The demand for tray sealing machines will increase going forward, albeit gradually, and is predicted to reach 38,024 Units by the end of 2021, despite stagnating sales during COVID-19. In terms of volume, the market is anticipated to grow at a 4.8% CAGR during the forecast period.
Through 2021, the tray sealing machine market will experience excellent growth, with global revenues rising 4.6 percent between 2020 and 2031. Tray sealing machine revenues are expected to almost double between 2021 and 2031, reaching close to US$ 4.9 Bn in 2031 with a ten-year compound annual growth rate (CAGR) of 6.0 percent.
The consumption of tray sealing machines are estimated to increase owing to a wide scale of applications including meat, poultry and seafood , bakery and confectionery, fresh produce, ready meals, sweets and dry fruits among others.
Tray sealing machines are preferred with Modified Atmospheric Packaging (M.A.P.) packaging formats to ensure product quality. Therefore, this segment is estimated to grow by two times of the current value, by the end of 2031.
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Key Takeaways from Tray Sealing Machines Market
“Tray sealing machines are gaining traction, especially in the food industry with demand for improvements in shelf life of processed and packaged food and higher prospects of impulse purchases. Market across Asia will emerge as highly lucrative, steered by expansion of food courts, restaurants and giant food-chains, through 2031,” says an FMI analyst.
Impact of COVID-19 on Tray Sealing Machines Market
Amid the COVID-19 crisis, the demand from the manufacturing industry has declined. The growth of the tray sealing machines market has moderately impacted applications in packaged food products.
On the other hand, consumers are concerned about hygienic packaging which has created opportunities for meal tray producers. Recovery from this pandemic is expected to maximise the demand for tray sealing machines in the coming years.
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Who is Winning?
Leading players in the tray sealing machines market are largely focused on investments into product development and capacity expansion to consolidate their position in a competitive environment.
are the top players operating in the tray sealing machines market. Tier 3 players include
which hold 70-75% in the global tray sealing machines market.
Tray Sealing Machines Market by Category
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