Thermoformed Trays Sector: Growth Drivers and Challenges
Growth Drivers
- Growing Demand for Packaged Food Products
The changing lifestyles of the consumers is one of the primary factors that can be attributed to the growing demand for packaged foods. Packaged foods are available in a variety of shapes and sizes. The manufacturers of packaged foods try to create lucrative packaging for greater consumer visibility and to increase their sales volume. As a result, these packaged foods require different forms of thermoformed trays, which is anticipated to drive the thermoformed trays market growth. - Numerous Benefits Associated with Thermoformed Trays to Drive Market Growth
Thermoformed trays possess several added advantages over other packaging methods. These trays are rigid and are resilient to damage, which is why they are found to be used widely to pack electronics and medical equipment. On the other hand, the cost of thermoforming process is lower by around 15% as compared to the packaging made through injection molding process. Manufacturers which manufacture packaging goods via thermoforming process, also has a quick turnaround time, which helps them to produce large quantities at a minimal time, and also save on the labor costs. Thermoform packaging also provides the manufacturer numerous design options, allowing them to incorporate different branding types into the packaging. Such factors are therefore anticipated to drive the market of thermoformed trays during the forecast period.
Challenges
- New and Improved Alternative Packaging Materials to Hamper Market Growth
New and improved alternative packaging materials, such as poly(methyl methacrylate) (PMMA), which are known to be dimensionally stable and have high gloss and hardness when modified, possess numerous benefits over thermoformed plastic. Moreover, with the increasing research and developments, several new alternative packaging materials are being developed which costs low to the manufacturers. Such a factor is anticipated to hamper the thermoformed trays market growth during the forecast period.
Thermoformed Trays Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.3% |
|
Base Year Market Size (2024) |
USD 7.32 billion |
|
Forecast Year Market Size (2037) |
USD 12.65 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of thermoformed trays is estimated at USD 7.59 billion.
Thermoformed Trays Market size was valued at USD 7.32 billion in 2024 and is likely to cross USD 12.65 billion by 2037, registering more than 4.3% CAGR during the forecast period i.e., between 2025-2037.
North America industry is set to hold largest revenue share by 2037, on account of the availability of well-established pharmaceutical and food & beverage sectors, followed by increasing adoption of the manufacturers towards advanced technologies.
The major players in the market is Thermoform Engineered Quality LLC (TEQ), HLP Klearfold, Genpak, LLC, Brentwood Industries, Inc., Pactiv LLC, DS Smith Plc, Placon, Amcor plc, D&W Fine Pack, WestRock Company, among others.
