The thermoformed tubs market is forecast to experience a growth of 5.3% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 10,633.8 million in 2023.
While making purchasing decisions, consumers factor in the product cost. The thermoformed packaging, as per SouthPack intelligence, costs 15% less than the price of packaging developed from plastic injection molding. The lower pricing point of the thermoformed tub is expected to push its adoption quotient in the upcoming years.
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According to the same source, consumers in large numbers consider the eco-friendly nature of packaging material. To tap into the emerging demand, manufacturers are developing ecologically sound products, like recyclable thermoformed tubs.
Foodservice owners look for packaging solutions with excellent physical stress, oxygen or moisture barriers, tamper resistance, and contamination protection, all along with a functional and unique design. Thermoform tubs not only tick all these requirements but also allow easy access and prolonged shelf life. Thus, boosting its adoption among food service businesses.
GEAs introduced FoodTray in October 2019 in collaboration with Roba Group, Van de Velde Packaging, and Schur Flexibles Germany. The launch incorporates thermoforming technology with film and cardboard.
Manufacturers in the food industry are vying for green packaging solutions that help them to lower their carbon footprint. Since thermoformed packaging is being developed with 100% recyclable products, their demand is expected to soar in the upcoming period.
Key participants in the market are improving their market share by acquiring and merging with other collaborative players. Moreover, constant research and innovation are expected to help bring in new offerings, keeping in mind the sustainability demands of customers.
Top Highlights from the FMI’s Analysis of the Thermoformed Tubs Market:
- The European region dominates the market, accounting for 29.1% of the global market. Due to advanced technologies and the amplified growth of end users, the market is expected to portray profitable prospects in the upcoming years.
- The North America region accounts for a relatively lower market share of 26.5% than that of Europe. Robust urbanization and a high standard of living in the region are promoting the use of thermoformed packaging.
- Asian countries like India and China exhibit CAGRs of 6.6% and 6.1% over the forecast period. The above-average growth percentage in these countries indicates significant business and growth prospects, consequently attracting more enterprises.
- Australian market is in its early stage of development, forming a mere 1.8% of the entire market. Proactive manufacturers are realizing the latent growth potential in the country and advancing early to extract high cumulative gains later on.
- The PET material gained a 31.6% market share in 2022. This trend is expected to continue in the forecast period as well.
- The food and beverages segment constituted a 37.6% share of the market in 2022.
Global Thermoformed Tubs – Market Dynamics
Thermoformed tubs are extensively used in packaging due to their toughness and flexibility. Thermoformed tubs are mainly used in food industry. Due to the rapid growth of food sector and the need for its packaging, the market for thermoformed tubs is expected to witness growth over the forecast period 2017-2025. In addition, the automation in the field of thermoformed packaging has positively impacted the growth for thermoformed tubs market.
With the rising demand of electronics and its packaging for protecting appliances, the thermoformed tubs market has seen expansion over the forecast market. Thermoformed tubs are also used for packaging of medicines, and this trend is expected to grow in further years due to extensive growth of the pharmaceutical sector.
Thermoformed tubs market faces the challenges of strict norms from the government for pertaining to the use of plastics in the manufacturing process and its waste management issues. Thermoformed tubs are difficult to manufacture with the precise thickness of the walls; as a result, it faces challenges of finding a substitute for getting a precise shape.
Global Thermoformed Tubs Market – Regional Overview
The global thermoformed tubs market can be segmented on the basis of region such as:
- North America
- Latin America
- Eastern Europe
- Western Europe
- APEJ
- Middle East & Africa
- Japan
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North America region is the foremost market for thermoformed tubs market and is driving the global demand. Europe region is also expected to see above average growth of thermoformed tubs market over the forecast period. Countries such as the UK, Italy, Germany and France are the top thermoformed tubs market. APEJ region is expected to have anticipation in the growth over the forecast period for thermoformed tubs market.
Markets in China and India would witness the highest CAGR growth for thermoformed tubs. Latin America region due to emerging countries like Brazil and Mexico would have anticipation in demand for thermoformed tubs market. The Middle East and Africa region are estimated to have a considerable increase in the thermoformed tubs market for South Africa and GCC. Japan is also expected to have substantial growth of thermoformed tubs market.
Global Thermoformed Tubs Market – Key players
Some of the players in the thermoformed tubs market are
- Silgan Holdings Inc,
- Astrapak Ltd,
- Universal Plastics Corporation,
- Plast-Pack GmbH,
- STM Plastics,
- Shepherd Thermoforming & Packaging Inc.,
- Lucky Time Pack Material Co., Ltd.,
- Greiner Packaging GmbH,
- Ditai Plastic Products Co., Ltd.,
- Tengyue Display Co., Ltd., and
- Swellder Electronics Technology Co., Ltd.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The report covers an exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina)
- Western Europe (Germany, Italy, U.K, Spain, France, Nordic, Rest of Western Europe)
- Eastern Europe (Russia, Poland)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Thermoformed Tubs – Market Segmentation
The thermoformed tubs can be segmented by material type, by shape, and by end use.
On the basis of material type, the global thermoformed tubs are segmented into:
- Polyethylene (PE)
- HDPE
- LDPE
- Polyethylene terephthalate (PET)
- APET
- CPET
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Ethyl Vinyl Alcohol (EVOH)
- Others
On the basis of shape, the global thermoformed tubs are segmented into:
- Round
- Oval
- Rectangular
- Others
On the basis of end use, the global thermoformed tubs are segmented into:
- Food & Beverages
- Electronics
- Pharmaceuticals
- Healthcare
- Personal care & cosmetics
- Others
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