GCC Plastic Tray Market Outlook

The gcc plastic tray market has been experiencing a continuous growth over the past few years, and this trend is projected to continue over the next decade from 2018 to 2032. major factors influencing this growth are the increasing sale of fmcg products, the growing demand for ready-to-eat food, and the enforcement of stringent regulations regarding the use of plastic trays for food packaging. in the gcc region, saudi arabia holds the largest share of the plastic tray market, followed by uae, qatar, and oman. factors driving the market are the introduction of a wide range of innovative food packaging solutions that offer convenience and sustainability. moreover, the rising popularity of online food delivery services has also contributed to the demand for plastic trays. in terms of type, polyolefin is the most widely used material in the gcc plastic trays market, followed by pp, ps, and others. however, pp and ps are projected to be the fastest growing materials in the coming years due to their good barrier properties and recyclability. other factors increasing the demand for plastic trays in the region are improved customer preferences, a growing awareness of eco-friendly food packaging, and the increasing use of automated packaging solutions. in 2018, the regional market is estimated to have reached a value of usd 78 million. this figure is expected to increase at a cagr of 5.2% over the forecast period, reaching usd 109 million by the end of 2032. the uae, saudi arabia, qatar, and oman are expected to account for the major share of the market, while bahrain, kuwait, and yemen are expected to have a comparatively lower market share. the competitive landscape of the gcc plastic tray market is highly fragmented and consists of major companies such as itc, saudi paper group, winco plastics, saudi plastic factory, europlast, and saudi tadcem. companies are continuously investing in research and development in order to gain a competitive advantage, and to come up with more sustainable and cost-effective packaging solutions. overall, the plastic trays market in the gcc region is forecast to continue to experience a significant growth over the coming decade, driven by the increased demand for convenience, sustainability, and eco-friendly packaging solutions.