The global thermoformed trays market is set to experience significant growth over the next decade, according to recent research by Future Market Insights (FMI). Valued at US$ 6.8 billion in 2022, the market is projected to grow at a compound annual growth rate (CAGR) of 4.4%, reaching an estimated valuation of US$ 10.4 billion by 2032. This robust growth is expected to generate an incremental opportunity of US$ 7.8 billion from 2022 to 2032.
Core Concepts in Thermoformed Trays Industry
- Value of the Thermoformed Trays Market in 2021: The global thermoformed trays market was valued at US$ 6.5 billion in 2021.
- Projected Growth Rate: The market is anticipated to expand at a CAGR of 4.4% between 2022 and 2032.
- Market Value by 2032: The global thermoformed trays market is expected to reach US$ 10.4 billion by the end of 2032.
- Leading Material Segment: Polyvinyl Chloride (PVC) material is likely to account for maximum sales across the global thermoformed trays market during the forecast period.
- Factors Driving Demand: The increasing demand for takeaway and home deliveries of food products is boosting sales as thermoformed trays increase shelf life and provide protection.
- Top Players in the Market: Klöckner Pentaplast (KP), Rohrer Corporation, Dordan Manufacturing, Nelipak Corporation, Amcor plc, NEFAB GROUP
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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$6.5 billion in 2021.
Market Drivers:
- Food Industry Growth: The pandemic-driven changes in the food industry have significantly boosted the demand for thermoformed trays, which offer superior product protection and stability.
- Cost and Time Advantages: Thermoforming offers several advantages over injection molding for shallow trays, including:
- Lower costs due to reduced tooling expenses (15-45% cheaper)
- Shorter lead times (2-3 times faster)
- Increased order fulfillment capacity for packaging manufacturers
Product Applications:
- Protective Packaging: Thermoformed trays, particularly insert trays, are ideal for protecting delicate products like ampoules, vials, and electronics during transport and storage.
- Bakery Products: Reusable thermoformed trays are gaining popularity in bakery applications due to their strength, durability, and impact resistance, offering benefits for both shipping and product display.
Country-Wise Insights:
Germany’s Cosmetics Industry Fuels Demand for Thermoformed Trays: Germany, renowned as the largest producer of cosmetics in Europe with sales reaching US$ 15.9 billion in 2021, is expected to drive the demand for thermoformed trays significantly. The country’s cosmetics sector is predicted to grow at a CAGR of 3.3% over the forecast period. This growth is attributed to continuous research and development, innovative product launches, and sustainable development practices by key market players. These factors are enhancing the demand for thermoformed trays, which are essential for packaging a wide range of cosmetic products.
India’s Food & Beverage Industry Spurs Market Growth: India’s thermoformed trays market is poised to create an incremental opportunity of US$ 451 million from 2022 to 2032. The increasing popularity of ready-to-eat and ready-to-cook food products is a significant driver of this growth. Rapid urbanization and changing lifestyles have led to a heightened preference for packaged food products among Indian consumers. The extended shelf life of packaged foods and the convenience they offer are further propelling the demand for thermoformed trays in the country.
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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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