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Press Release: Thermoformed Plastic Products for Food & Beverage Industry Market to Surpass US$ 17.0 Billion by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Food & beverage (F&B) industry thermoformed plastic products are widely used in the packaging of food products such as bakery, meat, processed food, beverage, and dairy food products. Thermoformed Plastic Products helps to save cost and time and uniformity of end-products without compromising on quality. Thermoformed Plastic Products offer lots of flexibility and durability which enable easy transportation of packaged food products. Moreover, Thermoformed Plastic Products can be molded in any shapes after heating to adequate temperature. These products increase the shelf-life of food products and prevent the contamination so that food doesn't get perish.
The global thermoformed plastic products for food & beverage industry market is projected to surpass US$ 17.0 billion by the end of 2027, in terms of revenue, growing at CAGR of 4.3% during the forecast period (2019 to 2027).
Drivers
Rapidly growing retail sector around the globe, especially in the Asia Pacific region, is projected to serve as a major driving factor to the market growth food & beverage (F&B) industry thermoformed plastic products. According to the India Brand Equity Foundation, retail the industry reached US$ 950 billion in 2018 at CAGR of 13% and expected to reach US$ 1.1 trillion by 2020 and accounts for over 10% of the country’s Gross Domestic Product (GDP). Therefore, expanding retail sector is projected to foster the market growth.
Expanding food and beverage industry in the Asia Pacific region expected to foster the market growth of food & beverage (F&B) industry thermoformed plastic products over the forecast period. According to the India Brand Equity Foundation, the Indian food, and grocery the market is the world’s sixth-largest, with retail contributing 70% of the sales. The Indian food processing industry accounts for 32% of the country’s total food market. Therefore, expanding food industry is propelling the market growth.
Geographically, Europe dominated the global thermoformed plastic products for food & beverage industry market in 2018, reporting 32% market share in terms of revenue, followed by Asia-Pacific and North America, respectively.
Figure 1. Global Thermoformed Plastic Products for Food & Beverage Industry Market, Revenue Share (%), By Region, 2018
Market Restraints
Technical issues during the production of thermoformed plastic packaging products in specific applications is expected to hinder the market growth. During thermoforming, it is difficult to attain precise wall thickness along with symmetrical thickness over the entire a product which results in less weight-bearing capacity and durability of thermoformed plastic products. Precise thickness is required all over the product in some applications. This factor is expected to restrict the market growth of thermoformed plastic packaging products.
Various manufacturer are promoting alternative packaging material such as paper in order to minimize the usage of plastic packaging waste due to environmental impact will affect the market growth to some extent. For instance, in May 2019, Fischer Paper Products launched its TruKraft line, a new line of sustainable products subjected to a growing trend in food service and on-the-go eating. Fischer TruKraft is a new solution for consumers demanding sustainable options for food packaging. Biodegradable and commercially compostable, TruKraft products come in a variety of sizes designed for food items such as sandwiches, pastries, bread, and French fries.
Market Opportunities
The growing production of plastic around the globe is expected to immense growth opportunity to the market of thermoformed plastic packaging forecast period. According to the Euractiv, at a global level, plastic production is increasing. With 359 million tons placed on the market in 2018, the sector recorded a 3.2% increase compared to 2017. With regards to polymers, the most common plastics are polyethylene or PE (27%), thermosetting plastics (21%), polypropylene (19%) and polyvinyl chloride or PVC (13%).
Growing consumption of beverages around the globe is demanding thermoformed plastic packaging for protection during transportation is expected to foster market growth. This packaging covers plastic bottles and pouches for beers, coffee, tea, and energy drinks. For instance, in June 2017, Amcor expanded its portfolio of dairy, aseptic, and high-pressure processing (HPP) packaging with the launch of a new collection of crystal-clear polyethylene terephthalate (PET) stock bottles and preforms.
Figure 2. Global Thermoformed Plastic Products for Food & Beverage Industry Market – Opportunity Analysis
Market Trends
An increasing number of partnerships among major players for recycling plastic and to expand their presence in the market is expected to augment the market growth of thermoformed plastic packaging. For instance, in November 2019, Vernon, California-based rPlanet Earth, has partnered with Green Impact Plastics to jointly develop and manage the purchase of postconsumer thermoform bales from California and other southern states.
Growing focus of manufacturer to increase investment in order to meet the rising demand for plastic around the globe and to promote sustainability. For instance, in January 2020, Nestle is planning to invest up to two billion Swiss francs ($2.07bn) to source more recycled plastics for packaging its products and reduce its use of new plastics by a third by the year 2025.
Figure 3. Global Thermoformed Plastic Products for Food & Beverage Industry Market, Revenue Share (%), By Application, in 2018
On the basis of application, in 2018, packaging accounted the largest market share of 74% in terms of revenue, followed by food service articles and others, respectively.
Figure 4. Global Thermoformed Plastic Products for Food & Beverage Industry Market – Value Chain Analysis
Competitive Section
Key players active in the thermoformed plastic products for food & beverage industry market are Clear Lam Packaging, Inc., D&W Fine Pack, Huhtamaki, Placon, Anchor Packaging, Inc., Berry Plastics Corporation, Reynolds, Silgan Holdings, Inc., and Tray-Pak Corporation
Few Recent Developments
Clear Lam Packaging, Inc.
Tray-Pak Corporation
Thermoforming process involves molding of a specific sized thermoplastic sheet with the help of external pressure applied by vacuum, air or mechanical means for production of plastic products. The thermoplastic sheet is softened to a particular extent by heating and clamping process. These plastic products formed by thermoforming are widely used in different industries such as food & beverages, automobile, construction, aviation & aerospace and medical industry.
Market Dynamics
The global thermoformed plastic products for food & beverage industry market has witness a growth in recent few years, owing to its rising demand of packaged fluids such as mineral water, fruit juices milk, and carbonated drinks. Consumers are now preferring packed products over unpacked products owing to rise in awareness of health and hygiene. This scenario is expected to foster the market growth during the forecast period.
On addition to this, the companies involved in production of plastic packaging products are encouraging the use of thermoformed plastic as they provide a low cost alternative to the conventionally used plastic which is formed by the procures of mechanical extrusion. Moreover it also provides more scope to the companies for package their products in more aesthetically enhanced presentation. These factors are expected to fuel the growth of global thermoformed plastic products for food & beverage industry market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 45 market data tables* and 30 figures* on "Global Thermoformed Plastic Products for Food & Beverage Industry Market” – global forecast to 2027
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