The thermoformed tray market is evaluated at USD 5.5 billion in 2024. The industry is expected to reach USD 7.6 billion by 2034. The global market is projected to grow at 3.4% CAGR from 2024 to 2034.
Global Thermoformed Tray Market Assessment
| Attributes | Description |
|---|---|
| Estimated Global Thermoformed Tray Market Size (2024E) | USD 5.5 billion |
| Projected Global Thermoformed Tray Market Value (2034F) | USD 7.6 billion |
| Value-based CAGR (2024 to 2034) | 3.4% |
The global food and beverage sector is seeing a healthy growth rate, especially after the recent pandemic. This has opened new doors for various other industries used in the packaging, distribution, and supply of food items. The thermoformed tray market is one of them. The industry is observed to be performing very well in countries like India, China, Thailand, Brazil, etc., where the per capita consumption of consumer goods is higher than in the rest of the world.
These trays are also used in the pharmaceutical sector where they are used for packaging medications. The pharma industry, in developing economies like India, China, the United States, etc., has been growing at an exponential rate. In such scenarios, the demand for these trays is very likely to see an upsurge in the coming years. Their demand in the sector is also due to their ability to provide proper protection and compliance with safety regulations.
The cosmetic industry has also been utilizing the full potential of thermoformed trays in the past few years. Countries like South Korea, China, Japan, Singapore, etc., which are considered to be the largest markets require these trays in significant quantities. This creates a conducive environment for players in the thermoformed tray market as these trays offer attractive packaging for beauty products. This also helps brands enhance their visual appeal.
The demand for these trays is also coming from the electronics industry. With mobile phones and personal computers being manufactured at an unprecedented pace, there is an excellent clamor for thermoformed trays. These trays are mainly used for component protection. They also prevent damage during transportation and storage. As a majority of these products are purchased through online platforms, these trays have risen to prominence in these companies.
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The global thermoformed tray market shows promising growth potential. From 2024 to 2034, the market is slated to grow variably. The first half of 2023 to 2033 expects a CAGR of 3.2%. The second half of this period projects a CAGR of 3.6%. This slight increase indicates a steady jump in demand.
| Particular | Value CAGR |
|---|---|
| H1 | 3.2% (2023 to 2033) |
| H2 | 3.6% (2023 to 2033) |
| H1 | 3.3% (2024 to 2034) |
| H2 | 3.8% (2024 to 2034) |
In the next decade though, the first half maintains a steady CAGR of 3.3%. The second half of 2024 to 2034, however, sees a CAGR of 3.8%.
Companies to Opt for Biodegradable Thermoformed Trays
The packaging industry, especially in the food and beverage sector, has been increasingly going for ecologically viable thermoformed trays over conventional ones. By doing so, they are able to cater to the demands of environmentally cognizant consumers and businesses in the market. These players are also investing a hefty part of their financial capital in the development of trays that are made from recycled materials. This way, they also lower their carbon footprint helps them enhance their brand image.
For instance, FKuR, a company based in Germany, has come up with bio-based and biodegradable trays. These trays are based on polylactic acid and are more flexible and less brittle than conventional thermoformed trays.
E-commerce Growth in Developing Economies to Benefit the Market
E-commerce platforms have penetrated every nook and corner of the world. With that being said, these companies require a significant amount of thermoformed trays to package and ship a wide spectrum of products ranging from medications to electronics to toys, and handicrafts. This is because these trays provide excellent protection during shipping. They also prevent damage to products during transit.
Brands in these industries seek packaging solutions that are lightweight and space-saving. Thermoformed trays perfectly match these prerequisites and are, thus, in excellent demand.
Hurdles in the Pathway for Thermoformed Tray Market
Fluctuating prices can impact production budgets significantly. This uncertainty may hinder profitability for manufacturers.
Another restraint is competition from alternative packaging solutions. Materials like glass and metal offer different benefits. These alternatives can attract consumers looking for premium options.
Principal Consultant
The market in the past has seen a series of ups and downs as the period was highly influenced by the pandemic. The growth of the thermoformed trays industry depended upon the performances of various other industries such as food and beverage, electronics, packaging, e-commerce, etc.
