FMI’ Analyst view: Rapid urbanization leads to 100% Biodegradable Thermoformed for food packaging – How and why is the United States Market witnessing high demand?
As per the latest market research conducted by FMI, the global thermoformed containers market is expected to record a CAGR of 4.6% from 2023 to 2033. In 2023, the market size is projected to reach US$ 19.9 billion. By 2033, the valuation is anticipated to reach US$ 31.6 billion.
Thermoformed containers are products made using a thermoforming process where the closed-cell foams or rigid plastics are heated to a pliable temperature. These are molded using pressure and vacuum forming techniques for the desired shape.
These containers are gaining popularity owing to attributes such as lightweight, durability, water resistance, cost-effectiveness, and reusability. On account of this, the containers such as clamshells, blisters, trays & lids, and bowls are being adopted across diverse industries. Such factors are expected to surge the thermoformed containers market growth.
The consumption of packaged food and beverage products such as fresh fruits, vegetables, meat, dry fruits, and beverages has been experiencing an exponential surge. Rapid urbanization, which has led to changes in usage patterns can be attributed as the main factor.
There has been a surging demand for ready-to-eat and drink products owing to the fast-paced lifestyle, especially across developing countries such as China and India. This has created strong demand for lightweight, recyclable, and reusable packaging solutions. Such factors might increase the adoption of thermoformed containers during the forecast period.
Hence, leading players in the market are increasingly focusing on mergers and acquisitions to expand their production capacity and product portfolio. For instance, in 2018, Universal Plastics Group, a leading provider of packaging solutions announced the acquisition of Kintz Plastic to expand its production capacity.
North America is projected to be the leading market for thermoformed containers. The existence of an organized food sector is one of the key factors, which has led to the growth of the thermoformed food containers market. There is also a high consumption of packaged food, which has led to the increased application of thermoformed packaging.
As per CAGR, Asia Pacific is anticipated to hold the dominant position. Rapid urbanization, coupled with a sedentary lifestyle which has led to shifting consumption patterns is expected to increase sales.
Country-wise Insights
Why is the United States Market Witnessing High Demand?
The United States is projected to dominate North America, which is expected to account for nearly 37.8% of the total market share in 2023.
Surging demand for durable packaging solutions is expected to spur sales. A growing trend of pursuing artistic activities such as painting is compelling manufacturers to launch trendy and consumer-convenient solutions such as paint trays and others. This has consequently led to the growth of thermoformed trays market.
For instance, in 2020, LINDAR Corp., a leading plastic thermoforming manufacturer, launched a new range of thermoformed PAINTWELL products. These included paint trays, heavy gauge plastic parts, and paint tray liners. A slew of such product launches is estimated to bolster the sales of thermoformed plastic trays in the United States.
What are the Factors Driving the Market in Germany?
Germany is anticipated to emerge as a lucrative market for thermoformed containers in Europe over the forecast period.
A rapid shift in customer preference towards novel blister packaging from traditional bottles is spurring demand in the pharmaceutical industry. These containers protect medications from oxygen and moisture, as a result of which the pharmaceutical players are investing millions in thermoformed packaging trays market.
Also, ease of transportation and low cost of thermoformed blister packaging encourage industry players to adopt this solution. Driven by the growing adoption of thermoformed blisters in Germany, the Europe market is projected to account for nearly 28% of the total market share.
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