LONDON– Technavio analysts forecast the global egg tray market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global egg tray market for 2017-2021. To calculate the market size, the report has taken into consideration the revenue generated by different vendors through the sale of egg trays made from plastic and paper.
The global egg tray market is directly dependent on the price and production of eggs. The price of eggs is quite volatile. The price of eggs in the US increased by 53.89% from June 2012 to June 2015. Furthermore, the price reduced by 33.85% from June 2015 to June 2016. This reduction in price in 2016 was mainly due to the spread of avian influenza in 2015.
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Technavio transportation and logistics analysts highlight the following three factors that are contributing to the growth of the global egg tray market:
Growing demand for eggs
High consumption of eggs, increasing population, increasing purchasing power, and wider acceptance of eggs are the major factors boosting the global demand for egg trays. In 2014, around 170 eggs per person were available for consumption. It is estimated that this number will go over 200 eggs per person by 2021.
Sharan Raj, a lead packaging research analyst at Technavio, says, “Eggs are a highly-accepted food item and are consumed by both vegetarians and non-vegetarians. They are one of the richest sources of protein, minerals, and vitamins. Eggs can provide one-fifth of the daily protein requirements for humans.”
Increasing production line and cost-efficient production
Hartmann expanded its production in South America by opening two factories in Brazil and Argentina in 2016. The company is also planning to open its first egg carton plant in the US by the first quarter of 2017. The company closed one of its factories in Schwedt, Germany, in 2015-2016 for better efficiency and optimization of the production network. Huhtamaki expanded its production line in Russia and Northern Ireland in the third quarter of 2016.
Vendors focus on cost-efficient production to increase profit. Some of the cost-reducing techniques employed by egg tray vendors are:
- Reduction in machine set up time
- Production line rationalization
- Conservation of energy and material by advanced product design and process control
- Product line enhancement and extension
- Optimization of production network
Increasing demand for paper egg trays
The paper egg trays market will grow at a CAGR of 5.52% during the forecast period due to the recyclable nature of paper and the harmful effects of plastic on the environment. Pollution is caused by the manufacturing of polystyrene and PET. In terms of toxic gases emission, the manufacturing process of PET cartons has the most damaging effect followed by polystyrene.
“Globally, more than 55% of the egg consumption is from developed countries. However, there is a growing demand for eggs from developing countries due to awareness about the health benefits of eggs, growing population, and increased spending power of people. This is driving the demand for egg packaging from these countries,” adds Sharan.
Top vendors:
- Celluloses de la Loire (CDL)
- Dolco Packaging
- Hartmann
- Huhtamaki
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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Source: Technavio
