The Thermoformed Shallow Tray market is estimated to grow at a CAGR of 5.63% to reach a market size of US$1841.174 million in 2024 from US$ 1325.44 million in 2018. Thermoformed shallow trays are containers used for the packaging of various consumer goods. The key industry driving the demand for thermoformed shallow tray packaging are food and beverage, electronics, pharmaceuticals, and cosmetics among others. The growing food and beverage industry along with the rising consumption of packed food is expected to drive the thermoforming packaging market. Furthermore, the increasing pharmaceutical industry coupled with the growing demand for blister packaging for carrying and storing of medicines through specific designs and specifications is anticipated to drive the thermoforming packaging market. In addition, the increasing use of thermoformed shallow trays in electronics and other products owing to its lightweight and attractive design feature is projected to drive the market. Additionally, technological developments and increased R&D are expected to create opportunities for market growth during the forecast period.
DRIVERS
Growing food and beverage industry.
Growing demand in the pharmaceutical sector.
RESTRAINTS
Stringent government rules regarding plastic use
INDUSTRY UPDATE
In September 2018, Genpack LLC introduced a new thermoformed packaged product line Proview.
In July 2017, Sonoco products company acquired Clear Lam a manufacturer of flexible and forming plastic packaging films.
The major players profiled in the thermoformed shallow tray market include Amcor Limited, Bemis Company Inc., Sonoco Products Company, Genpack LLC, CJK Thermoforming Solutions LLC, Placon Corporation, VisiPak (Parent company-Sinclair and Rush Inc.), BlisterPak Inc., Berry Global Inc., Dordan Manufacturing Company.
Segmentation
The thermoformed shallow tray market has been analyzed through the following segments:
By Material
Polyethylene
PET
PVC
PP
Paper
By End-User
Pharmaceuticals
Food and Beverage
Electronics
Cosmetics
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
South Korea
India
Others
Frequently Asked Questions (FAQs)
Q1. What will be the thermoformed shallow tray market size by 2024?
A1. The thermoformed shallow tray market is estimated to reach a total market size of US$1841.174 million by 2024.
Q2. What is the size of global thermoformed shallow tray market?
A2. Thermoformed Shallow Tray market was valued at US$1325.44 million in 2018.
Q3. What are the growth prospects for the thermoformed shallow tray market?
A3. The global thermoformed shallow tray market is estimated to grow at a CAGR of 5.63% during the forecast period.
Q4. Who are the major players in the thermoformed shallow tray market?
A4. The major players profiled in the thermoformed shallow tray market include Amcor Limited, Bemis Company Inc., Sonoco Products Company, Genpack LLC, CJK Thermoforming Solutions LLC, among others.
Q5. What factors are anticipated to drive the thermoformed shallow tray market growth?
A5. The key industry driving the demand for thermoformed shallow tray packaging are food and beverage, electronics, pharmaceuticals, and cosmetics among others.
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