The exponential growth of the food industry has led to an increasing demand for packaging types that helps in maintaining the shelf life of the product. Lids have been in existence since long to prevent the food product from getting contaminated from any external sources.
The demand for packaged food has risen substantially in the last decade, leading to a high demand for thermoformed lids. Thermoformed lids are made through the thermoforming process which in turn provides a clear finish to the lids.
Thermoformed lids are flexible and durable as compared to their counterparts. Moreover, the thermoforming process is very cost effective which in turn also makes it possible to produce the thermoformed lids at a comparatively low price. The global thermoformed lids market is expected to witness a steady growth on the backdrop of growing FMCG industry where they find maximum utilization.
Thermoformed Lids Market include some major driving factors that incorporate increasing disposal income, increasing demand for food and healthcare packaging and increasing demand for ready-to-eat food. The growth of the thermoformed lids market is mainly driven by the increased sales of the packaged food product.
Moreover, the thermoformed lids also enhance the visibility and provide an aesthetic appeal to the packaged product. Fast paced lifestyle of consumers is also anticipated to drive the global thermoformed lids market over the forecast period. The increased penetration of e-grocery stores is also expected to further propel the growth of the global thermoformed lids market.
Printing on the lids is a key trend prevailing in the global thermoformed lids market which serves the marketing purpose for the end user. The material used for the manufacturing of thermoformed lids is not recyclable, raising serious environmental concerns, thus hampering the growth of the global thermoformed lids market.
The use of bio based materials for the manufacturing of thermoformed lids is expected to create ample opportunities for growth for the global thermoformed lids market.
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The global thermoformed lids market is segmented on the basis of material type, application, and geography. On the basis of material type, the global thermoformed lids market is segmented into acrylics, bio-degradable polymers, acrylonitrile butadiene styrene (ABS), polycarbonates, polyethylene (PE), polypropylene (PP), polymethyl methacrylate (PMMA), polystyrene (PS), and poly vinyl chloride (PVC).
PP is the most preferred material for the production of thermoformed lids due to its high thermal stability and compatibility with the packaged food products. On the basis of application, the global thermoformed lids market is segmented into food, pharmaceuticals, electronics & electrical, consumer goods, and industrial goods.
On the basis of geography, the global thermoformed lids market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America dominates the global thermoformed lids market due to the rapid industrialization and a well-established food packaging industry.
Europe thermoformed lids market is expected to witness moderate growth over the forecast period due to increasing demand for convenience food by the consumers due to busier lifestyle. The thermoformed lids market in Asia Pacific is expected to witness steady growth rates in the next five years due to rising disposable income of the middle class population as well as increasing awareness of packaged food among the consumers.
Middle East & Africa thermoformed lids market is expected to witness sluggish growth over the forecast period due to low GDP and high inflation rates in the region.
Some of the key players operating in the thermoformed lids market are Pactiv LLC, Anchor Packaging, Inc., Peninsula Packaging Company, LLC, Silgan Plastics Corporation, Graham Packaging Company, Placon Group, Berry Global, Inc., CM Packaging, Clear Lam Packaging, D&W Fine Pack, and Huhtamaki Group.
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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.