Reports
- Global Locations -
Headquarters
Future Market Insights, Inc.
Christiana Corporate, 200
Continental Drive, Suite 401,
Newark, Delaware - 19713,
United States
Americas
Future Market Insights, Inc.
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989, United States
MEA
Future Market Insights
1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Europe
Future Market Insights
3rd Floor, 207 Regent Street,
W1B 3HH London
United Kingdom
Asia Pacific
Future Market Insights
IndiaLand Global Tech Park, Unit UG-1, Behind Grand HighStreet, Phase 1, Hinjawadi, MH, Pune – 411057, India
According to FMI research, during the forecasted period, the global thermoformed trays market is predicted to reach a valuation of US$ 6.8 Billion in 2022 and is expected to grow at a CAGR of 4.4% and is anticipated to reach a valuation of US$ 10.4 Billion till the year 2032.
Attributes | Details |
---|---|
Market Size 2022 | US$ 6.8 Billion |
Market Size 2032 | US$ 10.4 Billion |
Value CAGR (2022 to 2032) | 4.4% |
Collective Value Share: Top 3 Countries (2022E) | XX to XX% |
The global thermoformed trays market forms around 44-45% of the global rigid packaging market worth US$ 14.6 Billion in 2021.
The thermoformed trays market is predicted to experience positive growth during the forecast period. A new forecast by FMI predicts that thermoformed trays sales will increase from 2022 to 2032 and are projected to generate an incremental growth opportunity of US$ 7.8 Billion.
The significantly changing food industry during the pandemic has raised the demand for thermoformed trays. The thermoformed trays market is projected to expand 2.1 times the current market value during the forecast period.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The global thermoformed trays market recorded a CAGR of 3.6% during the historic period between 2015 and 2021 with a market valuation of US$ 6.5 Billion in 2021.
Thermoformed trays have become a significant portion of the tray packaging market. The protection and stability of products are major factors driving the sales of thermoformed trays. Thermoformed trays, specially insert trays, match this function efficiently. Delicate products like ampoules, vials, and electronics can be easily transported and stored using this function of thermoformed trays.
Packaging used in bakery applications is primarily used for shipping and display purposes. Packaging manufacturers are supplying reusable thermoformed trays for bakery applications that save supply chain costs. Reusable thermoformed trays used in the bakery are strong, durable, and showcase impact resistance.
Thermoformed shallow trays offer manufacturers and customers the benefit of lower costs and shorter lead times as compared to injection-molded trays. Apart from the material and other production expenses, thermoforming differs heavily from injection molding in terms of tooling costs and lead times. Tooling forms a substantial part of manufacturing costs for smaller to moderate volumes. Though tooling amounts to a one-time expenditure, high-tooling costs discourage purchase decisions with multiple design requirements. Tooling cost incurred in thermoforming is on average 15%-45% cheaper than tooling in injection-molded process. Further, lead times in injection molding are 2-3 times longer than thermoforming. Thermoforming practices are observed to enhance the order-fulfilling capacities of packaging manufacturers.
Thermoformed tray manufacturers work collaboratively with their customers to ensure that the production process and material selection result in the best value offering when integrated with the choice of technology implemented.
Manufacturers of thermoformed trays are hence responding to opportunities offered by a falling preference for the injection-molded tray. Low tooling costs and shorter lead times allow manufacturers to fulfill customer requirements cost-effectively.
Due to the outbreak of the covid-19 pandemic, every industry witnessed a downfall due to an acute shortage of raw materials and blockages in the supply chain, and due to this demand for thermoformed trays was also impacted in a decremental manner. The covid-19 crisis led to some intense turns down which affected the requirement for certain kinds of packaging while boosting the growth for others, such as packaging for the food industry and pharmaceuticals, which recorded a sharp rise in demand.
Later, the situation began to normalize and the various end users started to function with full efficiency to cater to the demand and cover the loss. According to the Food and Drink Federation of the UK, the food & beverage industry is experiencing mixed growth. The non-alcoholic drink, and bakery, dairy sectors are now substantially larger than they were before the pandemic while some portion is experiencing a slight downfall. Thermoformed trays market is projected to reach the pre-covid level and is expected to get a boost in the form of increased production.
