (2024 to 2034)

Expanding at a compound annual growth rate (CAGR) of 6.9%, partly driven by the push for use of eco-friendly and recyclable materials, the global ready meal tray market is expected to increase from a value of US$ 1.3 billion in 2024 to US$ 2.5 billion by the end of 2034, as stated in the latest market study published by Fact.MR.

Changing eating habits of consumers are projected to lead to increased demand for convenient and ready-to-eat food products. In addition, growing requirement for convenient-to-carry packaging alternative food options while maintaining their features, such as medicinal, seasonal, organic, etc., is leading to increasing use of ready meal trays across the world.

In recent years, owing to hectic lifestyles, there has been increasing demand for ready-to-eat food products as working people do not get enough time to cook their meals. Ready meal trays are thus being used widely in food service and catering, airline catering, etc.

• Worldwide demand for ready meal trays of up to 250 gms capacity is projected to increase at a CAGR of 7.8% and reach a market valuation of US$ 900 million by 2034-end.
• East Asia is forecasted to hold 23.1% of the ready meal tray market share by 2034.
• Sales of ready meal trays in Japan are projected to rise at a 7.4% CAGR from 2024 to 2034.

Several market players are engaged in offering ready meal trays with more comfort characteristics, which are used for food packaging, including single-use and easy-to-open packaging, and ensure improved mobility. In addition, trays, which are manufactured with CPET and PET materials are capable of withstanding elevated heat applications and therefore are used for baking purposes in microwaves or conventional ovens.

Manufacturers of ready meal trays are incorporating the use of Omni-recyclable PET lids to maintain the high nutritional value and freshness in food products, which is anticipated to contribute to their increased adoption in the coming 10 years.

Report Attributes	Details
Real Meal Tray Market Size (2024E)	US$ 1.3 Billion
Forecasted Market Value (2034F)	US$ 2.5 Billion
Global Market Growth Rate (2024 to 2034)	6.9% CAGR
Market Share of Portioned Trays (2034F)	58.3%
South Korea Market Growth Rate (2024 to 2034)	7.7% CAGR
North America Market Share (2034F)	24.3%
Key Companies Profiled	Sonoco Products Company Novolex Silver Plastics GmbH & Co. KG Fibercel Packaging Llc. Henry Molded Products Inc. Faerch A/S Amcor PLC ESCO Technologies Inc. D&W Fine Pack LLC UFP Technologies Inc. Pactiv LLC BillerudKorsnas Huhtamaki Oyj DS Smith Plc International Paper Co. Brodrene Hartmann A/S Mondi Group PLC OrCon Industries Corporation Quinn Packaging Tray-Pak Corporation

What is the Driving Force for Increasing Demand for Ready Meal Trays?

“Increasing Preference to Eco-friendly Packaging Solutions”

Growing concentration on minimizing plastic use and adoption of eco-friendly and recyclable packaging solutions around the world is anticipated to positively influence the ready meal tray market trends. Ban on single use plastics, implementation of stringent food safety regulations, and advancements in food packaging solutions are projected to positively impact market growth. Further, increasing consumer awareness about food waste and higher demand for biodegradable packaging options are some other pivotal factors contributing to the ready meal tray market growth.

Various food manufacturers are concentrating on innovation and increasing their expenditure in R&D activities to develop new products used for food packaging to satisfy consumer demand for eco-friendly products. Therefore, an increase in the demand for dinner trays, ready-meal boxes, and microwave meal trays is experienced.

Several regulatory authorities and governments are implementing stringent norms promoting the use of recyclable and sustainable packaging to combat climate change and conserve the environment. Growing awareness about environment conservation and sustainability among more individuals is estimated to increase demand for ready meal trays.

What issues are Encountered by Ready Meal Tray Manufacturers?

“Easy Availability of Cheaper Plastic Alternatives and Limited Consumer Awareness”

There are certain cheap plastic alternatives, which are easily available across regions, which is hindering demand for ready meal trays. In addition, limited or no awareness about these sustainable trays among various consumers is also projected to inhibit their demand.

What is Expected to Help New Companies in This Competitive Landscape?

“Increased Concentration on Sustainable Innovations Improving Product Quality”

New manufacturers of ready meal trays are investing in R&D activities for novel product development matching requirements for sustainable packaging. New players are collaborating with food manufacturers for the development and manufacturing of new ready meal trays helping minimize their contribution to waste generation.

For instance :

• TIPA is a compostable food packaging startup based in Israel. In April 2022, the company announced a fundraising of US$ 70 million in round C series funding. The technology of the company is projected to create innovative solutions adopted by some of the popular food retailers around the world. Millennium Food-Tech and Meitav Dash led the funding round.

