The thermoformed tubs market is forecast to experience a growth of 5.3% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 10,633.8 million in 2023.
While making purchasing decisions, consumers factor in the product cost. The thermoformed packaging, as per SouthPack intelligence, costs 15% less than the price of packaging developed from plastic injection molding. The lower pricing point of the thermoformed tub is expected to push its adoption quotient in the upcoming years.
According to the same source, consumers in large numbers consider the eco-friendly nature of packaging material. To tap into the emerging demand, manufacturers are developing ecologically sound products, like recyclable thermoformed tubs.
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Foodservice owners look for packaging solutions with excellent physical stress, oxygen or moisture barriers, tamper resistance, and contamination protection, all along with a functional and unique design. Thermoform tubs not only tick all these requirements but also allow easy access and prolonged shelf life. Thus, boosting its adoption among food service businesses.
GEAs introduced FoodTray in October 2019 in collaboration with Roba Group, Van de Velde Packaging, and Schur Flexibles Germany. The launch incorporates thermoforming technology with film and cardboard.
Manufacturers in the food industry are vying for green packaging solutions that help them to lower their carbon footprint. Since thermoformed packaging is being developed with 100% recyclable products, their demand is expected to soar in the upcoming period.
Key participants in the market are improving their market share by acquiring and merging with other collaborative players. Moreover, constant research and innovation are expected to help bring in new offerings, keeping in mind the sustainability demands of customers.
Top Highlights from the FMI’s Analysis of the Thermoformed Tubs Market:
- The European region dominates the market, accounting for 29.1% of the global market. Due to advanced technologies and the amplified growth of end users, the market is expected to portray profitable prospects in the upcoming years.
- The North America region accounts for a relatively lower market share of 26.5% than that of Europe. Robust urbanization and a high standard of living in the region are promoting the use of thermoformed packaging.
- Asian countries like India and China exhibit CAGRs of 6.6% and 6.1% over the forecast period. The above-average growth percentage in these countries indicates significant business and growth prospects, consequently attracting more enterprises.
- Australian market is in its early stage of development, forming a mere 1.8% of the entire market. Proactive manufacturers are realizing the latent growth potential in the country and advancing early to extract high cumulative gains later on.
- The PET material gained a 31.6% market share in 2022. This trend is expected to continue in the forecast period as well.
- The food and beverages segment constituted a 37.6% share of the market in 2022.
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Great Tidings: Top Developments in the Market
- In May 2018, Luban HP1151K introduced Oman Oil Refineries & Petroleum Industries Company (Orpic) to boost the productivity and performance of transparent thermoformed trays, cups, and containers.
- Quinn Packaging, in February 2019, released entirely recyclable black plastic food trays.
- COEXPAN introduced CorePET in October 2019. The product is a 100% rPET sheet designed specifically for the thermoform packaging industry.
- Mondi Group created a fully recyclable polypropylene film in June 2019 for use in thermoforming flexible films for vacuum packaging and modified atmosphere packaging (MAP). This packaging helps prolong the lifespan of products like cheese and meat.
Key Segments of the Thermoformed Tubs Market
By Material Type:
- Polyethylene (PE)
- HDPE
- LDPE
- Polyethylene terephthalate (PET)
- APET
- CPET
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Ethyl Vinyl Alcohol (EVOH)
- Others
By Shape:
- Round
- Oval
- Rectangular
- Others
By End User:
- Food & Beverages
- Electronics
- Pharmaceuticals
- Healthcare
- Personal care & cosmetics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
About Future Market Insights Inc. (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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