The global thermoformed trays market is on a growth trajectory, projected to attain a value of US$6.8 billion in 2022 and exhibit a 4.4% CAGR, reaching US$10.4 billion by 2032, according to FMI research. Representing around 44-45% of the global rigid packaging market worth US$14.6 billion in 2021, the thermoformed trays segment is set to expand significantly.
The pandemic-induced shifts in the food industry have driven demand for these trays, expected to multiply its current market value by 2.1 times during the forecast period. FMI’s insights highlight a promising future for the thermoformed trays market amid evolving packaging dynamics.
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Market Size and Growth:
- The thermoformed trays market currently represents a significant portion (around 44-45%) of the global rigid packaging market.
- Future Market Insights (FMI) forecasts a positive outlook with thermoformed tray sales generating an incremental opportunity of US$7.8 billion by 2032.
- This translates to a projected market expansion of 2.1 times its current value during the forecast period.
Historical Performance:
- The thermoformed trays market witnessed a CAGR of 3.6% from 2015 to 2021, reaching a valuation of US$6.5 billion in 2021.
Market Drivers:
- Food Industry Growth: The pandemic-driven changes in the food industry have significantly boosted the demand for thermoformed trays, which offer superior product protection and stability.
- Cost and Time Advantages: Thermoforming offers several advantages over injection molding for shallow trays, including:
- Lower costs due to reduced tooling expenses (15-45% cheaper)
- Shorter lead times (2-3 times faster)
- Increased order fulfillment capacity for packaging manufacturers
Product Applications:
- Protective Packaging: Thermoformed trays, particularly insert trays, are ideal for protecting delicate products like ampoules, vials, and electronics during transport and storage.
- Bakery Products: Reusable thermoformed trays are gaining popularity in bakery applications due to their strength, durability, and impact resistance, offering benefits for both shipping and product display.
Key Companies Profiled
- Dordan Manufacturing
- Nelipak Corporation
- Universal Plastics Group, Inc.
- PLACON Corporation
- UFP Technologies, Inc.
- Brentwood Industries, Inc.
- Blisterpak, Inc.
- Lacerta Group, Inc.
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Thermoformed Trays Market by Category
By Product Type,
- Plastic Insert Trays
- Dunnage Trays
- POP Display Trays
- Medical Handling Trays
By Material Type,
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate Glycol (PETG)
- High-density polyethylene (HDPE)
- High Impact Polystyrene (HIPS)
- Recycled Polyethylene Terephthalate (rPET)
By End Use,
- Food & Beverage
- Electronics
- Pharmaceutical
- Cosmetics
By Region,
- 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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