| Label | USD Million |
|---|---|
| 2018 | 266.288679405 USD Million |
| 2019 | 275.190135533986 USD Million |
| 2020 | 263.054970217525 USD Million |
| 2021 | 268.943464189463 USD Million |
| 2022 | 277.659641937056 USD Million |
| 2023 | 282.229089129334 USD Million |
| 2024 | 287.346939626935 USD Million |
| 2025 | 292.873163791316 USD Million |
| 2026 | 299.076909444018 USD Million |
| 2027 | 305.995220818545 USD Million |
| 2028 | 313.061542085871 USD Million |
| 2029 | 319.967335419557 USD Million |
| 2030 | 327.012582795987 USD Million |
| 2031 | 334.524723367881 USD Million |
| 2032 | 343.193263814103 USD Million |
Data Source: Wantstats Repository
Market Dynamics
The Canadian Plastic Tray Market Outlook for 2018-2032 suggests an optimistic outlook for the industry. The demand for plastic trays has increased significantly in recent years, as consumers look for more convenient trays for their needs. The demand is set to rise further in the four-year forecast period, with an estimated CAGR (Compound Annual Growth Rate) of 7.5%. The continued growth will be helped by the rise in the popularity of take-out food, as plastic trays provide efficient transport for food products. The introduction of innovative designs has also driven up demand for plastic trays in the Canadian market. In recent years, there has been a surge in the use of environmentally friendly plastic trays, which have helped to reduce packaging waste and increase sustainability. This has been aided by legislation from the Canadian government, which requires companies to reduce their plastic packaging where possible. This will likely limit the growth of the plastic tray sector in the near future, as companies look towards more eco-friendly forms of packaging. In terms of materials, rigid PVC is the most commonly used plastic for trays in Canada, accounting for over 70% of the market.
This is expected to remain the case over the forecast period, with little change in the market share expected. Polypropylene and PETG plastics are expected to make up the remaining 30% of the market. The market is highly competitive, with several major players vying for market share. Unipak, Innovative Plastics, and Pro-Form Plastics are among the main players in the market, along with several smaller competitors. In terms of design, the most popular designs are rectangular/square/oval shaped trays, accounting for 61% of sales in 2017. The other major shape types are round/dome (19%) and tray-like/tower (16%). Overall, the outlook for the plastic tray market in Canada is positive. With increased consumer demand for convenience and sustainability, along with the continued innovation from the main players, the sector is set to experience steady growth over the next four years.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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