When the first wave hit the world, several governments imposed strict lockdowns. Manufacturing industries, especially those of non-essential, luxurious items were shut down for an indefinite period of time. This created confusion among the manufacturers who shied away from stocking up thermoformed trays.
The market was also negatively affected by the disruption of supply chains during the same period. Almost all the countries closed their boundaries to mitigate the spread of the virus. This caused severe hurdles for e-commerce platforms. The general populace also refrained from purchasing non-essential items like phones, laptops, and other consumer electronics. These challenges collectively slowed down the market growth during this period.
Tier-1 companies in the thermoformed trays market have a strong foothold in the market, primarily due to their financial might and vast consumer reach. These companies also take advantage of their research and development capabilities to come up with innovative solutions associated with thermoformed trays to keep them ahead of their competitors. They also help smaller companies by partnering with them.
Some of these companies are Sonoco Products Company, Anchor Packaging Inc., DS Smith plc, Bemis Company Inc., etc. These companies also focus on expanding their production facilities in developing countries so that they can provide their services quickly.
Meanwhile, companies in the second tier are the ones that serve regional consumers. These companies might not have the financial ability as that of top-tier ones but they do bring an innovational spirit to the industry. These companies also, due to their limited clientele, are able to provide after-sales services. This way, they retain a significant number of their consumer base.
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The section summarizes the leading countries expanding in the global thermoformed tray market. The table describes CAGRs of specific countries and the data highlights key trends, projects, and company contributions to position the country in the global landscape.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 4.9% |
| The United Kingdom | 2.4% |
| Germany | 2.7% |
| The United States | 2.9% |
| China | 4.4% |
It is forecasted that India is very likely to exhibit healthy growth of 4.9% CAGR in the thermoformed tray market.
The thermoformed tray industry has been driving a significant demand in India as it is used for packaging various goods and items like food, electronics, cosmetics, and pharmaceuticals.
As the country witnesses urbanization, there have been also changes in the consumption pattern of Indians. People in the urban areas are consuming more packaged and ready-made food items. This has again increased the demand for thermoformed trays in the country.
China has always been known for its manufacturing prowess. The country hosts a significant number of well-established companies that not only cater to the demands of domestic needs but also serve the international consumer base. This type of industrial setup obviously generates an excellent demand for thermoformed trays.
In this regard, the CAGR in China is expected to hit 4.4% between 2024 and 2034. The industry is also performing decently in the country due to the expansion of e-commerce platforms. These platforms make the most use of thermoformed trays as they keep the items from damaging during the transit period.
Besides this, rapid urbanization has also created a strong demand for packaging solutions that are lightweight, ecologically viable, and flexible in the country. These trays fit all these criteria and are very likely to gain prominence in the coming years.
Increasing demand for thermoformed trays in the United States is expected to be steady and is very likely to boast a CAGR of 2.9% by 2034.
Food consumption patterns in the United States have changed dramatically since the turn of the century. People in the country are now preferring food items that are packaged, ready-to-eat, and convenient. This is great news for players involved in the thermoformed tray market as these trays are used to package food items to prevent them from spoiling.
The focus on sustainability has also changed the industry in the United States. Brands are coming up with trays made from bioplastics to cater to the demands of eco-conscious consumers. With the presence of industry giants in the country, it has been observed that the market in the United States is very likely to undergo some ground-breaking changes.
The section describes the leading segments in the thermoformed tray industry with their respective share value.
| Segment | Polyethylene Terephthalate (Material) |
|---|---|
| Value Share (2024) | 34.6% |
On the basis of materials, the industry is segmented into polyethylene, polypropylene, polyethylene terephthalate, and polyvinyl chloride. Among these, polyethylene terephthalate holds a significant share of 34.6% of the overall market in the year 2024.
Thermoformed tray manufacturers often choose PET as this material is very versatile. When compared to other polymers, PET has superior strength and durability. This makes its application in various industries such as food and beverage, medical products, and electronics, very ideal.
These trays are also resistant to moisture and chemicals. Such capabilities help businesses retain the integrity of the contents during shipping and storage. The demand for these trays is also because they have excellent clarity and aesthetics. This helps brands achieve a visually appealing presentation of their products.
| Segment | Food (End Use) |
|---|---|
| Value Share (2024) | 37.3% |
Thermoformed trays find their applications in a wide spectrum of industries such as food and beverages, pharmaceuticals, cosmetics and personal care, electrical and electronics, and automotive. The food and beverage accounts for about 37.3% of the total market share as of 2024.
