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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Business Growth Opportunities:
- Customization and Innovation: Invest in research and development to create innovative thermoformed tray designs that cater to specific customer needs. Offer customization options to target niche markets and provide added value to clients.
- Expansion into New Industries: Identify and target emerging industries such as healthcare, electronics, and cosmetics that require thermoformed trays for packaging and transportation of their products. Tailor your offerings to meet the unique requirements of these sectors.
- Sustainability Focus: With increasing environmental concerns, there’s a growing demand for sustainable packaging solutions. Explore the use of eco-friendly materials and manufacturing processes to meet sustainability goals and attract environmentally conscious customers.
- Streamlined Manufacturing Processes: Enhance production efficiency by investing in advanced manufacturing technologies and automation systems. Implement lean manufacturing principles to minimize waste, reduce costs, and improve overall operational efficiency.
- Global Market Expansion: Explore opportunities to enter new geographic markets and expand your customer base internationally. Conduct market research to identify regions with high demand for thermoformed trays and develop targeted marketing and distribution strategies to penetrate these markets effectively.
Upcoming Trends in the Thermoformed Trays Industry:
- Increased Use of Recycled Materials: As sustainability becomes a key focus across industries, there will be a rising demand for thermoformed trays made from recycled materials. Companies will increasingly adopt recycled content in their packaging to reduce environmental impact and meet consumer expectations.
- Advanced Barrier Properties: There’s a growing need for thermoformed trays with advanced barrier properties to ensure product protection and shelf life extension. Developments in barrier materials and coatings will drive the adoption of thermoformed trays in industries such as food and pharmaceuticals.
- Smart Packaging Solutions: Integration of smart technologies such as RFID tags and sensors into thermoformed trays will enable improved inventory management, tracking, and authentication of products throughout the supply chain. Smart packaging solutions offer enhanced traceability and visibility, which are crucial for ensuring product integrity and compliance with regulatory requirements.
- Customized Packaging Solutions: Consumers are increasingly seeking personalized and unique packaging experiences. Thermoformed tray manufacturers will focus on offering customizable solutions that allow brands to differentiate their products and enhance brand recognition in the market.
- Shift towards Lightweight Packaging: With growing emphasis on reducing packaging waste and transportation costs, there will be a shift towards lightweight thermoformed trays that optimize material usage while maintaining structural integrity and product protection. Lightweight packaging solutions offer environmental benefits and cost savings for both manufacturers and end-users.
Competitive Landscape
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 –
- 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.
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, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.
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