Future Market Insights (FMI) has released a comprehensive report indicating robust growth in the global thermoformed trays market, which is anticipated to reach a valuation of USD 6.8 billion in 2022. With a projected compound annual growth rate (CAGR) of 4.4%, the market is expected to achieve a valuation of USD 10.4 billion by 2032.
Thermoformed trays constitute approximately 44-45% of the global rigid packaging market, valued at USD 14.6 billion in 2021. This significant market share reflects the growing acceptance and utility of thermoformed trays across various sectors, particularly in food packaging.
According to the report, the thermoformed trays market is poised for positive growth during the forecast period. Sales are projected to increase substantially from 2022 to 2032, generating an incremental growth opportunity of USD 7.8 billion. This growth can be attributed to evolving consumer demands and industry trends, especially in the food sector.
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The COVID-19 pandemic has notably accelerated changes within the food industry, leading to a surge in demand for efficient and sustainable packaging solutions. The thermoformed trays market is forecasted to expand 2.1 times its current value over the next decade, reflecting a significant shift towards optimized food packaging that meets hygiene and convenience standards.
Prominent Drivers of the Thermoformed Trays Market
- Rising Demand for Sustainable Packaging: As consumers and businesses increasingly prioritize eco-friendly solutions, thermoformed trays made from recyclable and biodegradable materials are gaining popularity. This trend supports the growth of the market as companies look for sustainable packaging options.
- Growth in Food Packaging Industry: The food and beverage sector is a significant driver for thermoformed trays, as they provide efficient packaging solutions that extend shelf life, preserve product quality, and enhance presentation. The increasing demand for ready-to-eat meals and takeout services further fuels this growth.
- Advancements in Manufacturing Technologies: Innovations in thermoforming technologies, such as improved mold designs and automated production processes, enhance efficiency and reduce production costs. These advancements allow manufacturers to offer customized solutions, driving market growth.
- Expansion of E-Commerce and Retail Sectors: The rise of e-commerce and online shopping has increased the demand for safe and efficient packaging solutions. Thermoformed trays provide excellent protection during transit, making them a preferred choice for shipping various products, including electronics, cosmetics, and food items.
- Customization and Aesthetic Appeal: Thermoformed trays can be easily customized in terms of shape, size, and color, allowing brands to create attractive packaging that stands out on shelves. This aesthetic appeal and versatility in design contribute to the growing adoption of thermoformed trays across various industries.
Competitive Landscape
The leading players in the thermoformed trays market are attempting to focus on boosting sales and revenues by expanding their capacities to satisfy increased demand. To extend their resources, the leading players are pursuing a merger and acquisition strategy, as well as producing new products to suit customer demands. In addition, the players are concentrating on improving their facilities to meet the demand.
Some of the recent key developments by the leading players are as follows –
- In May 2022, NEFAB GROUP launched a range of sustainable plastic packaging, including thermoformed trays.
- In April 2022, Amcor plc declared an investment to expand thermoforming capabilities in its Sligo and Ireland facilities for medical packaging.
- In December 2021, Rohrer Corporation acquired Jay Packaging Group, a premier specialty printing, and thermoforming company.
Key Players
Klöckner Pentaplast (KP); easypak Ltd.; Rohrer Corporation; Dordan Manufacturing; Nelipak Corporation; Universal Plastics Group, Inc.; PLACON Corporation; UFP Technologies, Inc.; Brentwood Industries, Inc.; Blisterpak, Inc.; Lacerta Group, Inc.; Amcor plc; J.P. PLASTICS INC.; THERM O PACK Thermoforming Solutions; NEFAB GROUP
Thermoformed Trays Market by Category
By Product Type, Thermoformed Trays Market is Segmented as:
- Plastic Insert Trays
- Dunnage Trays
- POP Display Trays
- Medical Handling Trays
By Material Type, Thermoformed Trays Market is Segmented as:
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate Glycol (PETG)
- High-density polyethylene (HDPE)
- High Impact Polystyrene (HIPS)
- Recycled Polyethylene Terephthalate (rPET)
By End Use, Thermoformed Trays Market is Segmented as:
- Food & Beverage
- Electronics
- Pharmaceutical
- Cosmetics
By Region, Thermoformed Trays Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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