The food and beverage industry holds the major portion and accounts for maximum sales across the global thermoformed trays market. The total global sales of thermoformed trays are projected to offer an incremental growth opportunity of US$ 1.9 Billion during the forecast period.
The usage of thermoformed trays is huge in the food and beverages sector due to their durability and flexibility. They can be used to store both processed and fresh food packages. In addition to that, the rise in the demand by food and beverage manufacturers to adopt thermoformed packaging to offer an extended shelf life of packaged food. Thus, the food & beverage industry holds the major portion of the global thermoformed trays market.
As per the material segment, Polyvinyl Chloride (PVC) shows attractive growth by material segment for the production of thermoformed trays. Due to increasing environmental concerns, Polyvinyl Chloride (PVC) material is fulfilling the requirements of environmentally concerned end users. It is characterized by its toughness and high strength, being a recyclable material. In addition to that, it has high transparency feature, which allows the consumer to see through the packaging and acts as a unique selling proposition of the same.
Considering the availability of raw materials, it is available in ample amounts as compared to other materials. Therefore, making use of Polyvinyl Chloride (PVC) material delivers a safe and secure packaging experience and provides a sustainable option in terms of low negative impact on the environment.
Polyvinyl Chloride (PVC) segment by material type is projected to remain the leading segment among the other material used for manufacturing thermoformed trays. The total global sales of thermoformed trays made up of PVC are expected to grow 1.6X times over the upcoming decade.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Germany’s cosmetics industry is expected to drive the demand for thermoformed trays and is expected to grow the market at a rate of 3.3% CAGR in the forecast period. According to Cosmetics Europe Germany is the largest producer of cosmetics across Europe accounting for sales of US$ 15.9 Billion in 2021. In recent years, there has been significant growth in the cosmetics industry in Germany. The reason for it is the continuous research & development and innovations by key market players, from analyzing consumer preference and beauty ambitions, the biology of hair, skin, and oral cavity, to new technological innovations and improving sustainable development methods.
The FMI analysis states that India’s thermoformed trays market is estimated to create an incremental opportunity of US$ 451 Million from 2022 to 2032. The increasing trend of ready-to-eat and ready-to-cook food products is propelling the demand for thermoformed trays across the country. Consumers in India are inclined toward packaged food products, due to changes in lifestyle and the result of rapid urbanization in recent years. Factors such as increased shelf life of the packed products and consumer preference for packaged food products are enhancing the sale of thermoformed trays in India.
The key players working in the thermoformed trays market are trying to focus on increasing their sales and revenues by escalating their capabilities to meet the rising demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet customer needs. Also, the players are focusing on improving their facilities to cater to the demand. Some of the recent key developments by the leading players are as follows -
Attribute | Details |
---|---|
Growth Rate | CAGR of 4.4 % from 2022 to 2032 |
Base Year for Estimation | 2021 |
Historical Data | 2015 to 2020 |
Forecast Period | 2022 to 2032 |
Quantitative Units | Revenue in USD Billion, Volume in Units, and CAGR from 2022 to 2032 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered |
|
Regions Covered |
|
Key Countries Covered |
|
Key Companies Profiled |
|
Customization & Pricing | Available upon Request |
In 2021, the value of the global thermoformed trays market was US$ 6.5 Billion.
During the forecast period, the global thermoformed trays market is anticipated to expand at a CAGR of 4.4% between 2022 and 2032.
The global thermoformed trays market is expected to reach US$ 10.4 Billion by the end of 2032.
During the forecast period, Polyvinyl Chloride (PVC) material is likely to account for maximum sales across the global thermoformed trays market.
The increasing demand for takeaway and home deliveries of food products is increasing the sales of thermoformed trays as it increases shelf life and provides protection.
Klöckner Pentaplast (KP), Rohrer Corporation, Dordan Manufacturing, Nelipak Corporation, Amcor plc, NEFAB GROUP are the top players supplementing the sales of thermoformed trays.
Recommendations
Explore Packaging Insights
View Reports