The global thermoformed plastic products for food & beverage industry market is projected to surpass US$ 23.3 billion by the end of 2030, in terms of revenue, growing at CAGR of 6.11% during the forecast period (2023 to 2030).
Thermoformed Plastic Products for Food and Beverage Industry Market: Growth Drivers
Increasing Demand for Packaged Food to Aid Growth
The growing demand for packaged products by consumer due to changing habits, growing income are expected to favor market growth. Food and beverage industry increase demand for Thermoformed Plastic for increase Shelf life, Secure Seals and Superior Design is expected to drive market growth. Food container are used for product protection and Profit Maximization in Grocery and convenience stores, Caterers, Bakeries, quick service Restaurant and food processors.
Figure 1. Global Thermoformed Plastic Products for Food & Beverage Industry Market, Revenue Share (%), By Region, 2022
Also, the growth of Thermoformed plastic used in Ready to eat food packaging is being driven by the increase in demand for the Ready to eat food.
Rising Awareness about the Benefit of using Thermoform Plastic:
The food and beverage industry is the largest consumer of rigid thermoform plastic packaging and expected to grow rapid pace in the coming years, this is due to increasing demand of packaged food and beverages as well as need for safe and reliable packaging methods. The rising awareness of benefits of using thermoformed plastic packaging is also expected to drive the market growth up to 2030.
Thermoformed Plastic Products for Food and Beverage Industry Market: Restraints
Thermoformed plastic products is their impact on the environment
Thermoformed plastic products is their impact on the environment. These products are typically made from petroleum-based materials that are not biodegradable and can take hundreds of years to break down in landfills. Additionally, the production of plastic products requires significant energy and resources, contributing to carbon emissions and other environmental issues.
Figure 2. Global Thermoformed Plastic Products for Food & Beverage Industry Market, Revenue Share (%), By Application, in 2022
Thermoformed Plastic Products for Food and Beverage Industry Market: COVID-19 Impact
COVID-19 had a detrimental influence on the thermoformed plastics market growth and demand, owing to a halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. Manufacturing sales declined 2.10% to US$ 57.10 billion in April 2021, according to the Government of Canada's Monthly Survey of Manufacturing, 2021, to lower sales in 11 of 21 industries. Lower sales of transportation equipment and petroleum and coal commodities contributed significantly to the fall.
On the other hand, the rising number of COVID-19 positive cases in the region was driving demand for thermoformed plastics in the medical industry, which are used in various applications, including testing equipment, medical containers, and ventilators.
Thermoformed Plastic Products for Food and Beverage Industry Market: Market Segmentation
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2022: | US$ 14.5 Bn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 6.11% | 2030 Value Projection: | US$ 23.3 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Clear Lam Packaging, Inc., D&W Fine Pack, Huhtamaki, Placon, Anchor Packaging, Inc., Berry Plastics Corporation, Reynolds, Silgan Holdings, Inc., and Tray-Pak Corporation |
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Growth Drivers: |
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Restraints & Challenges: |
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Geographically, Europe dominated the global thermoformed plastic products for food & beverage industry market in 2022, reporting 32% market share in terms of revenue, followed by Asia Pacific and North America, respectively.
Thermoformed Plastic Products for Food and Beverage Industry Market: By Application
On the basis of application, in 2022, packaging accounted the largest market share of 74% in terms of revenue, followed by food service articles and others, respectively.
Thermoformed Plastic Products for Food and Beverage Industry Market: Recent Developments
Thermoformed Plastic Products for Food and Beverage Industry Market: Key Companies
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
Definition: 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.
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.
In 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.
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