In the food and beverage industry, thermoformed trays are mainly used for packaging foodstuffs so that they don’t end up getting spoiled during transit. Besides this, these trays are also used for displaying fresh produce, ready-to-eat meals, and various packaged snacks. Brands leverage the aesthetic appeal of these trays to attract consumers into buying their products.
The demand for these trays is also because of their easy customizability. Manufacturers can design trays that fit particular shapes and sizes, catering to diverse packaging needs across the food sector. This way, brands can create packaging that not only protects the product but also enhances its visibility on retail shelves.
The competition in the thermoformed market is very fierce as a significant number of well-established companies have a strong foothold in the market. These companies come up with innovative materials and concepts to satisfy their clientele. They also have to face cut throat competition when it comes to mergers and acquisitions. Such scenarios in the upper-tier make this market very hard to enter into.
Meanwhile, smaller companies have their own set of problems. Lower profit margins and high operational costs hinder their growth.
Sonoco Products Company, Anchor Packaging Inc., DS Smith plc, Bemis Company Inc., and Winpak Ltd., are a few prominent brands.
Industry Updates
The primary materials used in the industry include Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), and Polyvinyl Chloride (PVC). Other materials such as Polystyrene (PS) and Bioplastics are also gaining traction
The trays are available in two main types: single-compartment trays, and multi-compartment trays.
The end-use applications for these trays span multiple industries, including food and beverages, pharmaceuticals, cosmetics and personal care, electrical and electronics, automotive, and other industrial sectors.
The distribution of these trays occurs through several sales channels, including direct sales from manufacturers, distributors, and retailers.
Information about the leading countries of North America, Latin America, Western Europe, South Asia, and Pacific, East Asia, and the Middle East and Africa is given.
It is anticipated to reach USD 5.5 billion in 2024.
The industry is set to rise at a 3.4% CAGR through 2034.
The landscape is forecasted to reach USD 7.6 billion by 2034.
PET Thermoformed Tray with a share value of 34.6%.
Sonoco Products Company, Anchor Packaging Inc., DS Smith plc, Bemis Company Inc., and Winpak Ltd., are a few prominent brands.
India, China, Germany, and the United States are some of the lucrative markets for Thermoformed Tray.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Material 6.2. Tray Type 6.3. End Use 6.4. Sales Channel 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material 7.1. Polyethylene (PE) 7.2. Polypropylene (PP) 7.3. Polyethylene Terephthalate (PET) 7.4. Polyvinyl Chloride (PVC) 7.5. Polystyrene (PS) 7.6. Bioplastics 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Tray Type 8.1. Single-compartment Trays 8.2. Multi-compartment Trays 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use 9.1. Food and Beverages 9.2. Pharmaceuticals 9.3. Cosmetics 9.4. Personal Care 9.5. Electrical and Electronics 9.6. Automotive 9.7. Other Industrial Sectors 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sales Channel 10.1. Direct Sales 10.2. Distributors 10.3. Retailers 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. South Asia and Pacific 11.5. East Asia 11.6. Middle East and Africa 12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. South Asia and Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Sales Forecast 2024 to 2034 by Material, Tray Type, End Use, and Sales Channel for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Sonoco Products Company 20.2. Anchor Packaging Inc. 20.3. DS Smith plc 20.4. Bemis Company Inc. 20.5. Winpak Ltd 20.6. Thrace Group 20.7. Universal Protective Packaging, Inc. 20.8. Coveris Holdings S.A. 20.9. Placon Corporation Inc. 20.10. Borealis AG 20.11. Pöppelmann GmbH & Co. KG 20.12. Universal Plastics Corporation 20.13. Dordan Manufacturing Company Inc. 20.14. Sinclair & Rush, Inc. 20.15. Huhtamaki Oyj 20.16. Tray Pak Corporation 20.17. Lindar Corporation 20.18. Silgan Holdings Inc. 20.19. Pactiv LLC 20.20. Berry Global Group, Inc.
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Thermoformed Tray Market