Country-wise Insights

North America is anticipated to account for 24.3% of global market share by the end of 2034. The hectic lifestyle of numerous people in the region is leading to the consumption of convenience foods and packaged foods, which is projected to contribute to the expansion of the ready meal tray market size.

Why are Ready Meal Trays Gaining Attention in the United States?

“Hectic Lifestyle and Concentration on Sustainability Initiatives”

Attribute	United States
Market Value (2024E)	US$ 100 Million
Growth Rate (2024 to 2034)	7.3% CAGR
Projected Value (2034F)	US$ 203 Million

The United States is set to hold 45.6% share of the market in North America by the end of the study period. The increasing consumption of convenience and packaged food products in the United States is attributed to the hectic lifestyle, which is generating demand for ready meal trays. Moreover, growing concentration on sustainability, rising demand for biodegradable food packaging options, increasing population of working women, and stringent food safety mandates are contributing to the increased consumption of ready meal trays in the United States.

What is Fostering Demand Growth for Ready Meal Trays in China?

“Rising Awareness about Sustainable Food Packaging Solutions”

Attribute	China
Market Value (2024E)	US$ 100 Million
Growth Rate (2024 to 2034)	6.9% CAGR
Projected Value (2034F)	US$ 195 Million

China is set to account for 47.5% share of the East Asian market by 2034-end. Increasing awareness about sustainable packaging options among more individuals in China is leading to the utilization of ready meal trays in the food service industry. In addition, growing disposable income along with a rising population of working women is contributing to their spending capacity, which is leading to the expansion of the food service industry, subsequently driving demand for ready meal trays in the country.

Category-wise Insights

According to Fact.MR report, a market research and competitive intelligence provider, worldwide demand for portioned trays is forecasted to increase more due to their ease of use and availability in attractive packaging designs. Moreover, they also offer pre-portioned serving facilities for the measurement of food products.

Why is Use of Portioned Ready Meal Trays Increasing Faster?

“Adoption of Portioned Trays Aligning Well with Consumer Requirements”

Attribute	Portioned Trays
Segment Value (2024E)	US$ 800 Million
Growth Rate (2024 to 2034)	6.8% CAGR
Projected Value (2034F)	US$ 1.5 Billion

Portioned ready meal trays are forecasted to contribute 58.3% share of global market revenue by 2034-end. The rising popularity of these trays is attributed to their features of portion control, convenience, and catering to consumers’ busy lifestyles eliminating requirements for food measurements. In addition, these trays offer pre-portioned servings and ease of use while aligning with the demand for hassle-free and quick solutions. Further, the availability of portioned trays in innovative packaging designs for enhancing the visual appeal of meals is also contributing to their popularity.

Which Material is Widely Preferred for Ready Meal Tray Production?

“Surging Use of Eco-friendly and Recyclable Materials in Ready Meal Tray Production”

Crystallized polyethylene terephthalate (CPET), polypropylene, aluminum, and others are some materials used prominently in the manufacturing of ready meal trays. Increasing demand for recyclable materials is projected to lead to the utilization of more sustainable food packaging options. Therefore, demand for recyclable materials, including polypropylene and polyethylene terephthalate (PET), etc., are expected to increase due to the implementation of stringent food packaging mandates and ban on single-use plastics.

Competitive Landscape

Prominent suppliers of ready meal trays are coming up with new innovative products to enhance their presence with increasing sales potential. Moreover, maintaining product quality, managing supply chain systems, and expenditure on new product development are projected to help manufacturers secure their market position.

For instance :

• Stora Enso launched Trayforma in June 2021. This newly developed product is based on wood fiber and is specifically designed for the packaging of microwavable food trays. Moreover, this newly developed material is PET-free and renewable.

Key players in the ready meal tray market are Sonoco Products Company, Novolex, Silver Plastics GmbH & Co. KG, Fibercel Packaging Llc., Henry Molded Products Inc., Faerch A/S, Amcor PLC, ESCO Technologies Inc., D&W Fine Pack LLC, UFP Technologies Inc. Pactiv LLC, BillerudKorsnas, Huhtamaki Oyj, DS Smith Plc, International Paper Co., Brodrene Hartmann A/S, Mondi Group PLC, OrCon Industries Corporation, Quinn Packaging, and Tray-Pak Corporation.

Segmentation of Ready Meal Tray Market Research

• By Type :

  • Portioned Trays
  • Perforated Trays

• By Capacity :

  • Up to 250 gms
  • 250 to 500 gms
  • More than 500 gms

• By Material :

  • Polypropylene
  • Crystallized Polyethylene Terephthalate (CPET)
  • Aluminum

• By End Use :

  • QSR & FSR
  • Transportation Catering Services
  • Institutional Catering Services
  • Retail Sales

• By Region :

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania