Introduction to the Ready Meal Trays Market
Ready meal trays are containers manufactured under strict food quality and safety guidelines. Manufacturers of ready meal trays focus on offering a variety of designs to cater a wide range of eating requirements. The global ready meal trays market is expected to benefit from growing consumption of case ready meals, especially in developed countries. Change in food consumption habits have led to wider acceptance for ready meals, driven by increasing preference for convenience. Ready meal trays are frequently used in foodservice and catering (incl. airline catering). Growth in consumption of ready meals has led to increased competition among manufacturers of ready meal trays. Manufacturers of ready meal trays mostly resort to design-level innovation to differentiate their products. Overall, the global ready meal trays market is expected to have a positive outlook, during the forecast period.
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The Dynamics of Ready Meal Trays Market
The global ready meal trays market is expected to be driven mainly by increasing consumption of ready meals in Europe and the Asia Pacific. The North America ready meal trays market is currently leading in terms of revenue share. Increasing number of single person households has led to a significant change in food consumption patterns, wherein more consumers are up for ready meals and on-the-go food. According to independent studies carried out recently, more than 7 out of 10 consumers living in the U.K. eat ready meals. The trend is expected to continue on a much larger geographical scale as consumers in developing countries also catch on the habit. Manufacturers of ready meal trays are expected to focus more on increasing regional presence and strengthen their foothold over existing base. The barriers to entry to the global ready meal trays market remain low, with several Tier 3 players being added to the mix every year. Bargaining power of buyers is expected to remain high, with most of the Tier 3 players based out of China. Competition is expected to intensify further as Chinese manufacturers of ready meal trays sell their products at lower prices. In terms of product innovation, manufacturers are also expected to look for the use of more sustainable materials in their products.
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Ready Meal Trays Market: Regional Outlook
The North America ready meal trays market is currently one of the leading regions, other than the ready meal trays markets in Europe and the Asia Pacific. Increasing penetration of food retail services in developing countries such as India and Brazil are expected to have significant influence on the global market. In India, the consumption of ready meals is expected to witness double-digit growth in the coming years, paving way for increased demand for ready meal trays. This is attributed to increase penetration of food retail outlets, and an overall growth of the foodservice sector. The same is true for other developing countries in the Asia Pacific region. Therefore, the APAC ready meal trays market is expected to be in the leading role in terms of revenue growth.
Ready Meal Trays Market: Segmentation
The defined scope for the ready meal trays market is as below –
By moulding technology, the global ready meal trays market is segmented as –
- Injection moulding
- Thermoformed moulding
By product type, the global ready meal trays market is segmented as –
- With cavity
- Without cavity
By end use, the global ready meal trays market is segmented as –
- Educational (Schools, colleges, & others)
- Public (Govt. offices & public places)
- Quick Service Restaurants (QSRs)
- Commercial transport (Airline, railways, etc.)
Ready Meal Trays Market: Key Players
Some of the key players operating in the global ready meal trays market include –
- Quinn Packaging
- Genpak, LLC
- Faerch A/S
- Sealed Air Corporation
- Sonoco Products Company
- Sabert Corporation
- Bemis Company, Inc.
- Portage Plastics Corporation
- Plastic Package, Inc.
- PinnPACK Packaging LLC
- MCP Performance Plastic Ltd
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.